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.
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
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
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.