Indiana Home Solution Program
Available Assistance
Affordable Home is perfect for low- to mid-income borrowers who have enough savings to cover the 3.5% FHA down payment and closing costs. The program provides low- and mid-income Indiana homebuyers with 30-year fixed-rate FHA loans with below-market rates. Borrowers cannot get upfront assistance, and can’t combine the program with any other IHCDA program. They can apply for down payment assistance from an entity other than the IHCDA.
Eligibility Requirements
The Affordable Home program is exclusively for first-time homebuyers (those who can prove that they have not owned a primary residence in the last three years) unless they wish to live in a “target” area. They must have a credit score of at least 660, fall within the county-specific income and purchase price limits, and meet all FHA loan underwriting requirements. Borrowers must also pay a reservation fee currently set at $100.
Note: The information provided was accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Indiana
Indiana Home Solution Program
The Indiana Housing and Community Development Authority (IHCDA) offers 30-year fixed-rate FHA loans with below-market rates with its Affordable Home program.
Evansville First Time Homebuyer Program
The HOPE of Evansville Homebuyer Assistance Program offers down payment assistance to qualified borrowers who wish to purchase a home within the Evansville city limits.
Indiana Home Solution Program
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.
City of Gary Indiana First Time Homebuyer Programs
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.
Indianapolis Housing Agency Homeownership Program
Indiana's HCV Homeownership Program helps eligible families who are interested in homeownership use their funds to buy a home instead of renting.
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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