Information and FAQs

Information and FAQs

NOTICE: Be advised that as of this right time, IHCDA Homeownership will suspend the providing of Then Home CONV Fannie choice through our Next Home Program. Beginning December 5 th, 2019, the second Home Program will simply be provided through FHA funding. This doesn’t impact 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 in your site.

An IHCDA team member for assistance if you have questions; please contact. Many thanks for playing the IHCDA Homeownership tools.

Indiana Residence Solution (IHS)

  • First-time homebuyers just, unless buying in a targeted county/area
  • FHA, 30-year fixed loan
  • Reduced rate of interest for qualified veterans
  • Minimal credit rating of 660
  • Advance payment Assistance (DPA) of 6%, based away from cost for which cannot exceed the appraised value
  • DPA may be used for advance payment, shutting costs & pre-paids
  • Acquisition and system income limitations use
  • 15 year affordability duration – Proration starting in 12 months 11 of 20% and every 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 more to $1,000 in loan provider fees that are customary
  • Recapture Tax relates
  • Reservation fee $100
  • 2019 Indiana Residence Solution (IHS) w HOV Program Guide


<р2>Assisting To Personal (H2O)

  • First-time homebuyers just, 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
  • Minimal credit rating of 660
  • Reservation fee $100
  • 2019 assisting 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 considered a homebuyer that is first-time
  • IHCDA Income Limits apply
  • 30-year rate that is fixedset by IHCDA)
  • Mainstream Funding
  • Minimal credit history of 640
  • DPA 3% of price or appraised value, whichever is less
    • DPA forgiven in a couple of years
  • 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 rate that is fixedset by IHCDA)
    • Traditional Funding
    • Minimal credit history of 640
    • DPA 3% of price or appraised value, whichever is less
      • DPA forgiven in two 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 really a grant
      • No money back at closing except for what Mortgagor has paid in to the loan
      • Reservation fee $100

      Upcoming Home Advantage with MCC

      • First-time homebuyers just, unless buying in a place that is targeted a qualifying Veteran
      • IHCDA Income 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 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 compensated in to the loan
      • Reservation fee $100

      Upcoming Home https://speedyloan.net/installment-loans-ks Advantage with MCC and Subsidy

      • First-time homebuyers just, unless buying in a location that is targeted a qualifying Veteran
      • IHCDA/Freddie Mac money and Acquisition restrictions use
      • 30-year rate that is fixedset 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 relates
      • Additional Subsidy DPA;
        • $2,500 gotten if qualifying earnings ? 50% of AMI
        • $1,500 gotten if qualifying income 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

      Upcoming Home (NH)

      • Need not be considered a time homebuyer that is first
      • Income limitations apply
      • 30 12 months fixed price (set by IHCDA)
      • Minimal credit rating of 660 (FHA)
      • 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 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 a targeted area (see Program Guide for targeted areas)
      • Income and Acquisition limitations use
      • 30 12 months fixed price (set by IHCDA)
      • Minimal credit rating of 660 (FHA)
      • Federal Tax advantage
      • 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