Indiana - Government Backed Loans

IHCDA administers financial vehicles and incentives to create affordable housing for rent or purchase as well as supportive facilities. IHCDA was created in 1978 by the Indiana General Assembly and is a quasi-autonomous, financially self-sufficient statewide government agency that operates without state tax revenues.

Purchase Programs

First Home

With the First Home program, qualifying residents of Indiana are offered below market interest rate mortgages in order to purchase a first home. This program can be used in conjunction with financing plans such as FHA/VA, Fannie Mae or USDA Rural Development.

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First Home PLUS

With First Home PLUS, the reduced mortgage rate of the First Home program is combined with a second, interest-free mortgage in the amount of 5% of the home's purchase price, and to be used as downpayment assistance.

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First Home 100

The First Home 100 program is a partnership program with Fannie Mae that offers low- to very-low income homebuyers affordable homeownership opportunities by eliminating any funds that homebuyers would conventionally have to contribute toward purchasing a home.

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Community Mortgage 100% Option

The Community Mortgage 100% Option is a partnership program with Fannie Mae that offers low- to very-low income homebuyers affordable homeownership opportunities. A minimum contribution of $500 is required of homebuyers, and the seller of the home may contribute a maximum of 3% of the sales price to aid with closing costs.

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Community Solutions 100

The Community Solutions 100 program is a partnership program with Fannie Mae that offers teachers, firefighters, law enforcement officers and state and municipal employees to purchase a home with a minimum contribution of $500 toward the purchase of the home. Borrowers may also be eligible for IHCDA's down payment assistance.

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Community Home Choice

Community Home Choice is a partnership program with Fannie Mae that offers homebuyers with disabilities through low downpayments, greater acceptance of less than perfect credit histories and may also be eligible for IHCDA's down payment assistance.

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Mortgage Credit Certificates

Mortgage Credit Certificates provide first-time homebuyers with a Federal tax credit ranging from 20% to 35% of the interest paid on a mortgage annually, with the maximum credit allowed being $2, 000 per year.

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Homeownership Program for Veterans

Through the Homeownership Program for Veterans, the first-time homeownership requirement that applies to other IHCDA programs is waived. Also, a fixed-rate, low-interest mortgage is offered to all veterans, and first-time homebuyers may additionally receive downpayment assistance.

Continue reading about the Homeownership Program for Veterans.