The Indiana Housing and Community Development program offers a lot of excellent options for home buyers. With the IHCDA program, we offer the program called the Next Home Program. Many people refer to this program as a “home buyer grant program” but it technically a little different. The program sets up a second mortgage for the home in exchange for the down payment of 3 – 3.5%. This is a great option if you have very little money to put down on a home as this allows the down payment to be rolled into the loan. The major benefit to this is that if you live in the home as your primary residence for at least 2 years, then 3 -3.5% grant is forgiven!
There are some things to keep in mind on this program:
1.) The FHA version requires at least a 660 credit score
2.) The Fannie Mae version requires at least a 640 credit score
3.) The debt ratio restrictions are a little tighter than a regular FHA program
4.) Although the program doesn’t have a down payment, there are still closing costs involved with the loan.
5.) The program will usually take an extra 10 days or so to close in comparison to a regular FHA/Conventional loan.
Would you like to see if you qualify for the Indiana Housing Program? Click Here To Get Started
Happy House Hunting!
Nathan Soliday, NMLS #166402
Success Mortgage Partners, NMLS #130562
190 W Becks Mill Road, Suite K
Salem, IN 47167
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