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HOPE of Evansville’s homebuyer assistance program offers down payment assistance match to qualified borrowers who wish to purchase a home of their choice within the Evansville city limits.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Evansville First Time Homebuyer Program

HOPE of Evansville’s homebuyer assistance program offers down payment assistance match to qualified borrowers who wish to purchase a home of their choice within the Evansville city limits. 

Clients must qualify for and obtain an acceptable mortgage with a lender of their choice as long as that lender does not charge excessive fees, high and/or variable interest rates, balloon payments, or extraneous fees. The monthly payment including principal, interest, taxes, homeowner’s insurance and private mortgage insurance cannot exceed 30% of the buyer’s monthly gross income. Prior to closing, Clients must provide verification of homeowner’s insurance listing the City of Evansville Department of Metropolitan Development (DMD) as a second mortgage holder. DPA amount will be determined by how much is needed by the client to get their loan amount at 90% loan-to-value (LTV) of selling price of the home 

Eligibility Requirements 
Clients must contribute at least $1,000 toward their home purchase, which will be matched as needed by HOPE on an as-needed basis up to a maximum of $10,000. The minimum down payment assistance provided is $1,000. Both the Client’s and HOPE’s funds can be used for down payment and /or closing costs, and may not be adequate to cover the total purchase costs. Clients cannot receive cash back at closing. Seller must agree to pay A $875 contingency addendum fee. Contingency addendum should be signed along with the purchase agreement. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.            

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information  
 

First-Time Home Buyer Programs in Indiana

The Indiana Housing & Community Development Authority designed the Indiana Home Solution (IHS) Program to make it more affordable for first-time homebuyers to finance a home.

Indiana's Homeownership Opportunity Network(HON) designed the First Time Homebuyer Program to help increase homeownership opportunities for first-time homebuyers in the City of Gary.

Indiana's HCV Homeownership Program helps eligible families who are interested in homeownership use their funds to buy a home instead of renting.

HOPE of Evansville’s homebuyer assistance program offers down payment assistance match to qualified borrowers who wish to purchase a home of their choice within the Evansville city limits.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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