First-Time Homebuyers Rejoice with Gary, Indiana’s Assistance
Opening the Door to Homeownership with the Homeownership Opportunity Network (HON). The Homeownership Opportunity Network (HON) understands that the path to homeownership can be challenging, especially when faced with the substantial upfront costs associated with a mortgage transaction. In response to this challenge, HON proudly introduces the First-Time Homebuyer Program, a vital initiative aimed at assisting aspiring homeowners in their journey toward affordable financing for their dream homes.
Available Assistance
HON’s First-Time Homebuyer Program harnesses HOME funds to provide eligible applicants with invaluable assistance, offered in the form of forgivable loans. These funds can be strategically applied toward principal reduction, down payments, or closing costs, easing the financial burden associated with home purchases. The amount of assistance extended to each borrower is determined by their income, with a cap set at 10 percent of the purchase price or $10,000, whichever is less. It’s important to note that assistance is provided on a first-come, first-served basis and is available as a one-time opportunity.
Eligibility Requirements
To qualify for the First-Time Homebuyer Program, applicants must meet specific eligibility criteria. They must be classified as first-time homebuyers, defined as individuals who have not owned a home within the last three years. Additionally, their annual household income must fall within the predefined program limits (as detailed below). All borrowers are required to complete the City of Gary HON Homebuyer Education Workshop, along with a counseling session. Certificates obtained from other HUD-approved agencies may also be accepted.
Property Guidelines
For properties located within certain Empowerment Zones and Target Areas (listed below), new construction is a prerequisite to receive the maximum amount of down payment assistance.
Empowerment Zone and Target Areas:
- Brunswick
- Central/Midtown
- Emerson
- Horace Mann
- Pulaski
- Small Farms
- Tolleston
Target Areas for the Gary, Indiana Area:
- Midtown
- Horace Mann/Downtown West
- Aetna
- University Park (IUN/IVY Tech)
Income Limits
Household income, as defined, comprises all earnings received by household members aged 18 or older who will be residing in the home, regardless of their status on the mortgage. To be eligible for the program, annual household income must not exceed the following limits:
- 1 person household: $35,250
- 2 person household: $40,250
- 3 person household: $45,300
- 4 person household: $50,300
- 5 person household: $54,350
- 6 person household: $58,350
By launching the First-Time Homebuyer Program, HON is committed to making homeownership a reality for individuals and families in the Gary, Indiana area. Don’t let upfront costs deter you from your homeownership aspirations—take advantage of this opportunity to secure a brighter future in one of the designated Empowerment Zones and Target Areas.
