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Programs

Honor Our Vets (HOV)

HELPING TO OWN (H2O)

  • First-time homebuyers only, unless purchasing in a Targeted area
  • FHA 30-Year fixed loans only
  • 100% financing
  • Down Payment Assistance (DPA) grant of 3.5%, does not have to be re-paid
  • Program Income limits Apply
  • Minimum credit score of 660
  • Reservation fee $100
  • 2019 Helping to Own (H2O) Program Guide

MORTGAGE CREDIT CERTIFICATE (MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (lender sets rate)
  • Federal Tax benefit
  • FHA, Conv, VA or USDA Rural Housing financing eligible
  • Reservation fee $500
  • 2019 MCC Program Guide

Next Home Advantage

  • Does not have to be a first-time homebuyer
  • IHCDA Income Limits apply
  • 30-year fixed rate (set by IHCDA)
  • Conventional Financing
  • Minimum credit score of 640
  • DPA 3% of purchase price or appraised value, whichever is less
    • DPA forgiven in 2 years
  • Reservation fee $100
  • 2019 Next Home Advantage Program Guide

Next Home Advantage with Subsidy

  • Does not have to be a first-time homebuyer
  • IHCDA/Freddie Mac Income limits apply
  • 30-year fixed rate (set by IHCDA)
  • Conventional Financing
  • Minimum credit score of 640
  • DPA 3% of purchase price or appraised value, whichever is less
    • DPA forgiven in 2 years
    • Additional Subsidy DPA;
      • $2,500 received if qualifying income ≤ 50% of AMI
      • $1,500 received if qualifying income > 50% to ≤ 80% of AMI
      • Subsidy DPA is a grant
    • No cash back at closing except for what Mortgagor has paid into the loan
    • Reservation fee $100

    Next Home Advantage with MCC

    • First-time homebuyers only, unless purchasing in a targeted area or a qualifying Veteran
    • IHCDA Income and Acquisition limits apply
    • 30-year fixed rate (set by IHCDA)
    • Minimum credit score of 640
    • Conventional Financing
    • Federal Tax benefit
    • DPA 3% of purchase price or appraised value, whichever is less
      • DPA forgiven in 2 years
    • Recapture Tax applies
    • No cash back at closing except for what Mortgagor has paid into the loan
    • Reservation fee $100

    Next Home Advantage with MCC and Subsidy

    • First-time homebuyers only, unless purchasing in a targeted area or a qualifying Veteran
    • IHCDA/Freddie Mac Income and Acquisition limits apply
    • 30-year fixed rate (set by IHCDA)
    • Minimum credit score of 640
    • Federal Tax benefit
    • DPA 3% of purchase price or appraised value, whichever is less
      • DPA forgiven in 2 years
    • Recapture Tax applies
    • Additional Subsidy DPA;
      • $2,500 received if qualifying income ≤ 50% of AMI
      • $1,500 received if qualifying income > 50% to ≤ 80% of AMI
      • Subsidy DPA is a grant
    • No cash back at closing except for what Mortgagor has paid into the loan
    • Reservation fee $100              

    NEXT HOME (NH)

    • Does not have to be a first time homebuyer
    • Income limits apply
    • 30 year fixed rate (set by IHCDA)
    • Minimum credit score of 660 for FHA or minimum of 640 for Conv
    • FHA or Conv financing eligible
    • 2 year affordability period
    • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
    • No cash back at closing except for what the Mortgagor paid into the loan
    • Reservation fee $100
    • 2019 Next Home Program Guide

    NEXT HOME WITH MORTGAGE CREDIT CERTIFICATE (NH/MCC)

    • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
    • Income and Acquisition limits apply
    • 30 year fixed rate (set by IHCDA)
    • Minimum credit score of 660 for FHA or minimum of 640 for Conv
    • Federal Tax benefit
    • FHA or Conv financing eligible
    • 2 year affordability period
    • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
    • No cash back at closing except for what the Mortgagor paid into the loan
    • Reservation fee $100