IHCDA Helping to Own (H2O) Program

Program Overview

IHCDA Helping to Own (H2O) Program

The H2O Program supports qualified FHA buyers with down payment assistance equivalent to 3.5% of the purchase price, helping cover the standard FHA requirement. This makes the homeownership journey more achievable for buyers without substantial upfront cash.

What Makes It Different:

• Works exclusively with FHA loans

• Provides exactly the amount needed for FHA minimum down payment

• Available through select lenders statewide

Who Should Consider H2O?

• First-time buyers needing help with the down payment

• FHA-qualified buyers who meet income and property guidelines

• Families wanting to move from renting to owning affordably

Key Features:

• Affordable rates

• Support for homeownership

• Available statewide

Who Should Use This Program?

• First-time homebuyers looking for affordability

• Low- to moderate-income families

• Residents seeking long-term housing stability

What You Need to Know

• Program eligibility varies by income and location

• You may be required to complete a homebuyer course

• Assistance may be structured as a grant or loan

Next Steps

1. Review eligibility requirements and program benefits

2. Contact a participating lender or city agency

3. Gather financial documents and prepare to apply

4. Complete homebuyer counseling if needed

5. Finalize your loan and receive program benefits

🔍 Key Features

• Tailored to Indiana homebuyers

• Access to financial assistance

• Available through approved lenders statewide

👤 Who Is This Program For?

This program is ideal for:

• First-time or repeat homebuyers in Indiana

• Households with limited income or savings

• Buyers seeking predictable monthly mortgage payments

• Individuals needing help with upfront costs like down payments or closing fees

📌 What Sets It Apart?

• Competitive interest rates and loan terms

• Potential combination with federal or local incentives

• Emphasis on sustainable homeownership and financial stability

• Support from certified housing counselors

📝 How to Get Started

1. Visit the official program website or contact an approved IHCDA lender.

2. Gather documentation (proof of income, credit report, home purchase agreement, etc.).

3. Complete a required homebuyer education course if applicable.

4. Submit your application and await approval.

5. Close on your new home and enjoy the benefits of homeownership.

• Must be a first-time homebuyer.

• Must meet income and purchase price limits.

• Must qualify for an FHA loan.

• Must use an approved IHCDA lender.

• Provides up to 3.5% DPA, enough to cover the FHA down payment.

• Works in tandem with FHA loan requirements.

• May be forgivable or deferred depending on terms.

1. Apply through a lender offering the H2O Program.

2. Provide documentation for income, assets, and FHA approval.

3. Complete any required homebuyer education.

4. Finalize your mortgage and receive DPA at closing.