Next Home IS BACK
The Next Home Program is back and is available to homebuyers who may not have the equity to purchase their next home. Next Home provides the buyers with their down payment for their next home purchase.
A brief description of the program qualifications are as follows:
4% loan given to the borrower(s) to be used towards down payment, closing costs, pre-paids, etc.
The 4% loan is forgiven if the borrower resides in the residence for two years and meets all other program requirements
Minimum 650 credit scores
125% of Median Income limits in non-targeted areas and 140% in targeted areas
No acquisition or purchase price limitation
FHA loans only
Underwritten to FHA guidelines
.0.125% of the total loan amount as a reservation fee paid to Indiana Housing upfront
Borrower does not have to be a first time homebuyer
No third party inspections or Home Ownership training unless borrower is first time homebuyer
Interest rate is presently 4.50% but may change based on fluctuations in the market
Not every lender is participating in this program. For more details - Click Here