First Time Home Buyer programs have become scarce!  I've spoken with the St. Joseph County Housing Administration and we still have one program available to first time buyer's.  I retrieved the following criteria from their website and is considered current as of 4-7-2008.

First Time Homebuyer Program

What is the First Time Homebuyer Program?

We offer a $17,000 ten-year forigveable second mortgage to individuals and families who are income eligible.

How do I qualify?

1. Your annual household income must be at or below 80% of the St. Joseph County Area Median Income (AMI).  Guidelines for 2006 according to household size are below.

2.  You must be a first time homebuyer to qualify for assistance.  There are certain exemptions for displaced households.

3.  You must qualify for a mortgage sufficient to purchase a home.  The grant reduces the mortgage amount the family must qualify for and acts as a down payment.  Only lenders from the provided approved list may be used.  The mortgage should be a 30-year fixed rate loan between $65,000-$110,000 depending on your mortgage pre-approval.

4.  You must have been employed at the same job for the last 6 months.

5.  You must attend a Homeowner Counseling Course/Workshop and receive a Certificate of Attendance.

 I've also been told of a program called MCC which details will be coming shortly.  It's not specific to first time buyers, but does show some tax advantages.  Any questions please feel free to call or email!  If you'd like to research the South Bend Indiana housing market please visit us online at www.timvicsik.com. 

 Tim Vicsik
Home Gallery Realtors
(574) 329-9587
Tim@TimVicsik.com
www.TimVicsik.com