NOTICE: Be encouraged that as of this right time, IHCDA Homeownership will suspend the providing of upcoming Home CONV Fannie choice through our upcoming Home Program. Starting 5 th, 2019, the Next Home Program will only be offered through FHA financing december. 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 inside our internet site.
For those who have concerns; please contact an IHCDA group user for help. Many thanks for taking part in the IHCDA Homeownership products.
Indiana Residence Solution (IHS)
- First-time homebuyers just, unless buying in a county/area that is targeted
- FHA, 30-year fixed loan
- Lower rate of interest for qualified veterans
- Minimum credit history of 660
- Deposit Assistance (DPA) of 6%, based away from cost for which cannot exceed the appraised value
- DPA may be used for deposit, closing costs & pre-paids
- Acquisition and system income limitations use
- 15 year affordability duration – Proration starting in 12 months 11 of 20% and each 12 months after, incorporating one more 20%, until forgiven at year 15
- 2 nd mortgage & IHCDA promissory note, no payments/no interest
- Participating lender can charge 1% origination charge or over 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
Assisting To Personal (H2O)
- First-time homebuyers just, unless buying in a Targeted area
- FHA 30-Year fixed loans only
- 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 assisting to 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 homebuyer that is first-time
- IHCDA Income Limits apply
- 30-year fixed rate (set by IHCDA)
- Mainstream Funding
- Minimum credit rating of 640
- DPA 3% of price or appraised value, whichever is less
- DPA forgiven in two years
- Reservation fee $100
- 2019 Next 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 rating of 640
- DPA 3% of price or appraised value, whichever is less
- DPA forgiven in 24 installment loans kentucky months
- Additional DPA that is subsidy;
- $2,500 gotten if qualifying income ? 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 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 rating of 640
- Mainstream Financing
- Federal Tax advantage
- DPA 3% of price or appraised value, whichever is less
- DPA forgiven in 24 months
- Recapture Tax pertains
- No money back at closing except for what Mortgagor has compensated in to the loan
- Reservation fee $100
Upcoming Home 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 fixed price (set by IHCDA)
- Minimal credit history of 640
- Federal Tax advantage
- DPA 3% of price or appraised value, whichever is less
- DPA forgiven in two years
- Recapture Tax pertains
- Additional DPA that is subsidy;
- $2,500 gotten if qualifying earnings ? 50% of AMI
- $1,500 received 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 to the loan
- Reservation fee $100
Then Home (NH)
- Need not be a first-time homebuyer
- Income limitations apply
- 30 fixed rate (set by IHCDA year)
- 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 to the loan
- Reservation fee $100
- 2019 Then Residence Program Guide
Then House Or Apartment With Mortgage Credit Certificate (NH/MCC)
- 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 price (set by IHCDA)
- Minimal credit history of 660 (FHA)
- Federal Tax benefit
- 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
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