There is big news today in the Indiana Real Estate market!! Indiana Housing Community Development Authority has recently introduced a new Down Payment Assistance (DPA) program called “NEXT HOME” that significantly increases the number of eligible homebuyers, and in most cases eliminates the need to pay back the loan!!
Now, you no longer have to be a first time homebuyer to qualify for down payment help. In fact, you could be a CURRENT homeowner who is trying to sell their home, but may not have enough cash left over after the sale to make a down payment on your “Next Home”. If you qualify for this loan, IHCDA will grant you up to 4% to use towards a down payment on the purchase of a home, and if you stay in the house at least 2 years…YOU NEVER HAVE TO PAY IT BACK!!!
VIDEO INTERVIEW WITH CHRIS MINOR – STONEGATE MORTGAGE
Let’s say, as an example, you would like to sell your house and move to a different location. Your house is worth $150,000, and you owe $136,000. After you pay a brokerage fee, closing costs, taxes etc, you estimate you’re going to clear $138,000…leaving you with only $2000….which isn’t enough cash to make a down payment on your ”Next Home”. INDIANA to the rescue!!! You can go ahead and sell your house, and let IHCDA make your down-payment for you! Stay in the house 2 years…..and YOU NEVER PAY IT BACK!
Another example is you are a new homebuyer who has never owned a home…or maybe has owned one recently. Now you can apply to receive a down payment from IHCDA, and once again…..if you stay in the house at least 2 years…YOU NEVER PAY IT BACK!!
Don’t let this opportunity pass you by! This is a game-changer, and may be just what you need to help you move into YOUR NEXT HOME!
For more information, call me at 317-281-1680!
You can also contact Chris Minor at Stonegate Mortgage at 317-777-7557.
Dave Danz
