IHCDA Residential Construction Mortgage Program

### Program Overview

### IHCDA Residential Construction Mortgage Program

This construction-focused initiative helps Hoosiers build their dream home by offering a single mortgage that rolls from construction to permanent financing.

**How It Works:**
- Combines short-term construction financing and long-term mortgage
- Streamlines the process with a single application and closing
- Typically uses fixed-rate mortgage conversion at completion

**Best For:**
- Families building custom homes
- Buyers with pre-purchased land or a builder agreement
- Those wanting to avoid two separate closings

**Key Features:**
- Affordable rates
- Support for homeownership
- Available statewide

**Who Should Use This Program?**
- First-time homebuyers looking for affordability
- Low- to moderate-income families
- Residents seeking long-term housing stability

**What You Need to Know**
- Program eligibility varies by income and location
- You may be required to complete a homebuyer course
- Assistance may be structured as a grant or loan

**Next Steps**
1. Review eligibility requirements and program benefits
2. Contact a participating lender or city agency
3. Gather financial documents and prepare to apply
4. Complete homebuyer counseling if needed
5. Finalize your loan and receive program benefits

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### 🔍 Key Features
- Tailored to Indiana homebuyers
- Access to financial assistance
- Available through approved lenders statewide

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### 👤 Who Is This Program For?
This program is ideal for:
- First-time or repeat homebuyers in Indiana
- Households with limited income or savings
- Buyers seeking predictable monthly mortgage payments
- Individuals needing help with upfront costs like down payments or closing fees

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### 📌 What Sets It Apart?
- Competitive interest rates and loan terms
- Potential combination with federal or local incentives
- Emphasis on sustainable homeownership and financial stability
- Support from certified housing counselors

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### 📝 How to Get Started
1. Visit the [official program website](#) or contact an approved IHCDA lender.
2. Gather documentation (proof of income, credit report, home purchase agreement, etc.).
3. Complete a required homebuyer education course if applicable.
4. Submit your application and await approval.
5. Close on your new home and enjoy the benefits of homeownership.

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- Must be building a new home on purchased land.
- Use an IHCDA-participating construction lender.
- Must meet income and affordability limits.

- Enables mortgage financing for new home construction.
- Combines permanent financing and construction loan.
- Streamlined loan structure reduces closing costs.

1. Choose a participating builder and lender.
2. Apply for construction and permanent financing.
3. Complete construction and convert loan into standard mortgage.