Achieve the dream of homeownership with little to no money out of pocket using the Indiana Housing & Community Development Authority (IHCDA) Down Payment Assistant (DPA*) programs. Below is a brief overview of the programs offered. Take advantage and apply today!

MORTGAGE CREDIT CERTIFICATE (MCC)

  • Tax** credit amount is 25%
  • Credit can be claimed each year throughout the life of the mortgage as long as the home remains the borrower’s principal residence
  • Maximum credit of $2,000 per year
  • Must be a first-time homebuyer unless purchasing in targeted area or a qualified veteran

NEXT HOME

  • Eligible for FHA loans- minimum credit score of 640
  • Down payment assistance forgiven after three years
  • No first-time homebuyer requirement
  • No limitation to purchase price

NEXT HOME WITH MCC COMBO

  • Eligible for FHA loans- minimum credit score of 640
  • Must be a first-time homebuyer unless purchasing in target area or qualified veteran
  • Down payment assistance of 3.5% for FHA

FIRST PLACE

  • FHA loans only
  • Single-family residence
  • Income limits apply according to county and are dependent on family size
  • Credit score requirements

    • Minimum 640 credit score with maximum debt-to-income (DTI)*** of 45%
    • Minimum 680 credit score with maximum DTI 50%

* Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Fairway Independent Mortgage Corporation is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
** This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
*** Debt-to-income (DTI) ratio is monthly debt/expenses divided by gross monthly income.