This program is provided through the Homeownership Opportunity Network (HON) and assists borrowers by providing HOME program funds in the form of forgivable loans for principal reduction, down payment, and closing costs when purchasing a home.

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First Time Home Buyer Down Payment Assistance

Financial Assistance for Homebuyers in Indiana

In an effort to help individuals secure affordable financing to purchase a home, the Homeownership Opportunity Network (HON) offers the First Time Homebuyer Program. This helps potential homebuyers overcome the hurdle of saving for the hefty, upfront costs associated with a mortgage transaction.

Available Assistance:
The First Time Homebuyer Program uses HOME funds to provide eligible applicants with assistance funds, in the form of forgivable loans. The money can be put toward principal reduction, down payment, or closing costs to help offset some expenses. The amount of assistance each borrower receives is based on their income, the maximum being 10 percent of the purchase price or $10,000, whichever is less. Assistance is provided on a first-come, first-served, and one-time basis.

Eligibility Requirements:
In order to be considered eligible for the First Time Homebuyer Program, all applicants must meet certain requirements. They must be first-time homebuyers (individuals who have not owned a home in the last 3 years), and their annual household income must fall within the program’s set limits (shown below). All borrowers are required to successfully complete the City of Gary HON Homebuyer Education Workshop, as well as a counseling session. Certificates from other HUD-approved agencies may be accepted.

Property Guidelines:
Any property located in the certain Empowerment Zones and Target Areas (listed below) must be a new construction in order to receive the maximum amount of down payment assistance.

Empowerment Zone and Target Areas: Brunswick, Central/Midtown, Emerson, Horace Mann, Pulaski, Small Farms, and Tolleston.

Target Areas for the Gary, Indiana Area: Midtown, Horace Mann/Downtown West, Aetna, and University Park (IUN/IVY Tech).
 
Income Limits
1 person household: $35,250
2 person household: $40,250
3 person household: $45,300
4 person household: $50,300
5 person household: $54,350
6 person household: $58,350

*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
 

Down Payment Grants in Indiana

This program is provided through the Homeownership Opportunity Network (HON) and assists borrowers by providing HOME program funds in the form of forgivable loans for principal reduction, down payment, and closing costs when purchasing a home.

The Homebuyer Assistance Program is designed to assist households with overcoming this hurdle, by assisting with down payment, fees, closing costs, etc. The program helps qualified households with a maximum assistance of $5,000 for closing costs, down payment, and fees.

The Indiana Housing and Community Development Authority (IHCDA) offer a number of homeownership programs, one of which is Next Home, that provides homebuyers with down payment assistance.

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FHA.com Reviews

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