IT ALL BEGINS AT HOME...Under the leadership of Lt. Governor Becky Skillman, IHCDA contributes to Indiana’s economy by creating housing opportunity, generating and preserving assets, and revitalizing neighborhoods. As families become more financially stable, they put down roots, spend their money locally, and climb the economic ladder. In turn,communities grow and prosper, broadening their tax base, creating new jobs, and maximizing local resources. IHCDA’s work is truly a vehicle for economic growth, and it all begins at home.IHCDA is proud to make the dream of buying a home a reality for thousands of families all across our state. We offer programs that assist Hoosiers with closing costs, making down payments, and obtaining low interest fixed rate loans. In every county across Indiana there are lenders on hand to help with Indiana Housing and Community Development Authority programs. Explore our resources to learn about what programs are available to help you realize the dream of owning a home in Indiana.
FIRST HOME
First Home offers qualified homebuyers a low, fixed interest rate on a conventional or government-insured loan. Your lender can help you determine the best loan for your financial position. To qualify you must: Be income eligible. Income limits vary based o • n family size and location.
• Be a first-time homebuyer—someone who has not owned or had an ownership interest in his/her principal residence in the last three years.
• Get approved for the desired loan. Your lender will consider income, job stability, creditworthiness, and other criteria when assessing your ability to afford a home.
• Negotiate a purchase price that meets the purchase limits for your area.
• Purchase a single-family home or a manufactured home (permanently affixed to a foundation).
• Successfully complete the IHCDA University, an online homebuyer education course found on IHCDA’s website, http://www.ihcda.in.gov/.
• Get approved for the desired loan. Your lender will consider income, job stability, creditworthiness, and other criteria when assessing your ability to afford a home.
• Negotiate a purchase price that meets the purchase limits for your area.
• Purchase a single-family home or a manufactured home (permanently affixed to a foundation).
• Successfully complete the IHCDA University, an online homebuyer education course found on IHCDA’s website, http://www.ihcda.in.gov/.
FIRST HOME PLUS
First Home Plus offers homebuyers the First Home interest rate, plus assistance with down payment and closing costs of up to 6% of the purchase price (not to exceed $7,500). This greatly reduces the out-of-pocket expenses associated with buying a home. To take advantage of First Home Plus, you must meet all First Home qualifications as well as additional income restrictions.
Homes purchased in federally targeted areas or homes purchased by veterans may qualify for a waiver of the first-time homebuyer requirement.
Persons with disabilities may qualify for First Home Plus assistance of up to 10% of the purchase price (not to exceed $15,000).
Homes purchased in federally targeted areas or homes purchased by veterans may qualify for a waiver of the first-time homebuyer requirement.
Persons with disabilities may qualify for First Home Plus assistance of up to 10% of the purchase price (not to exceed $15,000).
Budgeting and Spending Tips
• Plan ahead.
• When you go shopping, take only cash and stick to your list. Individuals who use credit and/or debit cards to make purchases are more likely to make impulse purchases and exceed their budget allocations.
• Buy items you use frequently in bulk, and use coupons.
• Car pool or use public transportation.
• Bundle your utilities and other services (if possible).
• Take advantage of federal energy credits and weatherize your home to reduce energy waste.
• Use sites such as Freecycle.org to obtain free items for your home, and online auction sites to sell items you no longer need for extra cash.
• Eat at home and bring your lunch to work to reduce dining out expenses.
• Search your local Community Calendar for free events to attend. Adopted From http://www.in.gov
• When you go shopping, take only cash and stick to your list. Individuals who use credit and/or debit cards to make purchases are more likely to make impulse purchases and exceed their budget allocations.
• Buy items you use frequently in bulk, and use coupons.
• Car pool or use public transportation.
• Bundle your utilities and other services (if possible).
• Take advantage of federal energy credits and weatherize your home to reduce energy waste.
• Use sites such as Freecycle.org to obtain free items for your home, and online auction sites to sell items you no longer need for extra cash.
• Eat at home and bring your lunch to work to reduce dining out expenses.
• Search your local Community Calendar for free events to attend. Adopted From http://www.in.gov
