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News and FAQs

News and FAQs

NOTICE: Be encouraged that as of this right time, IHCDA Homeownership will suspend the offering of Then Home CONV Fannie choice through our upcoming Home Program. Starting December 5 th, 2019, the second Residence Program will simply be provided through FHA funding. This doesn’t influence the Then Home Advantage system through Freddie Mac. IHCDA will not reimburse very first time Residence Buyer Course cost 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
  • Minimum credit score of 660
  • Advance payment Assistance (DPA) of 6%, based away from cost in which cannot exceed the appraised value
  • DPA may be used for advance payment, closing costs & pre-paids
  • Acquisition and program income restrictions use
  • 15 affordability period — Proration beginning in year 11 of 20% and every year after, adding an additional 20%, until forgiven at year 15 year
  • 2 nd mortgage & IHCDA promissory note, no payments/no interest
  • Participating lender can charge 1% origination cost or more to $1,000 in loan provider customary charges
  • Recapture Tax pertains
  • Reservation fee $100
  • 2019 Indiana Residence Solution (IHS) w HOV Program Guide


Assisting To Personal (H2O)

  • First-time homebuyers just, unless buying in a Targeted area
  • FHA 30-Year loans that are fixed
  • 100% funding
  • Deposit Assistance (DPA) grant of 3.5per cent, need not be re-paid
  • Program Earnings limitations Apply
  • Minimal credit history of 660
  • Reservation fee $100
  • 2019 helping personal (H2O) Program Guide

Mortgage Credit Certificate (MCC)

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

  • Need not be described as a first-time homebuyer
  • IHCDA Income Limits apply
  • 30-year fixed price (set by IHCDA)
  • Mainstream Funding
  • Minimal credit history 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 a first-time homebuyer
    • IHCDA/Freddie Mac Income limitations apply
    • 30-year rate that is fixedset by IHCDA)
    • Traditional Funding
    • Minimal credit rating 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 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 to the loan
      • Reservation fee $100

      Upcoming Home Advantage with MCC

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

      Then Home Advantage with MCC and Subsidy

      • First-time homebuyers only, 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 a couple of years
      • 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 a grant
      • No money back at closing except for what Mortgagor has compensated to the loan
      • Reservation fee $100

      Upcoming Home (NH)

      • Need not be considered a first-time homebuyer
      • Income limitations apply
      • 30 12 months fixed price (set by IHCDA)
      • Minimal credit rating 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 to the loan
      • Reservation fee $100
      • 2019 Upcoming Residence Program Guide

      Then House With Mortgage Credit Certificate (NH/MCC)

      • Very first time homebuyer unless buying in an area that is targetedsee Program Guide for targeted areas)
      • Money and Acquisition restrictions use
      • 30 12 months fixed rate (set by IHCDA)
      • Minimal credit history of https://speedyloan.net/installment-loans-ks 660 (FHA)
      • Federal Tax advantage
      • FHA funding eligible
      • 2 year affordability duration
      • DPA – 3.5percent of price or appraised value, whichever is less for FHA
      • No cash back at closing except for what the Mortgagor paid to the loan
      • Reservation fee $100

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