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Programs available from the Indiana Housing and Community Development Authority
The State of Indiana provides you with various mortgage programs to buy and keep your home. Whether you are in the market for your first home or are struggling to avoid foreclosure, there are steps you can take to find the help you need.
This article will focus on the programs available to citizens of Indiana through the Indiana Housing and Community Development Authority.
The Indiana Housing and Community Development Authority is the main state player in providing housing to low- to medium-income citizens. Programs available include the Market Stabilization Program, the First Home Program, the First Home Plus program and Mortgage Credit Certificates, to mention a few.
The Market Stabilization Program provides eligible homebuyers with a $15,000 loan which does not have to be paid as long as you live in the home for at least 10 years. The loan can be used to pay for a down payment and cover mortgage closing costs.
The First Home Program offers Hoosiers low cost mortgages with below market interest rates. The beauty of this program is that it can be combined with other available housing aid initiatives such as Veterans FHA, USDA Rural Development and Fannie Mae mortgage programs.
First Home Plus also provides a maximum $7,500 down payment assistance loan which you do not have to repay until you either sell or refinance your home. If you are planning to stay in your home for the long run this may well be the program for you.
The Mortgage Credit Certificate program offers Hoosiers with a Federal tax credit ranging from 20 to 35 percent of the interest paid on the mortgage every year. The program is capped at $2,000 and will only be available for a limited time, so contact the Indiana Housing and Community Development Authority now if you are planning to buy a new home.
On a more local level, the Indianapolis Housing Agency provides over 7,600 families every year with quality housing throughout the city of Indianapolis. The goal is to provide fair access to housing to all eligible applicants. The program includes access to leasing and sales opportunities to a variety of housing projects and neighborhoods. The agency is sponsored by the Housing and Urban Development Department (HUD) and funded by the American Recovery and Reinvestment Act.
As you can see there are several options to choose from if you are planning to buy a home. But what happens if you are struggling to keep your current home. Our next article will focus on the programs available to Hoosiers who are at risk of foreclosure.
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