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

FHA Mortgage Loan Rates

October 23, 2017
FHA Rates for October 23, 2017
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

First Time Home Buyer Down Payment Assistance

Financial Assistance for Homebuyers in Indiana

The First Time Homebuyer Program is designed to revitalize neighborhoods and restore pride by providing homeownership opportunities. This program is provided through the Homeownership Opportunity Network (HON) andassists borrowers by providing HOME program funds in the form of forgivable loans for principal reduction, down payment, and closing costs when purchasing a home.

Assistance for eligible individuals and families is provided on a first-come, first-serve and one-time basis when purchasing a single-family home in the City of Gary. Applicants must provide total household and financial information prior to a formal approval for assistance.

Assistance amounts are determined by calculating, projecting and verifying an applicant’s annual income based on the gross amount of all adult members of the household. These calculations will be based on anticipated income received during the coming twelve-month period. Prior year tax returns and income statements must be supplied to support additional eligibility requirements. 

All applicants must successfully complete the City of Gary, Homeownership Opportunity Network Homebuyer Education Workshops to apply for assistance. Certificates may beaccepted from other HUD-certified and approved agencies (dated within 12 calendar months of application). 


Income Limits:

1 person in household: $35,250
2 persons in household: $40,250
3 persons in household: $45,300
4 persons in household: $50,300
5 persons in household: $54,350
6 persons in household: $58,350

It is required that all applicants be first-time home buyers, meaning those who have not owned a home as their principal residence within the last three years. Should they receive down payment assistance, the homeowners are subject to recapture, and is required to pay all, or a portion of the down payment if the property is sold or transferred during the affordability period.

Any property located in the certain Empowerment Zones and Target Areas (listed below) must be new construction in order to receive the maximum amount of 10% or $10,000—whichever is less—of the purchase price. Additionally, applicants must successfully complete the City of Gary Homeownership Opportunity Network Homebuyer Education Workshop and Counseling session(s).


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

Target Areas for the Gary, Indiana Area Include:
  • Midtown
  • Horace Mann/Downtown West
  • Aetna
  • University Park (IUN/IVY Tech) 

Down Payment Grants in Indiana

This program is provided through the Homeownership Opportunity Network (HON) andassists 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.