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First Home PLUS From IHCDA In Indiana

By
Real Estate Agent with RE/MAX Ability Plus

Downtown Indianapolis    Indiana Housing & Community Development Authority recently made some updates to the First Home Plus program.  Buyers can now use the funds toward closing costs in addition to down payment assistance.  For homebuyers who qualify, the First Home Plus program gives the homebuyer 6% of the sales price up to $7500 to be used toward down payment OR closing costs.  This is a second mortgage with zero interest to the buyer.  When the home is sold in the future or refinanced, the amount given through the program is paid back to Indiana Housing to lend to the next buyer.  This program can be used in addition to the First Home program which offers first time buyers who meet qualifications a special interest rate.  The interest rate is 30 year fixed rate and can be used with FHA loans, Fannie Mae loans or USDA Rural Housing loans.  A first time homebuyer is someone who has not owned a home for the last three years.  This is a great program for homebuyers who do not have an initial investment for their first home but would like to take advantage of the current buyer's market.  The homebuyer is required to take some homeownership education classes through IHCDA prior to closing. 

To qualify, there are income limits and sales price limits for each county.  This program requires the lender to look at the total household income.  For example, in Johnson County(and Marion County and Hamilton County) the sales price maximum is $200,160.00 and the income limit for a 4 person household is $52,100. 

For more information about programs from Indiana Housing & Community Authority, feel free to email me and I can provide you with more details.

 

Anonymous
Bryan Schaum

I had a realtor ask me if I knew anything about a First Home Plus Loan and I did not know what to tell her.I do loans for a living and I work in Evansville Indiana at a mortgage company and would appreciate some help in understanding how they work and if I can offer them to my customers in surrounding areas. Thank you!  Bryan Schaum  812-436-9500 or bschaum@talonmortgage.com

 

Nov 24, 2009 06:04 AM
#1
Anonymous
Courtney Rockwell

Hello,

 

Can you please tell me how the income limits for the FIRST HOME PLUS PROGRAM are calculated. My family makes under 52,000 on our taxes, but in the summer we work a lot and then get slow in the fall and winter.  i had one lender tell me they base on the last 2 years of taxes and project ahead for the current year. Another lender told me they go off the last paycheck before closing. Because our lease is up in the summer we are moving now because our landlord won't let us go month to month we have to move in the summer where we work the most.

 

Thank you,

 

Courtney Rockwell

May 14, 2012 06:59 AM
#2