Through leadership in community development efforts, we serve as an agent of change in building a better community for all members.
Home Ownership
Over the past 10 years, we have helped hundreds of Indiana residents purchase homes. These homebuyers tell us that the information and services we provided made a significant impact on their success. For more information about purchasing a home through Affordable Housing Corporation, check out the available programs listed below or contact us.
Guidance
Millions of people who learn the facts about homeownership discover that buying a home is easier than they expected. With the right information, you can do it too.
We can help you buy a home through homebuyer education courses or one-on-one pre-purchase counseling.
Come to our free Homebuyer workshops to learn what it takes to become a homeowner. The workshop is led by one of our experienced housing counselors in an interactive format with plenty of time for questions and discussion. There will be no confusing jargon, no fine print, and no sales pitch – just the information you need to better understand your path to home ownership. We'll give you the facts. Plus, we will dispel common myths about home ownership that could be unnecessarily keeping you from the home of your dreams. View the calendar for workshop dates and times or contact us for more information.
After you attend the classes, we will contact you to schedule a "one-on-one" where you will sit down with an experienced housing counselor who will help you discover and address any obstacles that might be keeping you from buying a house. We will help you assess your current credit situation and teach you to begin building good credit. You will learn to budget like a homeowner and we will help you find the home loans that may best meet your needs. Ultimately, you will create an Action Plan to map out your next steps toward home ownership.
Available Programs
Affordable Housing Corporation has the tools and expertise to help you find the right programs to meet your specific financial needs. Potential options are listed below.
Indiana First Home Plus Down Payment Assistance: This program offers the First Home special low-interest mortgage rate loan on up to 96.5% of the home's value, as well as 6% down payment assistance. Capped at $7,500 with zero interest, this is a perfect program for Hoosiers who do not refinance once they have moved into their new home, and who are also committed to staying in their new home for a specific period of time. The Down Payment Assistance funds must be repaid in full once the borrower sells or refinances the home. For first time home buyers who have a disability, this down payment assistance can increase to 10% of the purchase price capped at $14,999.
Federal Home Loan Bank (FHLB) Three to One Down Payment Assistance: The Homeownership Opportunities Program (HOP) makes homeownership more than a dream for many people. HOP provides up to $7,500 of down payment and closing cost assistance for first time homebuyers by matching a homebuyer's funds three-to-one. At least $500 of what HOP matches must come from the homebuyer's own savings, but the FHLBI will also match funds received from other sources including other grants and gifts. Once a homebuyer has been living in the home for five years, the assistance is forgiven, and does not need to be paid back.
USDA Rural Development Direct Loan Program: These loans are available for low and very low-income households to obtain homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household's adjusted income. Interest is paid based on the combined family income and can be subsidized down to 1%. Loans are for up to 33 years (38 for those with incomes below 60% of AMI who cannot afford 33-year terms).
Indiana Mortgage Credit Certificate (MCC): This program offers first-time home buying Hoosiers a Federal tax credit. The tax credit amount ranges between 20% and 35% of the interest paid on a mortgage each year, depending on the mortgage loan amount. The maximum credit per year is $2,000. The MCC program is designed to help first-time homebuyers offset a portion of their mortgage interest on a new mortgage as a way to help homebuyers qualify for a loan. See an AHC counselor to see if you qualify for an MCC.
Individual Development Account (IDA) Program: IDA is a four-year, matched savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. For each dollar saved, up to $400 a year, the State of Indiana will match it with $3. This means, if you successfully save $400, then the State will match it with $1,200, totaling a combined savings of $1,600. You can use your combined IDA savings to:
- Buy or rehabilitate a home
- Further your education or enroll in a job training program
- Start or expand a small business
