Indiana Housing, Bond Money ($0 down)

The Indiana Housing an Community Development Authority (IHCDA) was created by the Indiana legislature to offer first time home buyers programs to help them with down payment assistance and low interest rates.   Of all loan types, these loans have the most restrictions, but if you qualify, can be an excellent financing option.

What Criteria must I meet to qualify for IHCDA programs?

In most areas of the state you must be a first time homebuyer.  Your income must be low to moderate for your area and the sales price of hte home must be under the federal acquisition limit for your area.

How does IHCDA's down payment assistance program work?

Depending on the borrower's income then can qualify for 5% of the lesser of ht sales price of the appraised value up to $3,500.  The assistance comes in the form of a second mortgage, but carries no interest and no payments.  The Down Payment Assistance funds must be repaid in full once the borrower sells or refinances the home.

How do I go about getting started with the buying process?

IHCDA recommends that get pre-qualified.  Winterwood will review your credit, debt and income situation and determine if you can qualify for a mortgage and the amount you can qualify for.