Indiana Home Solution Program

In an effort to make it more affordable for individuals to finance a home, The Indiana Housing & Community Development Authority initiated the Indiana Home Solution (IHS) Program. The purpose of this program is to make funds available to first-time homebuyers who are interested in purchasing a home but need financial help to pay the upfront costs, such as the down payment and closing costs.

Available Assistance
Under the IHS program, eligible applicants can receive down payment assistance of 6% of the purchased price (not to exceed the appraised value). These funds can be used for the down payment, closing costs, and pre-paids. It comes in the form of a zero-interest loan with a 15-year affordability period, with proration beginning in year 11 of 20% and every year after, adding an additional 20%, until the loan is forgiven at year 15.

Eligibility Requirements
The IHS program is available exclusively to first-time homebuyers (unless purchasing in a targeted county/area) who have a 30-year, fixed-rate FHA loan. Applicants must have a minimum credit score of 660. There is a $100 reservation fee, and acquisition and income limits also apply.
 
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.