Qualifications for each of IHCDA’s homebuyer programs are determined by a combination of income, credit score and debt-to-income ratio. These vary by county. The sales price of the home must be under the federal acquisition limit for your area and, in most areas of the state, you must be a first-time homebuyer unless purchasing in a targeted area, or you are a Qualified Veteran.  IHCDA does have programs that do not require you to be a first-time homebuyer.  See https://www.in.gov/ihcda/homebuyers/programs/ for more information

Programs

First Place (FP)

Includes Down Payment Assistance of 6.0%.

  • FHA, 30-year fixed loan
  • Based on purchase price and not to exceed the appraised value.
  • Must be a first-time homebuyer, unless the subject property is located in a qualified census tract or targeted area
  • Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45.00%
  • Minimum FICO credit score of 680 with a debt-to-income ratio greater than 45.00%, but less than 50.00%
Next Home (NH)

Includes Down Payment Assistance of 3.50%

  • FHA, 30-year fixed loan
  • Based on purchase price and not to exceed the appraised value.
  • Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45.00%
  • Minimum FICO credit score of 680 with a debt-to-income ratio greater than 45.00%, but less than 50.00%
  • Can be combined with the Mortgage Credit Certificate (MCC)
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