IHCDA First Place Program
Aimed at first-time buyers, this program enhances the First Home benefits with additional down payment support and reduced rates.
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Program Details
Program Overview
IHCDA First Place Program
An upgrade to the First Home Program, First Place provides enhanced down payment support and below-market interest rates. It is only available to qualified first-time buyers meeting income and purchase price limits.
Program Highlights:
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Greater DPA than base First Home Program
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Ideal for low-asset households
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Homebuyer education is mandatory
Who Should Use This Program?
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First-time homebuyers looking for affordability
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Low- to moderate-income families
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Residents seeking long-term housing stability
What You Need to Know
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Program eligibility varies by income and location
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You may be required to complete a homebuyer course
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Assistance may be structured as a grant or loan
Next Steps
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Review eligibility requirements and program benefits
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Contact a participating lender or city agency
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Gather financial documents and prepare to apply
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Complete homebuyer counseling if needed
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Finalize your loan and receive program benefits
🔍 Key Features
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Tailored to Indiana homebuyers
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Access to financial assistance
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Available through approved lenders statewide
👤 Who Is This Program For?
This program is ideal for:
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First-time or repeat homebuyers in Indiana
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Households with limited income or savings
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Buyers seeking predictable monthly mortgage payments
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Individuals needing help with upfront costs like down payments or closing fees
📌 What Sets It Apart?
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Competitive interest rates and loan terms
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Potential combination with federal or local incentives
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Emphasis on sustainable homeownership and financial stability
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Support from certified housing counselors
📝 How to Get Started
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Visit the official program website or contact an approved IHCDA lender.
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Gather documentation (proof of income, credit report, home purchase agreement, etc.).
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Complete a required homebuyer education course if applicable.
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Submit your application and await approval.
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Close on your new home and enjoy the benefits of homeownership.
Eligibility Requirements
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Must be a first-time homebuyer.
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Must meet IHCDA-established income and purchase price limits.
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Must occupy the home as a primary residence.
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Must work with a qualified IHCDA lender and complete a homebuyer education program.
Program Benefits
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Enhanced DPA for eligible first-time buyers
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Low interest rates and reduced cash-to-close
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Compatible with other IHCDA benefits
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Helps first-time buyers establish equity
How to Apply
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Apply through an IHCDA First Place lender
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Complete homebuyer education
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Submit application and required paperwork
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Receive approval and close the loan
Program Overview
Category
State Program
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Related Resources
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Licensed Mortgage Loan Officers
These mortgage professionals are licensed to operate in indiana and can help you navigate the application process for this program. They can answer your questions about eligibility, required documentation, and help you find the best financing options.
Licensed Mortgage Loan Officers in indiana
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Disclaimer
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs. The information provided on this website is for general informational purposes only and does not constitute financial, legal, or professional advice.