As credit tightens more and more, Indiana residents can take advantage of good programs to help you purchase your first home. Of course there are specific requirements to qualify for the program. Paula Henry posted some helpful information about the requirements on her Indy Real Estate Talk Blog.

Check it out below or visit:
http://indyrealestatetalk.com/2008/04/25/help-buying-your-first-home-in-indianapolis/

There are loan programs available which will allow him to buy a home with little money out of pocket. Here in Indiana, we have the Indiana Housing program for first time home buyers. There are specific requirements, but the program can’t be beat if you qualify.

A few of the specifics:

*Available for First Time Home Buyers or
Buyers who haven’t owned a home in the last three years

You will need three years tax returns to verify there were no homeowner tax deductions taken in the time period.

Income Guidelines:

* $63,800. for 1–2 person household
* $73,370. for 3 or more person household
* All family income counts regardless of whose name is on the loan

Loan can be FHA or Conventional

The current interest rate can be reduced by 1/8% to 5.125% when the buyer takes an online course about home ownership.

The program can be used with or without downpayment assistance. Down payment assistance is capped at $3500.00 and is subject to repayment when the home is sold or the loan refinanced.

The interest rate program mentioned in Paula's blog is The First Home Program and is offered by the Indiana Housing and Community Development Association. They even offer 24/7 interest rate information at (888) 227-4452 . IHCDA also offers special programs for teachers, fire fighters, law enforcement and state and municipal workers. Visit http://ihcda.in.gov/homebuyers.aspx for more details.

- Posted by Mary Catharine Grau, Director of Marketing, Estridge and HOMExperience