HOME Down Payment Assistance Program
This is a zero percent interest, due on sale deferred loan program available for borrowers with less than 80% of Area Median Income.
Here is a list of the requirements that apply to this Down Payment Assistance Program.
- Assistance to the borrowers, based on need, can range from $1,000 to $20,000.
- Assistance level is based on need and the adjusted gross household area median income (AMI). The chart below shows the assistance level.
Area Median Income (AMI) Assistance Level Chart
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| Minimum $1,000 | Minimum $1,000 | Minimum $1,000 | Minimum $1,000 | Minimum $1,000 |
| Maximum $20,000 | Maximum $15,000 | Maximum $10,000 | Maximum $7,500 | Maximum $5,000 |
- Deferred Payment Loan
- Interest: Zero Percent (0%)
- First time homebuyer with exceptions. Exceptions displaced homemakers or single parents with custody of children.
- Homebuyer Education Program Finally Home!® required.
- For further details on requirements, refer to the 2009 HOME Administrative Plan
- For more information about this program please contact Grant Programs at 1-877-447-2687
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NOTICE: Effective immediately, a limited allocation of HOME dollars is available and is tied to a special loan program through our Homeownership Lending department with a rate of 5.98% being offered and is good until January 1, 2010. See below for details.
- Qualified borrowers will receive a 5.98% interest rate on the first mortgage loan
- This is a no interest, due on sale loan for up to $20,000 based on the borrower’s income level and need
- Through the HOME fund application process, it will be determined if the borrower meets the program guidelines and is within 80% of area median income and that the borrower is a first-time homebuyer
- A borrower's loan must be closed and delivered to IHFA by January 1, 2010
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