IHCDA Provides Opportunities For First Time Buyers In Indiana

Programs For 1st Time Buyers

First time home buyers in Indiana have many options available to them for help in purchasing their first residence. The Indiana Housing and Community Development Agency (IHCDA) provides some very helpful programs for Indiana residents seeking to purchase their first residence.




 

Indiana First Time Home Buyer Programs
Indiana First Time Home Buyer Programs

Here are some highlights:

Programs Overview

HELPING TO OWN (H2O)

  • First-time homebuyers only, unless purchasing in a Targeted area
  • FHA 30-Year fixed loans only
  • 100% financing
  • Down Payment Assistance (DPA) grant of 3.5%, does not have to be re-paid
  • Program Income limits Apply
  • Minimum credit score of 660
  • Reservation fee $100

MORTGAGE CREDIT CERTIFICATE (MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (lender sets rate)
  • Federal Tax benefit
  • FHA, Conv, VA or USDA Rural Housing financing eligible
  • Reservation fee $500

NEXT HOME (NH)

  • Does not have to be a first time homebuyer
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score of 660 for FHA or minimum of 640 for Conv
  • FHA or Conv financing eligible
  • 2 year affordability period
  • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
  • No cash back at closing except for what the Mortgagor paid into the loan
  • Reservation fee $100

NEXT HOME WITH MORTGAGE CREDIT CERTIFICATE (NH/MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score of 660 for FHA or minimum of 640 for Conv
  • Federal Tax benefit
  • FHA or Conv financing eligible
  • 2 year affordability period
  • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
  • No cash back at closing except for what the Mortgagor paid into the loan
  • Reservation fee $100

AFFORDABLE HOME (AH)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 640
  • FHA financing eligible
  • Reservation fee $100

MY HOME (MH)

  • Does not have to be a first time homebuyer
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 640 for loans having LTVs equal to or less than 95%. LTVs greater than 95% the credit score that is required may vary
  • Conv financing eligible
  • Master Servicer must underwrite all loans having LTVs greater than 95%
  • Reservation fee $100

MY HOME WITH MORTGAGE CREDIT CERTIFICATE (MH/MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 640 for loans having LTVs equal to or less than 95%. LTVs greater than 95% the credit score that is required may vary
  • Federal Tax benefit
  • Conv financing eligible
  • Master Servicer must underwrite all loans having LTVs greater than 95%
  • Reservation fee $100

For complete details on these programs, including contact information and instructions on how to apply, please visit the IHCDA webpage.





More Illinois First Time Buyer Programs

In addition to the above homebuyer programs offered by IHCDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Indiana.