I had the opportunity to be educated on the IHCDA's (Indiana Housing Community & Development Authority) new program entitled "Next Home" this morning. In a nutshell it is a program that allows move up buyers to recapture some of the equity they may be losing (or lost) when selling their previous home. Some of the program features are:
- Up to 4% Down Payment Assistance (DPA) to non first time (as well as first time who don't qualify for the First Home/Plus program) buyers on an FHA loan
- Higher income limits based on total household income
- Can be combined with MCC (limited to first time buyers only)
- DPA is FULLY FORGIVEN AFTER 2 YEARS!
- No interest or monthly payments on the DPA