IHCDA Grants   

The Indiana Housing & Community Development Authority believes that growing Indiana’s economy starts at home. IHCDA’s work is done in partnership with developers, lenders, investors, and non-profit organizations to serve low-and moderate-income Hoosiers.

IHCDA is proud to make the dream of buying a home a reality for thousands of families all across our state. They 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.

Click here for purchase price and income limits for your county - http://www.in.gov/ihcda/files/2011-12_Income_limits_FOR_LENDERS.pdf

First Home

The First Home program offers qualified Hoosiers below market interest rate mortgages. This program can be used with other plans, such as the FHA/VA, Fannie Mae, or USDA Rural Development financing.

First Home/PLUS

The First Home/PLUS program offers the First Home special mortgage rate, as well as 6% down payment assistance. Capped at $7,500 with zero interest, this is a perfect program for Hoosiers who do not refinance once they have moved into their new home, and who are also committed to staying in their new home.

You can find the current interest rate for the First Home and First Home/Plus by calling 1-(888) 227-4452 24 hours a day, 7 days a week.

Next Home

IHCDA is pleased to present the newest option for affordable home buying in Indiana. Lifting some of the First Home requirements, Next Home offers prospective homeowners who do not qualify as first time home buyers down payment assistance of up to four percent. The income limits to qualify for this program are higher than those for First Home, and there are no purchase price limits, allowing more Hoosiers to qualify for these great opportunities.  Details of Next Home include:
·         Down payment assistance to non first time home buyers
·         DPA is 4%
·         FHA loans
·         Higher income limits than that of First Home/Plus
·         Can be used with MCC but then all MCC requirements come into play.
·         DPA is fully forgiven after 2 years
·         DPA is zero interest no monthly payments
·         Min credit score 650
·         No purchase price limits
·         Must be originated through a participating lender

For more information on these programs contact a 1st Home Indiana  down payment grant specialist on our Grant Approval link.