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Hoosier Homes
Down Payment Assistance Program
Helping Indiana residents buy a home with up to 5% down payment and/ or closing costs assistance (including rate buy-downs in targeted areas), making homeownership more affordable.
Indiana
Hoosier Homes Advantages
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Down Payment Assistance
5% down payment assistance for targeted areas (up to 3% for non-targeted areas).
No Homebuyer Requirement
Hoosier Homes welcomes all buyers, not just first-time homebuyers.
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Interest Rates
Competitive interest rates with Permanent Interest Rate Reduction offered in targeted areas.
Hoosier Homes Loan Requirements
Here’s what you’ll need to get started.
- Credit Score Minimum credit score of 640
- Debt-to-income ratio Up to 50%
- Occupancy required Within 60 days of closing
- Homebuyer Education Informative course required for First-Time Homebuyers
Qualifications
The home loan that unlocks opportunities
Qualifications
The home loan that unlocks opportunities.
- Indiana only (contact your Loan Officer to see if your county qualifies)
- Purchases only (No purchase price limit)
- Single Family Homes (1-2 units), Condominiums, Manufactured Homes, or Townhouses
Connect with a Loan Expert
Our Loan Experts are available to answer all your questions.
Why People Trust Us
Experience: Leading community lender since 1988
Reliability: We hold over 90% of our loans
Flexibility: We offer a variety of loan options tailored to your specific needs
Coverage: Licensed in all 50 states and the District of Columbia
Hoosier Homes FAQs
What is the Hoosier Homes Program?
The Hoosier Homes program is a down payment assistance initiative designed to increase homeownership opportunities for low to moderate-income individuals and families in Indiana. It provides financial support to help with down payment and/or closing costs (including rate buy-downs in targeted areas).
How much assistance does the program offer?
The Hoosier Homes program offers up to 5% of the loan amount as assistance, which can be used towards the down payment, closing costs, or both (including rate buy-downs in targeted areas).
Who qualifies for the Hoosier Homes Program?
The program is available to eligible borrowers who meet the income and credit score requirements. A minimum FICO score of 640 is required, and the maximum debt-to-income (DTI) ratio is 50%. Income limits vary by county and city.
What types of loans are available through the program?
The program supports FHA, VA, USDA, and Conventional Loans, including options for lower interest rates for borrowers with incomes at or below 80% of the area median income (AMI).
Are there restrictions on the type of property I can purchase?
Eligible properties include single-family homes, townhomes, manufactured homes, and condominiums. The home must be used as your primary residence to qualify for the program.