Program Helps Buyers Move On to Their Next Home
There's help for homeowners who dream of moving on to their next Indianapolis home but don't qualify for traditional downpayment assistance programs geared toward first-time homebuyers. Next Home, offered through Indiana Housing, gives downpayment assistance of up to 4% to buyers who are NOT first-time home buyers. This program particularly benefits homeowners who don't have sufficient equity in their current home to use as a downpayment on a new home by allowing them to purchase the new home with no money down.
Indiana Next Home Program Details
- Available throughout Indiana
- Down payment assistance of up to 4% for qualifying non first time home buyers
- No interest charged and no monthly payments due on the Down Payment Assistance amount
- Down Payment Assitance is forgiven after 2 years. If you decide to sell or refinance the home before the 2 years is up you will have to repay the downpayment assistance. If you stay in the home 2 years or longer, the equity you established with the down payment assistance is yours.
- No purchase price limits
Indiana Next Home Qualifying Details
- Minimum Credit Score of 650
- Income limits
- Loan must be originated through a participating lender
- Only available with FHA loans
Are you searching for an Indianapolis home? Do you have questions? We have answers!