IHCDA Next Home/Next Home Pre-Owned Program

Program Overview

IHCDA Next Home/Next Home Pre-Owned Program

This program expands homeownership opportunities to both new and experienced buyers in Indiana. It provides a fixed 30-year mortgage along with optional down payment assistance (DPA) up to 3.5% of the loan amount.

Key Features:

• Eligible for both new and pre-owned homes

• Available to first-time and repeat homebuyers

• Competitive interest rates and statewide availability

• Structured to assist those upgrading or downsizing homes

Ideal for buyers who:

• Previously owned a home but are purchasing again

• Need flexible eligibility beyond first-time buyer programs

• Want access to DPA without complex layering

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 purchasing a newly constructed or pre-owned home in Indiana.

• Can be a first-time or repeat buyer.

• Must meet IHCDA income limits based on location and household size.

• Property must serve as primary residence.

• Must use an IHCDA-approved lender.

• Offers down payment assistance (DPA) up to 3.5% of loan amount.

• Flexibility to purchase new or pre-owned homes.

• 30-year fixed-rate mortgage.

• Broad accessibility for both new and experienced homebuyers.

1. Locate and contact an IHCDA-approved lender.

2. Choose between new or pre-owned housing.

3. Submit financial documentation and complete homebuyer education if required.

4. Close the loan and apply the DPA at settlement.