Down Payment Assistance

IHCDA Loan Products

Achieve the dreams of home ownership with little to no money out of pocket using the Indiana Housing & Community Development Authority (IHCDA) down payment assistance programs. Assistance is based on the loan type and eligible homeowners can receive a forgivable grant of up to 4% of the home’s purchase price that can be applied toward down payment, closing costs or obtaining low interest fixed rate loans. Below is a brief overview of the programs that are offered:

Helping To Own
  • First-time homebuyer only, unless purchasing in a targeted area
  • FHA 30-Year fixed loans only
  • 100% financing
  • Down Payment Assistance (DPA) grant of 3.5% does not have to be re-paid
  • Program income limits Apply
  • Minimum credit score of 640
Mortgage Credit Certificate
  • First time homebuyer unless purchasing in a targeted area
  • Income and Acquisition limits apply
  • 30 year fixed rate (lender sets rate)
  • Federal Tax benefit
  • FHA, Conventional, VA or USDA Rural Housing financing eligible
  • Not eligible for multiple parcels
Next Home
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score of 640
  • FHA financing only
  • DPA – 3.5% of purchase price or appraised value, whichever is less
  • Multiple parcels allowed
  • Not eligible to receive any cashback at closing
  • Does not have to be a first-time homebuyer
  • Can be combined with MCC – MCC guidelines apply including requirement be first-time homebuyer unless purchasing in a targeted area

MSHDA Loan Program

For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MI Home Loan with Michigan Down Payment Assistance is designed to make it a little easierfor qualified homebuyers in targeted areas.

MSHDA Loan Program
  • Michigan Down Payment up to $7,500
  • Homebuyer Education class required
  • Available to first-time homebuyers (have not owned a home in the previous three years) Statewide and repeat homebuyers are eligible in targeted areas.
  • Household income limits apply and can vary depending on family size and property location
  • Maximum sales price is $224,500 statewide

OHFA Loan Products

The Ohio Housing Finance Agency (OHFA) offers several affordable loan options to help you achieve the dream of homeownership. OHFA offers mortgage loans with generous income and purchase price limits that are designed for home buyers with low to moderate-income. OHFA loans can help homeowners with down payment and closing costs.

Ohio Heroes
  • OHFA rewards Ohio residents who serve the public with a discounted mortgage interest rate and all the benefits of a first-time homebuyer
  • Minimum credit score of 640 for conventional, USDA, and VA
  • Down payment assistance available
  • Income limits and purchase price limits apply
Next Home
  • Home will serve as primary residence
  • Minimum credit score of 640 for conventional, USDA, and VA
  • Homebuyer education required
  • Down payment assitance available in the amounts of 2.5% or 5%
Your Choice! Down Payment Assistance
  • Minimum credit score of 640 for conventional, USDA, and VA
  • Free homebuyer education required
  • Income limits and purchase price limits apply
  • Down payment assistance available in the amounts of 2.5% or 5%
Grants for Grads
  • First time homebuyer only
  • Income and purchase price limits apply
  • Down payment assistance available in the amounts of 2.5% or 5%
  • Free homebuyer education required
  • Debt to income ratios for your loan type must be met
  • Minimum credit score of 640 for conventional, USDA, and VA
  • Minimum credit score of 660 for FHA
Mortgage Tax Credit
  • First-time homebuyers eligible
  • Minimum credit score of 640 for conventional, USDA, and VA
  • Minimum credit score of 660 for FHA
  • Down payment assistance available in the amounts of 2.5% or 5% when combined with OHFA’s first-time homebuyer program

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