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

🔍 Key Features

• Tailored to Indiana homebuyers

• Access to financial assistance

• Available through approved lenders statewide

👤 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

📌 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

📝 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.

• 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.