Evansville First Time Homebuyer Program

In order to help potential applicants an affordable way of purchasing their first home, HOPE of Evansville’s homebuyer assistance program matches down payment assistance to qualified borrowers buying a house within the Evansville city limits. 

Applicants must qualify for and obtain an acceptable mortgage with a lender of their choice, but one that does not charge excessive fees, high and/or variable interest rates, balloon payments, or extraneous fees. The monthly payment including principal, interest, taxes, homeowner’s insurance and private mortgage insurance cannot exceed 30% of the buyer’s monthly gross income. Prior to closing, applicants must provide verification of homeowner’s insurance listing the City of Evansville Department of Metropolitan Development (DMD) as a second mortgage holder. DPA amount is determined based on need of applicant.

Eligibility Requirements 
Applicants must contribute at least $1,000 toward their home purchase, which is matched as needed by the HOPE program, up to a maximum of $10,000. The minimum down payment assistance provided is $1,000. Both the applicants' and HOPE funds can be used for down payment and /or closing costs, and may not be adequate to cover the total purchase costs. Applicants cannot receive cash back at closing. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.            

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information