Information and FAQs

Information and FAQs

NOTICE: Be advised that as of this time, IHCDA Homeownership will suspend the offering of upcoming Home CONV Fannie choice through our upcoming Home Program. Starting December 5 th, 2019, the https://speedyloan.net/installment-loans-ky second Residence Program will simply be provided through FHA financing. This doesn’t influence the Then Home Advantage system through Freddie Mac. IHCDA will not reimburse very first time Residence Buyer Course charge unless taken through IHCDA’s Framework listed inside our internet site.

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

Indiana Residence Solution (IHS)

  • First-time homebuyers just, unless buying in a county/area that is targeted
  • FHA, 30-year fixed loan
  • Reduced rate of interest for qualified veterans
  • Minimal credit rating of 660
  • Deposit Assistance (DPA) of 6%, based away from purchase 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 starting in 12 months 11 of 20% and each 12 months after, including yet another 20%, until forgiven at 12 months 15
  • 2 nd mortgage & IHCDA promissory note, no payments/no interest
  • Participating lender can charge 1% origination cost or over to $1,000 in lender customary charges
  • Recapture Tax relates
  • Reservation fee $100
  • 2019 Indiana Home Solution (IHS) w HOV Program Guide


<р2>Assisting To Personal (H2O)

  • First-time homebuyers only, 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 Earnings limitations Apply
  • Minimum credit history of 660
  • Reservation fee $100
  • 2019 assisting to personal (H2O) Program Guide

<р2>Mortgage Credit Certificate (MCC)

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

  • Need not be a first-time homebuyer
  • IHCDA Income Limits apply
  • 30-year fixed price (set by IHCDA)
  • Mainstream Funding
  • Minimal credit rating of 640
  • DPA 3% of price or appraised value, whichever is less
    • DPA forgiven in 24 months
  • Reservation fee $100
  • 2019 Then 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 Financing
    • Minimal credit history of 640
    • DPA 3% of purchase price or appraised value, whichever is less
      • DPA forgiven in a couple of years
      • 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 in to the loan
      • Reservation fee $100

      Then Home Advantage with MCC

      • First-time homebuyers only, unless buying in a location that is targeted a qualifying Veteran
      • IHCDA money and Acquisition limitations use
      • 30-year rate that is fixedset 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 24 months
      • Recapture Tax relates
      • 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 Income and Acquisition restrictions use
      • 30-year fixed price (set 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 DPA that is subsidy;
        • $2,500 gotten if qualifying income ? 50% of AMI
        • $1,500 received if qualifying earnings 50% to ? 80% of AMI
        • Subsidy DPA is a grant
      • No money back at closing except for what Mortgagor has compensated in to the loan
      • Reservation fee $100

      Then Home (NH)

      • Need not be a very first time homebuyer
      • Income limitations apply
      • 30 12 months fixed price (set by IHCDA)
      • Minimal 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 Home Program Guide

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

      • Very first time homebuyer unless buying in a targeted area (see Program Guide for targeted areas)
      • Income and Acquisition limits use
      • 30 12 months fixed price (set by IHCDA)
      • Minimal credit history of 660 (FHA)
      • Federal Tax advantage
      • FHA financing 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

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