04/01/2024
Ask your Realtor®
I don’t have 10% or 20% to put down on a house. I feel like I will never be able buy one. Is there any help available?
First let me say there are a number of loan programs available to buyers which require low or no down payment (0%-6%). Second, Indiana has a robust offering of Downpayment Assistance Programs for low-to-moderate income homebuyers that provide 2.5% - 6% toward your down payment. They all have some requirements and limitations. A good mortgage broker can help you explore your options, and your Realtor® can help you find one. Check some of the programs out here: https://www.in.gov/ihcda/homebuyers/programs/
Also, for a GREAT opportunity for those who are able to save about $50/month, there are 3-1 matched savings programs called Independent Development Accounts that can be used toward a new home. Participants can receive up to $4,500 in state-matched funds. So, when you have saved $1500, an IDA will match $4500, and you will have $6000 to put toward a home. They also have requirements and limitations. Check out more information here: https://www.in.gov/ihcda/homeowners-and-renters/matched-savings-opportunities-individual-development-accounts-ida/
Contact me if you have questions about this topic, are thinking about buying a house, or are getting ready to sell. We have answers and solutions at Wall & Associates Real Estate Specialists!
Section Breadcrumbs IHCDA Homeowners & Renters Current: Matched Savings Opportunities: Individual Development Accounts (IDA) Matched Savings Opportunities: Individual Development Accounts (IDA) IHCDA works with organizations around the state to help Hoosiers better themselves through a structured ma...
