2015 First Time Home Buyer Programs for Indiana VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Next Home with MCC Combo Program Next Home with MCC Combo Program combines the down payment assistance of Next Home with the tax credit associated with a MCC. Borrowers must be first time homebuyers, or must not have ownership in their primary residence for the past three years. Exceptions may apply for borrowers in targeted counties. Purchase price limits apply. Qualified buyers in Indiana may apply. Next Home Program Next Home Program Homebuyers can receive down payment assistance of 3 percent (conventional) or 4 percent (FHA) for loans originated through IHCDA participating lenders. The program does not have purchase price limits. Homebuyers must have a minimum credit score of 650. The down payment assistance has zero interest and no monthly payments, and the assistance is forgiven after two years. Borrowers can combine this program with a MCC. Qualified buyers in Indiana may apply. My Home Conventional Program My Home Conventional provides fixed rate conventional loans to qualified homebuyers (there is no first time buyer requirement). Eligible candidates must meet income limits and purchase a single family home. First time homebuyers must make a down payment of 3 percent of the purchase price or appraised value (whichever is less). The program can be combined with the MCC program, but no down payment assistance is available. Qualified buyers in Indiana may apply. Affordable Home Program Affordable Home Program allows qualified first time buyers to receive a below market interest rate. A minimum credit score of 650 is required. There is no down payment assistance associated with this program. Qualified buyers in Indiana may apply. Indiana Mortgage Credit Certificate Indiana Mortgage Credit Certificate qualified first time homebuyers receive a tax credit of between 20 percent and 35 percent of the interest paid on their mortgage annually. Borrowers who keep their properties as primary residences can claim the credit for the life of the mortgage, with a $2,000 maximum per year. Borrowers who are not first time homebuyers may be eligible for the program in targeted counties. Qualified buyers in Indiana may
To apply visit http://buyerprograms.net/indiana