Did you know you can buy a home with little to no money down?

There are multiple programs out there but one of my favorite is a program through the State of Indiana where they will pay your downpayment!

The Indiana Housing H2O program is truly like none other out there on the market (at least that I’ve ever seen).  The H2O program is a 30 year FHA loan that provides a first time buyer (not had ownership interest in a property in the past 3 years) with their full 3.5% minimum down payment requirement on purchases with a purchase price up to $331,205.  Below are some highlights of this program that really set it apart from other down payment assistance programs…

-No time limit that you have to remain in the home to avoid having to repay the assistance

-No additional lien put on the home for the assistance funds

-No homebuyer education requirements

-No geographic restrictions (other than being within the state of Indiana)

-Interest rate competitive with current FHA market rates

The criteria for fitting within this program is fairly lenient compared to other programs I have seen as well.  The main criteria for a buyer fitting within this program is as follows…

-First time buyer (not having ownership interest in a property in the past 3 years)

-Credit score of 660 or greater

-Debt ratio of 45% or less

-Income at or below $72,800 for a 1-2 person household OR $83,720 for a household size of 3 or more (Lake and Porter County limits)

As you can imagine, this amazing program really helps to open doors for first time buyers that otherwise would be unable to purchase due to down payment requirements.  Hopefully you’ll find this program as a useful tool to keep me in mind when you decide to start searching for a house!