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Indiana Housing - IHCDA

Qualifications for all of IHCDA's homebuyer programs are determined by your total household income being under the program income limit for the county you are purchasing your home in. IHCDA does have FHA or Conventional programs that do not require you to be a first time homebuyer. A borrower can also qualify for 3-3.5% down payment assistance, depending on the program, based off of the sales price of the home being purchased.  The assistance comes in the form of a second mortgage or a grant for the 1st time buyer program (depending on the program) but carries no interest and no payments. The down payment assistance funds must be repaid in full if the borrower chooses to refinance or sell in the first two years of owning the home.  After two years, the down payment assistance is forgiven with IHCDA and turns into equity in your home. The grant program for 1st time buyers can be subject to recapture tax based on certain criteria not being met. The qualifying ratios and credit requirements are a little more strict on these programs than traditional programs that don't include down payment assistance.

TUCKER MORTGAGE, LLC
9201 N. MERIDIAN ST., STE 200, INDIANAPOLIS, IN  46260
Toll Free:  (800) 257-1195
Direct:  (317) 472-9201
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