Lots of people have been asking about incentives to buying a home. A new program announced in April makes home buying even more attractive, especially when you consider the low interest rates. Hoosiers may be eligible for up to $15,000 no-interest loan from the Indiana Housing and Community Development Authority (IHCDA) when they buy a foreclosed home in qualified areas.
This is a unique way the state is using stimulus money to help pump up the economy and help get new homeowners into foreclosed houses, which causes the deterioration of neighborhoods and home values. The program is called the IHCDA Market Stabilization Fund, and is funded through HUD's Neighborhood Stabilization Program, which allocated $84 million to Indiana Housing and Community Development.
Some of the guidelines in order to take advantage of this program: 1. Homes must be owner-occupied. In other words, you can't buy the house, then rent it out, or resale it. 2. The state stipulates the areas and houses that qualify, and this is based on the areas within the state in the greatest need of assistance. You can find houses at http://www.indianahousingnow.org/.
3. IHCDA offers up to $15,000 in the loan to assist home buyers. This amount cannot exceed 20 percent of the total purchase price. This loan can be used for a downpayment and/or to help with any repairs or improvements to be made to the house.
4. The loan program can be used with a variety of other financing options, including FHA, VA or conventional loans. Although no loans in the subprime market or adjustable rates will qualify.
5. The loan does not have to be repaid as long as you live in the house for at least 10 years. If you move from the house before 10 years, you will have to repay all or a portion of the loan.
6. In order to qualify, your income must be at or below 120 percent of the area median income. This would be a single person with an income of about $54,720 or a family of four with an income of $78,120. Of course, you can check online for specifics.
If you'd like more information on this program, or would like to see some of the eligible homes, contact Laura at 317.702.0058 or e-mail at Laura@TalktoTucker.com.
