The Homeownership Opportunity Network (or HON) offers the First Time Home Buyer Down Payment Assistance program for qualified individuals in specified target areas.
Up to $10,000 (or 10% of the sale prices of the house – whichever is the lesser amount) is offered to help cover a principal reduction, down payment, or closing costs. This is a loan that can be forgiven. Individuals can only receive assistance from this program once, and forgivable loans are offered first-come, first-serve.
In order to qualify, applicants cannot have owned a house in the previous three years, must be first-time homebuyers, and fall within certain income limits. Applicants must also finish homebuyer counseling and the City of Gary HON Homebuyer Education Workshop. (Other education may be acceptable.)
Target areas include Brunswick, Emerson, Horace Mann, Pulaski, Small Farms, Midtown, Aetna, and University Park.
The total annual household income limits as of 2020 are:
1 person household: $35,250
2 person household: $40,250
3 person household: $45,300
4 person household: $50,300
5 person household: $54,350
6 person household: $58,350
Other programs in Indiana: