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First Time Homebuyers Programs Available Through The State of Indiana

The Indiana Housing and Community Development Authority (IHCDA) is a state organization that offers special loan programs for first time homebuyers. The FIRST HOME programs offer low fixed rate mortgages as well as down payment assistance for those who qualify. Borrowers must be below a certain income based on family size and property location. Dilger Financial Group, a division of Main Street Financial, is an approved lender with IHCDA. Here are some specifications on the IHCDA programs:

First Home - (Bond Program)

Normally below market fixed rate - Currently 5.375% 30 year fixed FHA, VA, USDA.

For first time homebuyers (unless property is located in IHCDA targeted area)

Owner Occupied Properties

Acquisition Limits - $237,031 in Hamilton/Marion Counties

Income Limits - Based on family size

First Home Plus - (Bond Program with Down Payment Assistance)

Normally below market fixed rate - Currently 5.375% 30 year fixed FHA, VA, USDA

Down Payment Assistance, settlement costs, 6% to a max of $7,500

For first time homebuyers (unless property is located in an IHCDA targeted area)

Acquisition Limits - $200,160 in Hamilton and Marion Counties

Income Limits - Based on family size (lower limits than First Plus)

Other IHCDA Programs

*MCC - Mortgage Credit Certificates – Borrowers get a tax credit up to $2,000 per year to help subsidize their mortgage payments

*Market Stabilization Program - Owner Occupied Foreclosures, $15,000 credit towards rehab, down payment and settlement costs

Call me to discuss any of these programs or visit the website below to determine eligibility.

IHCDA website - www.in.gov/ihcda/

Thank you!

Steve Jackson
Mortgage Consultant
Dilger Financial Group, LLC

A Division of Main Street Financial, Inc.
317-590-6629
Fax: 317-536-9643
steve@indymortgagesource.com
www.indymortgagesource.com