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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.

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

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.

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.

The Indiana Housing and Community Development Authority (IHCDA) offers 30-year fixed-rate FHA loans with below-market rates with its Affordable Home program.

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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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