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News and FAQs

News and FAQs

NOTICE: Be encouraged that as of this time, IHCDA Homeownership will suspend the providing of Then Home CONV Fannie choice through our upcoming Home Program. Starting 5 th, 2019, the Next Home Program will only be offered through FHA financing december. This will not impact the Next Home Advantage system through Freddie Mac. IHCDA doesn’t reimburse very first time Residence Buyer Course charge unless taken through IHCDA’s Framework listed in your site.

When you yourself have concerns; please contact an IHCDA group member for help. Many thanks for taking part in the IHCDA Homeownership tools.

Indiana Residence Solution (IHS)

  • First-time homebuyers just, unless purchasing in a county/area that is targeted
  • FHA, 30-year fixed loan
  • Lower rate of interest for qualified veterans
  • Minimal credit history of 660
  • Advance payment Assistance (DPA) of 6%, based away from price 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 year affordability duration – Proration beginning in 12 months 11 of 20% and each 12 months after, incorporating an extra 20%, until forgiven at year 15
  • 2 nd mortgage & IHCDA note that is promissory no payments/no interest
  • Participating lender can charge 1% origination charge or over to $1,000 in loan provider customary costs
  • Recapture Tax relates
  • Reservation fee $100
  • 2019 Indiana Residence Solution (IHS) w HOV Program Guide

<р2>Helping To Own (H2O)

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

<р2>Mortgage Credit Certificate (MCC)

    Very first time homebuyer unless buying in an area that is targetedsee Program Gu Next Home Advantage

  • Need not be a homebuyer that is first-time
  • IHCDA Income Limits apply
  • 30-year rate that is fixedset by IHCDA)
  • Traditional Financing
  • Minimal credit rating of 640
  • DPA 3% of price or appraised value, whichever is less
    • DPA forgiven in 24 months
  • 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)
    • Traditional Funding
    • Minimal credit history of 640
    • DPA 3% of price or appraised value, whichever is less
      • DPA forgiven in 24 months
      • Additional DPA that is subsidy;
        • $2,500 gotten if qualifying earnings ? 50% of AMI
        • $1,500 received if qualifying earnings 50% to ? 80% of AMI
        • Subsidy DPA is a grant
      • https://speedyloan.net/installment-loans-mi

      • No money back at closing except for what Mortgagor has compensated in to the loan
      • Reservation fee $100

      Then Home Advantage with MCC

      • First-time homebuyers just, unless buying in a location that is targeted a qualifying Veteran
      • IHCDA money and Acquisition limitations use
      • 30-year fixed price (set by IHCDA)
      • Minimal credit history of 640
      • Traditional Funding
      • Federal Tax advantage
      • DPA 3% of price or appraised value, whichever is less
        • DPA forgiven in 24 months
      • Recapture Tax pertains
      • No money back at closing except for what Mortgagor has paid in to the loan
      • Reservation fee $100

      Then Home Advantage with MCC and Subsidy

      • First-time homebuyers just, unless buying in a place that is targeted a qualifying Veteran
      • IHCDA/Freddie Mac money and Acquisition limitations use
      • 30-year rate that is fixedset by IHCDA)
      • Minimal credit history of 640
      • Federal Tax advantage
      • DPA 3% of price or appraised value, whichever is less
        • DPA forgiven in 24 months
      • Recapture Tax relates
      • 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 just a grant
      • No money back at closing except for what Mortgagor has paid in to the loan
      • Reservation fee $100

      Then Home (NH)

      • Need not be a time homebuyer that is first
      • Income limitations apply
      • 30 fixed rate (set by IHCDA year)
      • Minimal credit history of 660 (FHA)
      • FHA funding eligible
      • 2 affordability period year
      • 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 Then Residence Program Guide

      Upcoming House Or Apartment With Mortgage Credit Certificate (NH/MCC)

      • First-time homebuyer unless buying in an area that is targetedsee Program Guide for targeted areas)
      • Money and Acquisition restrictions use
      • 30 fixed rate (set by IHCDA year)
      • Minimal credit history of 660 (FHA)
      • Federal Tax benefit
      • FHA financing eligible
      • 2 affordability period year
      • DPA – 3.5% 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
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