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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Next Home

Financial Assistance for Homebuyers in Indiana

Under the Next Home program, borrowers with an FHA mortgage from a participating lender receive down payment assistance of 4 percent of the purchase price, while those with conventional loans receive 3 percent. This assistance is in the form of a deferred loan; it is fully forgiven after two years, and comes with zero percent interest and no monthly payments. Unlike most down payment assistance programs, Next Home is not solely for first-time homebuyers, and there is not limit on purchase prices, which allows a greater number of applicants to benefit from it.

Borrowers are required to have a credit score of at least 660, and have a must have a mortgage from an IHCDA Participating Lender. Applicants must also complete an online homebuyer education course, called Framework. Completion of the course satisfies the Homebuyer Education requirement that is necessary for all homebuyers through the Agency's Single Family purchasing programs. Participants of Next Home are reimbursed the $75 cost of the course at closing. Additionally, applicants must meet specific income limits that are determined based on the county in which they buy a home, the type of program, and type of mortgage. 

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.

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.