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First Time Home Buyer Down Payment Assistance

Indiana

Available Assistance

The First Time Homebuyer Program uses HOME funds to provide eligible applicants with assistance funds, in the form of forgivable loans. The money can be put toward principal reduction, down payment, or closing costs to help offset some expenses. The amount of assistance each borrower receives is based on their income, the maximum being 10 percent of the purchase price or $10,000, whichever is less. Assistance is provided on a first-come, first served, and one-time basis.

Eligibility Requirements

In order to be considered eligible for the First Time Homebuyer Program, all applicants must meet certain requirements. They must be first-time homebuyers (individuals who have not owned a home in the last 3 years), and their annual household income must fall within the program’s set limits (shown below). All borrowers are required to successfully complete the City of Gary HON Homebuyer Education Workshop, as well as a counseling session. Certificates from other HUD-approved agencies may be accepted.

Property Guidelines

Any property located in the certain Empowerment Zones and Target Areas (listed below) must be new construction in order to receive the maximum amount of down payment assistance.

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