Government took away the program

2010-11-24T10:06:00.000-08:00

That's actually the truth, the government decided that even though investors would accept a loan that had gifted funds for down payment ... they knew better and shut it down.

Oh my I get frosted when I think of some regulatory flunkie sitting in Washington or Indianapolis pining away for a way to shut down a tax paying private company. Morons!

Let me be the first to say it here and now ... Down Payment Assistance will come back. Although we may lose the mortgage interest deduction to get there. Wow, did I say that out loud? yes

Keep hopping around, sorry to make you follow the trail ... Porter County Indiana Republicans, if there is such a thing all in one room.

Home Buyer Programs from State of Indiana

2009-01-12T11:44:00.001-08:00

Complete First Time Home Buyer Programs Available in Indiana.

The state agency created by the legislature in Indiana to offer first time home buyer programs is the Indiana Housing and Community Development Authority. Here is a summary of the current first time home buyer programs that are offered:

First Home

The First Home program offers below market interest rate mortgages to qualified persons. Interest rates can vary, but are usually one-half to one percent below the market rate. This program may be used in conjunction with FHA/VA, Fannie Mae, or USDA Rural Development financing. The current interest rate may be obtained either from this web site or 24 hours a day, 7 days a week at (888) 227-4452.

First Home/PLUS

The First Home/PLUS program offers a First Home loan as well as a 5% down payment assistance second mortgage, capped at $3,500 respectively, with zero interest and no payments, which is forgiven if the borrower does not refinance and remains in the home for a specified period of time.

First Home 100

First Home 100 is a partnership with the U.S. Department of Agriculture’s Rural Development office. Borrowers in rural areas can qualify for a combination of two mortgages, the first being an HCDA First Home loan with a below market interest rate and the second being a Rural Development loan with an interest rate based on the borrower’s ability to pay. Borrowers can also qualify for down payment assistance as with other HCDA programs. Persons interested in this program should contact their local Rural Development office.

Mortgage Credit Certificates

The Mortgage Credit Certificate program offers first-time homebuyers a Federal tax credit. The tax credit amount ranges between 20% and 35% of the interest paid on a mortgage each year, depending on the mortgage loan amount. The maximum credit per year is $2,000. This program is available on a limited basis when announced by HCDA.

Community Mortgage 100% Option

My Community Mortgage 100% is a partnership program with Fannie Mae that offers affordable homeownership opportunities for borrowers that are low to very low-income. The program offers a minimum contribution of $500 from the borrower’s own funds. The seller may contribute up to 3% of the sales price to help with closing costs. This program has greater flexibility in qualifying and underwriting standards. In addition, borrowers may qualify for HCDA’s down payment assistance.

Community Solutions 100

Community Solutions 100 is a partnership program with Fannie Mae that enables Teachers, Fire Fighters, Law Enforcement, and State and Municipal workers to purchase a home with as little as $500 of their own funds. The program allows for higher loan-to-value options, lower our-of-pocket costs and more flexible underwriting criteria. The seller may contribute up to 3% of the sales price to help with closing costs. In addition, borrowers may qualify for HCDA’s down payment assistance.

Community Home Choice

Home Choice is a partnership program with Fannie Mae that offers affordable homeownership opportunities for people with disabilities or families who have a person with a disability living with them. The Community HomeChoice mortgage loans offer low down payments; greater flexibility in qualifying and underwriting standards; and acceptance of nontraditional credit histories. In addition, borrowers may qualify for HCDA’s down payment assistance.

Indiana Housing and Community Development

2009-01-12T11:34:00.001-08:00

Indiana Housing and Community Development - I'm still researching Indiana's current programs, and let me tell you, but for now here's what it looks like:

Down Payment program to assist up to 5% but no more than $3,500 ... need to dig in a little deeper to figure out income and location limits
Looks like only approved lenders, I have the list and I'll be researching futher to see which lenders are actually doing the loans
Some Mortgage Credit Certificates, though it's been years since I've seen those in action, again more digging

Updates here once I talk to someone downstate

Indiana Down Payment Assistance Programs

2009-01-12T10:49:00.000-08:00

I'll be using this new site to make buyers and REALTORs aware of programs already available in Indiana for Down Payment Assistance.