City of Gary Indiana First Time Homebuyer Programs
With the First Time Homebuyer Program, eligible applicants purchasing a home in a Target Area* can receive up to 10% of the purchase price, or $10,000 (whichever is less) as down payment assistance. The actual amount of down payment assistance is determined based on the applicants household income and the area median income (AMI) :
80-70% AMI: up to $4,000 in assistance
69-60% AMI: up to $5,000 in assistance
59-50% AMI: up to $6,000 in assistance
This program is exclusive to first-time homebuyers (those who have not owned a home in the past three years) who are buying a home in a Target Area. All applicants must successfully complete the City of Gary Homeownership Opportunity Network Homebuyer Education Workshop and Counseling session(s). Certificates of completion are accepted from other HUD-certified and approved agencies, as long as they are dated within 12 calendar months of submitting the application.
1-person household: $40,800
2-person household: $46,600
3-person household: $52,450
4-person household: $58,250
5-person household: $62,950
6-person household: $67,600
*The Gary Target Areas, as declared by the City of Gary Five Year Consolidated Plan, including the following: Aetna, Midtown, University Park, Emerson, and Horace Mann/Downtown West.
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in Indiana
The Indiana Housing and Community Development Authority (IHCDA) offers 30-year fixed-rate FHA loans with below-market rates with its Affordable Home program.
The HOPE of Evansville Homebuyer Assistance Program offers down payment assistance to qualified borrowers who wish to purchase a home within the Evansville city limits.
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.
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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