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First-Time Homebuyer Program

Thousands of Hoosiers have purchased homes of their own thanks to the First-Time Homebuyer Program. The competitive interest rates and mortgage options on 30-year fixed-rate mortgage loans make it affordable for qualifying buyers to realize the dream of homeownership (click here to see interest rate options and estimate a monthly payment).

Do I Qualify?

Applicants for the First-Time Homebuyer Program must meet income limits, and properties must meet sales price limits. The limits vary based on location.

To qualify, you must also:

- Be a first-time homebuyer-someone who has not owned or occupied his/her principal residence in the last three years-or be a qualified military veteran--or purchase a home in a "target area" and live in it as your primary residence(Target Area Program).
- Qualify for the loan being requested. Your ability to afford a home will be assessed by considering income, assets, job stability, liabilities, and other criteria.
- Existing or new construction homes: single-family dwellings, duplexes, and up to four-unit properties


Homeownership Program for Veterans

With this program, we are able to show Hoosier veterans our support. For the first time, the program's waiving first-time homebuyer requirement just for veterans. This will
allow them to secure a fixed rate mortgage that is BELOW the market interest rate on ANY home they purchase (not only their first home). However, Veterans who are first-time home buyers may also qualify for down payment assistance through this program.

Down Payment Assistance Options

Down payment and closing cost assistance are available to help reduce out-of-pocket expenses for eligible borrowers. Depending on a borrower's income they can qualify for 5% of the lesser of the sales price or the appraised value up to $3,500. The assistance comes in the form of a second mortgage, but carries no interest and no payments. The Down Payment Assistance funds must be repaid in full once the borrower sells or refinances the home.

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