First Time Homebuyers in South Bend: Everything You Need to Know

Learn More About First Time Homebuyer Programs in Indiana!

Community Homebuyers Corporation South Bend IN

Community Homebuyers Corporation (CHC) is a non-profit organization that helps individuals become first-time home buyers in South Bend and St. Joseph County, Indiana. CHC was created by seven local financial institutions and the City of South Bend to make homeownership more affordable for people with low to moderate incomes.

CHC's Homeownership Assistance Program provides eligible borrowers with a mortgage through CHC and a forgivable second mortgage equal to 20% of the home purchase price. The grant is forgiven over time, and may not need to be repaid if the borrower meets certain criteria.

For more information please fill out the form below or contact our First Time Home Buyer Program Specialist!

First Place FHA Program IHCDA

The Indiana Housing and Community Development Authority (IHCDA) First Place FHA Program is a down payment assistance program that helps first-time homebuyers purchase homes in Indiana. The program offers up to 6% of the purchase price in down payment assistance, which can be used to cover closing costs, down payment, or both. To qualify for the program, borrowers must meet certain income and credit score requirements, and the home must be located in a qualified census tract or targeted area.

The First Place FHA Program can be a great way for first-time homebuyers to purchase a home in Indiana. The down payment assistance can help borrowers make a larger down payment, which can save them money on mortgage insurance premiums and interest rates. The program also has relatively low income and credit score requirements, making it more accessible to a wider range of borrowers.

Next Home Program (IHCDA)

The Indiana Housing and Community Development Authority (IHCDA) Next Home Program is a down payment assistance program that provides qualifying first-time and repeat homebuyers with 2.5% or 3.5% of the purchase price of the home in down payment assistance. The assistance comes in the form of a deferred loan that is fully forgiven after two years. There is no interest or monthly payments on the deferred loan.

The Next Home Program can be combined with the Mortgage Credit Certificate (MCC), which is a federal tax credit that can reduce a borrower's federal income tax liability. The MCC can be used to increase a borrower's qualifying income, which can make it easier to qualify for a mortgage.

The Next Home Program is a great way to make homeownership more affordable for first-time and repeat homebuyers in Indiana.

Mortgage Credit Certificate

The Indiana Housing and Community Development Authority (IHCDA) Mortgage Credit Certificate (MCC) Program is a federal tax credit that can help first-time and repeat homebuyers in Indiana afford a home. The MCC is worth 25% of the annual mortgage interest paid, up to a maximum of $2,000 per year. This can save homeowners thousands of dollars in taxes over the life of their mortgage.

To qualify for the IHCDA MCC Program, borrowers must:

Be a first-time homebuyer, unless the property is located in a qualified census tract or targeted area.
Have a debt-to-income ratio of no more than 50%.
Have a credit score of at least 640.
Purchase a home with a purchase price of no more than $420,000.

The MCC can be combined with other IHCDA programs, such as the Next Home Program

What is a First-Time

Homebuyer?

It’s not just “buying your first home” that qualifies you as a “First-Time Homebuyer”. Check this list to see if you qualify for closing cost and down payment aid with one of the “First-Time Homebuyer” qualifiers that many don't know about!

1) You've NEVER purchased a home

2) You haven't OWNED a home in three years or MORE

3) If your SPOUSE owned a home but you have NOT

4) A SINGLE PARENT who owned a home with a former spouse while married

Lee Becton | GVC Mortgage

Lee is a first-time homebuyer mortgage specialist with over 10 years of experience in the mortgage industry. He is passionate about helping first-time homebuyers achieve their dream of owning a home. Lee has a deep understanding of the mortgage process and is skilled at helping borrowers navigate the paperwork and qualify for the best possible interest rate. He is also a valuable resource for first-time homebuyers, providing them with guidance and support throughout the entire home-buying process.

If you are a first time homebuyer, Lee is the mortgage specialist you can trust. He will work with you to find the right mortgage for your needs and budget, and he will be there to support you every step of the way.

I'd like to talk to Lee about First Time Buyer Programs!

Need Credit Repair??

Homebound Credit Repair

Are you unsure about your credit? Do you wish you could raise your credit score? Homebound Credit Repair can help. We are a program designed to get people's credit scores in the best possible position to apply for a home loan.

Our team of experienced credit repair specialists will work with you to identify and dispute any inaccuracies on your credit report. We will also help you develop a plan to improve your credit score, including paying down debt, managing your credit utilization, and making on-time payments.

With Homebound Credit Repair, you can get the peace of mind knowing that you are taking steps to improve your credit score and achieve your homeownership goals.

HOW MUCH HOME CAN I AFFORD?

Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.