NOTICE: Be encouraged that as of this right time, IHCDA Homeownership will suspend the providing of Then Home CONV Fannie choice through our Then Home Program. Starting 5 th, 2019, the Next Home Program will only be offered through FHA financing december. This will not impact the upcoming Home Advantage system through Freddie Mac. IHCDA will not reimburse very first time Home Buyer Course cost unless taken through IHCDA’s Framework listed in your web site.
An IHCDA team member for assistance if you have questions; please contact. Thank you for taking part in 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 history of 660
- Advance payment Assistance (DPA) of 6%, based away from price 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 each year after, including one more 20%, until forgiven at 12 months 15
- 2 nd mortgage & IHCDA promissory note, no payments/no interest
- Participating lender can charge 1% origination charge or over to $1,000 in lender customary costs
- Recapture Tax pertains
- Reservation fee $100
- 2019 Indiana Residence Solution (IHS) w HOV Program Guide