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Programs

First Place (FP)

  • Down Payment Assistance (DPA) of 6.0%

    • Based on the purchase price

    • Not to exceed the appraised value

  • Must be a first-time homebuyer, unless:

    • The subject property is located in a qualified census tract

    • The borrower is a veteran

  • FHA, 30-year fixed loan

  • Minimum FICO credit score of 640 with a DTI of less than 45.00%

  • Minimum FICO credit score of 680 with DTI greater than 45.00%, but less than 50.00%

For detailed information, click here: First Place (FP) Program Guide - updated January 26, 2021

Next Home (NH)

  • Down Payment Assistance (DPA) of 3.50%

    • Based on the purchase price

    • Not to exceed the appraised value

  • Can be combined with the Mortgage Credit Certificate (MCC)

  • FHA 30-year fixed loan

  • Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45%

  • Minimum FICO credit score of 680 with debt-to-income ratio greater than 45%, but less than 50%

For detailed information, click here: Next Home Program Guide - updated January 26, 2021

Mortgage Credit Certificate (MCC)

  • Is a Federal income tax credit, and can assist the borrower in:

    • Reducing their federal income tax liability

    • Increasing their qualifying income

  • Must be a first-time homebuyer, unless:

    • The subject property is located in a qualified census tract

    • The borrower is a qualified veteran

  • Can be combined with the Next Home Program

  • Can be used with Ginnie, Fannie, or Freddie financing

For detailed information, click here: MCC Program Guide - updated December 16, 2020

*IHCDA’s conventional loan programs have been paused and cannot be reserved at this time.