CAPE of Evansville Down Payment Assistance Program

What is CAPE of Evansville Down Payment Assistance Program?

CAPE of Evansville Down Payment Assistance Program is a grant for homebuyers in Evansville, Indiana, administered by Community Action Program of Evansville and Vanderburgh County, Inc. (CAPE).

• The Community Action Program of Evansville (CAPE), a HUD-certified housing counseling agency and Community Housing Development Organization (CHDO), offers a Down Payment Assistance program providing up to $3,000 to income-eligible first-time homebuyers purchasing within the city limits of Evansville. The program is paired with pre- and post-purchase counseling, homeownership training, and financial literacy/credit counseling.
• Up to $3,000 down payment assistance for income-eligible first-time buyers.
• Pre- and post-purchase counseling.
• Financial literacy and credit counseling.
• Funding comes from HUD funds (CAPE operates as a CHDO providing affordable housing in Vanderburgh, Gibson and Posey Counties).

How much assistance does it provide?

CAPE of Evansville Down Payment Assistance Program offers up to $3,000 in assistance.

• The program can be combined with Buyer's first mortgage; may be combined with CAPE new-construction homeownership opportunities.
• Amounts are the program's published maximums, not an offer — Community Action Program of Evansville and Vanderburgh County, Inc. (CAPE) determines any individual award.

Do you have to pay it back?

CAPE of Evansville Down Payment Assistance Program is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CAPE of Evansville Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CAPE of Evansville Down Payment Assistance Program sets its income limit as follows: Limited to income-eligible participants (low- to moderate-income); CAPE serves households at low-to-moderate income for HOME/CDBG-funded homeownership. Confirm current HUD income limits with CAPE.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CAPE of Evansville Down Payment Assistance Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

CAPE of Evansville Down Payment Assistance Program serves buyers purchasing in Evansville, Indiana.

• Targeted neighborhoods: City of Evansville.

How do you apply?

Applications for CAPE of Evansville Down Payment Assistance Program go through Community Action Program of Evansville and Vanderburgh County, Inc. (CAPE), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CAPE homeownership training and FDIC 'Money Smart' financial literacy curriculum, taught by a HUD-certified housing counselor..

2. 2

   Contact Community Action Program of Evansville and Vanderburgh County, Inc. (CAPE) to reserve funds

   Funds are reserved through Application/intake through CAPE Housing Department, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.