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Indiana Housing and Community Development Agency

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First Home

The First Home program offers qualified Hoosiers below market interest rate mortgages. This program can be used with conforming mortgage products, such as the FHA / VA, Fannie Mae, or USDA Rural Development financing.

The First Home program is for first-time homebuyers only, unless purchasing in a targeted county. For current interest rates, please contact a Participating Lender.

Mortgage Credit Certificate

The Mortgage Credit Certificate (MCC) program offers qualified 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 tax credit can be claimed each year, through the life of the mortgage, as long as the home remains the borrowers principal place of residence. The maximum credit per year is $2,000.

The MCC program is for first-time homebuyers only, unless purchasing in a targeted county.

MCC Re-Issuance

Are you already a MCC certificate holder and want to refinance or have refinanced? Return the MCC Re-Issuance Affidavit along with items listed on form to continue the benefit of your tax credit.

Next Home

The newest option for affordable home buying in Indiana is Next Home! Next Home offers prospective homeowners who do not qualify as first-time homebuyer’s as well as first-time homebuyer’s, down payment assistance of 4%. Under Next Home, there are no purchase price limits which allows more Hoosiers to qualify for this great program. For current interest rates, please contact a Participating Lender.

Details of Next Home include:
■Down Payment Assistance (DPA) is 4%
■Federal Housing Administration (FHA) loans only
■Minimum credit score 650
■No Purchase Price limits
■Loan must be originated through an IHCDA Participating Lender
■DPA is fully forgiven after 2 years
■DPA has zero interest with no monthly payments

Next Steps To Qualifying

Each program offered by IHCDA is required to be attached to a first mortgage product. IHCDA does not credit underwrite and it will be the determination of the participating lender on your ability of afford a home through your income, job stability and credit. For additional information, the Homeownership Department’s programs brochure can be downloaded here or visit the frequently asked questions section.

Ready to get started? Please review our Participating Lenders & Program Income Limits section to learn what income limits apply to your area and to find a lender in your county that can help you with your financing needs, simply inform them upon your initial contact which IHCDA program you are interested in.

Contact IHCDA if you have more questions