The NextHome program, offered by the Indiana Housing & Community Development Authority, is available to qualified applicants. The amount of assistance an applicant can receive depends on the type of mortgage they have and the sales price of the house they are buying.
Those with an FHA mortgage can access 4% of the sales price as assistance funds, while those with a conventional mortgage can access 3%. This is a loan with 0% interest and deferred payments. After two years, the loan is forgiven.
There is no purchase price limit for properties utilizing the NextHome program.
In order to be eligible, applicants must have a minimum credit score of 660, a mortgage from a participating lender, and fall within specific income limits. Applicants will also have to attend and complete Framework, a homebuyer education class.
Other programs in Indiana: