Indianapolis Housing Agency Homeownership Program
In order to receive assistance, the family must be a current HCV Participant with the Indianapolis Housing Agency (IHA) and must be in good standing. They must also be first-time homebuyers and meet the minimum income requirement of $15,000. This is to guarantee that all participants will have sufficient funds to pay homeownership expenses not covered by the subsidy. "Full-time employment" must be continuous for at least one year in order to qualify, although welfare assistance may be used for elderly and disabled families only.
HUD requires a minimum down payment of 3% of the purchase price, with at least 1% from the family's own personal resources, and the IHA requires that applicants have a minimum $3,000 in savings. Participants in the Family Self Sufficiency Program (FSS) with an escrow balance that meets or exceeds the minimum savings requirement will receive a priority for participation in the Homeownership Program.
Additionally, any family receiving assistance must complete the First Time Home Buyers counseling sessions and comply with the mortgage terms. They must notify IHA of any changes, such as sale or refinancing of the home, change in income and household number, or anything that would affect the family's ability to maintain the home.
Any property purchased under the HCV Homeownership Program must be either a single-family home or a single dwelling unit in a condominium or cooperative. It must be under construction or already existing. The home has to be pass inspection by an HCV Program inspector, and an independent inspector designated by the family. It must satisfy the General Home Inspection (GHI) criteria, and satisfy all Point of Sale (POS) inspections.
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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