Information and FAQs

NOTICE: Be encouraged that as of this time, IHCDA Homeownership will suspend the providing of upcoming Home CONV Fannie choice through our upcoming Home Program. Starting December 5 th, 2019, the Next Residence Program will simply be provided through FHA funding. This doesn’t influence the Then Home Advantage program through Freddie Mac. IHCDA will not reimburse Time that is first Home Course cost unless taken through IHCDA’s Framework listed inside our web site.

An IHCDA team member for assistance if you have questions; please contact. Many thanks for playing the IHCDA Homeownership tools.

Indiana Home Solution (IHS)

  • First-time homebuyers just, unless buying in a county/area that is targeted
  • FHA, 30-year loan that is fixed
  • Reduced interest for qualified veterans
  • Minimum credit history of 660

    • http://www.speedyloan.net/installment-loans-ks

  • Advance payment Assistance (DPA) of 6%, based away from cost by which cannot exceed the appraised value
  • DPA may be used for advance payment, shutting costs & pre-paids
  • Acquisition and system income restrictions use
  • 15 affordability period – Proration beginning in year 11 of 20% and every year after, adding an additional 20%, until forgiven at year 15 year
  • 2 nd mortgage & IHCDA promissory note, no payments/no interest
  • Participating lender can charge 1% origination fee or over to $1,000 in loan provider fees that are customary
  • Recapture Tax pertains
  • Reservation fee $100
  • 2019 Indiana Home Solution (IHS) w HOV Program Guide


<р2>Assisting To Personal (H2O)

  • First-time homebuyers just, unless buying in a Targeted area
  • FHA 30-Year fixed loans just
  • 100% funding
  • Advance payment Assistance (DPA) grant of 3.5per cent, need not be re-paid
  • Program Income limitations Apply
  • Minimal credit rating of 660
  • Reservation fee $100
  • 2019 assisting to Own (H2O) Program Guide

<р2>Mortgage Credit Certificate (MCC)

    Very first time homebuyer unless buying in a targeted area (see Program Gu Next Home Advantage

  • Does not have to be considered a first-time homebuyer
  • IHCDA Income Limits apply
  • 30-year rate that is fixedset by IHCDA)
  • Mainstream Funding
  • Minimum credit rating of 640
  • DPA 3% of price or appraised value, whichever is less
    • DPA forgiven in a couple of years
  • Reservation fee $100
  • 2019 upcoming Home Advantage Program Gu ext Home Advantage with Subsidy

    • Need not be described as a homebuyer that is first-time
    • IHCDA/Freddie Mac Income limitations apply
    • 30-year fixed price (set by IHCDA)
    • Mainstream Funding
    • Minimal credit history of 640
    • DPA 3% of price or appraised value, whichever is less
      • DPA forgiven in a couple of years
      • Additional DPA that is subsidy;
        • $2,500 gotten if qualifying earnings ? 50% of AMI
        • $1,500 gotten if qualifying earnings 50% to ? 80% of AMI
        • Subsidy DPA is a grant
      • No money back at closing except for what Mortgagor has compensated to the loan
      • Reservation fee $100

      Upcoming Home Advantage with MCC

      • First-time homebuyers only, unless buying in a place that is targeted a qualifying Veteran
      • IHCDA Income and Acquisition limitations use
      • 30-year fixed price (set by IHCDA)
      • Minimal credit rating of 640
      • Traditional Funding
      • Federal Tax advantage
      • DPA 3% of price or appraised value, whichever is less
        • DPA forgiven in a couple of years
      • Recapture Tax pertains
      • No money back at closing except for what Mortgagor has compensated in to the loan
      • Reservation fee $100

      Upcoming Home Advantage with MCC and Subsidy

      • First-time homebuyers just, unless buying in a location that is targeted a qualifying Veteran
      • IHCDA/Freddie Mac Income and Acquisition limitations use
      • 30-year rate that is fixedset by IHCDA)
      • Minimal credit rating of 640
      • Federal Tax advantage
      • DPA 3% of price or appraised value, whichever is less
        • DPA forgiven in a couple of years
      • Recapture Tax pertains
      • Additional Subsidy DPA;
        • $2,500 gotten if qualifying earnings ? 50% of AMI
        • $1,500 gotten if qualifying earnings 50% to ? 80% of AMI
        • Subsidy DPA is just a grant
      • No money back at closing except for what Mortgagor has compensated to the loan
      • Reservation fee $100

      Then Home (NH)

      • Need not be described as a time homebuyer that is first
      • Income limitations apply
      • 30 fixed rate (set by IHCDA year)
      • Minimum credit history of 660 (FHA)
      • FHA funding eligible
      • 2 year affordability duration
      • DPA – 3.5percent of price or appraised value, whichever is less for FHA
      • No money back at closing except for what the Mortgagor paid in to the loan
      • Reservation fee $100
      • 2019 Upcoming Residence Program Guide

      Then House With Mortgage Credit Certificate (NH/MCC)

      • Very first time homebuyer unless buying in an area that is targetedsee Program Guide for targeted areas)
      • Money and Acquisition limitations use
      • 30 fixed rate (set by IHCDA year)
      • Minimal credit history of 660 (FHA)
      • Federal Tax benefit
      • FHA funding eligible
      • 2 year affordability duration
      • DPA – 3.5percent of price or appraised value, whichever is less for FHA
      • No money back at closing except for what the Mortgagor paid to the loan
      • Reservation fee $100