April 9th 2009

Indiana Market Stabilization Buyer Program

There was just a great announcement made at the Indiana state house. The Market Stabilization Program.

This program is ran through the IHCDA and you can receive up to$15,000 (not to exceed 20% of purchase price) in assistance to buy or rehab a foreclosed residential property located within an area of greatest need.

Adjustable rate or sub prime mortgage products will not qualify for this assistance. Home buyers may use these funds for closing costs and down payment assistance related to the purchase of a foreclosed home or residential property that will be used as the primary residence.

The home you buy has to be a foreclosed home and you need to life in the home no less then 10 years. When you plan on selling sooner of refinance the home before the 10 years are over, you will have to repay all or a portion of the loan.

To receive this funding you have to meet certain income limitations and you need to participate in 8 hours of pre-purchase education.

For more information contact the IHCDA

     Bettina Settles