Down payment assistance or help with payment of closing cost still exists. 

The following information has been provided by Housing Opportunities, Inc.

Eligibility Requirements for Homebuyer Down Payment Assistance 
Qualifying individuals must meet all the following criteria to be considered:

• Household income cannot exceed 80% of the area median income **
• Completion of Homebuyer Education classes (provided by Housing Opportunities)
• Qualify for a mortgage of at least $100,000 with a Housing Opportunities' approved lender
• Must purchase in LaPorte, Porter or Starke County
• Must select a Housing Opportunities approved builder, if purchasing new construction

** For example, the annual income for a family of four cannot exceed:

• $46,650 for LaPorte County
• $49,100 for Porter County
• $42,800 for Starke County

Indiana Housing has down payment assistance available for families that meet these guidelines.  They will do a 3 to 1 match to the money tht the family puts in up to $4,500.

 For example, if a family pays:

• $500 with Real Estate Contract
• $200 for a home inspection
• $500 for a homeowners insurance
• $300 for appraisal
• $1500 TOTAL

Using the 3 to 1 match, Indiana Housing will contribute $4,500 for down payment assistance and closing costs.

The restrictions (guidelines) for the down payment assistance are the following:

• The purchase price of the home must not exceed FHA 203(b) mortgage limits for the area.
• Income must be at 80% of area median income or lower.
• A second mortgage is placed with no interest or monthly payments.  After 5 years, the loan is forgiven.
• Front-end ratio cannot be more than 29% and back end ratio cannot be more than 41% based on the income Housing Opportunities, Inc. has
• No money can be given back to the buyer at the time of closing.
• Housing Opportunities, Inc, funds must be listed on the HUD 1.
• At the day of closing, Housing Opportunities, Inc. will need a copy of the
  • HUD 1
  • Truth in Lending
  • Note and
  • page one of the mortgage
• Two weeks prior to closing, Housing Opportuniteis, Inc. will need a copy of the
  • appraisal
  • good faith estimate and
  • purchse agreement.

Contact Housing Opportunities at 219.548.2800 or www.portercohousing.org