Down Payment Assistance - Indiana
Down Payment Assistance Options for Indiana
Indiana Housing and Community Development Authority
To help homebuyers achieve the goal of homeownership, the Indiana Housing and Community Development Authority offers a couple of programs available in the entire state. Intended to complement state-provisioned mortgage programs, these are meant to cover down payment and closing costs.
Requirements:
- FICO score of at least 640 for 45% or lower DTI, 680 for DTI of 50% or lower.
- Total household income limits based on country, with an annual max of $159,200.
- Must occupy property as primary residence within 60 days from closing
- Must complete certified homeownership course
DPA Products under the IHCDA:
First Step Program
- Designed for first-time homebuyers
- Get between 5% to 6% of the property's purchase price as a zero-interest deferred loan
- Must pay a non-refundable reservation fee of $250 to secure the program
Next Home Program
- Not limited to first-time homebuyers
- Offers between 2.5% and 3.5% of the purchase price as a zero-interest deferred loan