City of Evansville HOME Homebuyer Program

City of Evansville HOME Homebuyer Program is a forgivable loan for homebuyers in Evansville, Indiana, administered by City of Evansville Department of Metropolitan Development (DMD). The City of Evansville, through its Department of Metropolitan Development, administers a HUD HOME-funded Homebuyer Program offering 0% non-interest-bearing forgivable loans for down payment, closing costs, and principal reduction to first-time buyers at or below 80% AMI buying within city limits. Assistance is delivered through CHDO/subrecipient partners, with affordability periods of 5, 10, or 15 years tiered by the amount of HOME assistance. Recapture is from net proceeds only. 0% forgivable HOME loan. Down payment, closing cost, and principal reduction. Tiered 5/10/15-year forgiveness. Recapture only from net proceeds. Subordination/refinance allowed with DMD approval. Funding comes from HUD HOME Investment Partnerships Program.

City of Evansville HOME Homebuyer Program is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by Recapture of forgivable mortgage balance if sold or no longer primary residence during affordability period; repaid from net proceeds only. The assistance is recorded in Subordinate (DMD mortgage / deed restriction) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Evansville HOME Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer required for down payment assistance; no down payment/closing assistance to those owning other real estate. On credit, the program states: Must qualify for standard fixed-rate financing. A homebuyer education course is required, through Housing counseling/homebuyer education by an approved partner agency. Residency requirement: Principal residence throughout affordability period; annual monitoring. This is the City of Evansville DMD umbrella HOME homebuyer program - DISTINCT from the catalog's 'HOPE of Evansville Homebuyer DPA' and 'CAPE of Evansville DPA', which are the CHDO subrecipients that deliver it. Max assistance amount inferred from the recapture tier table (over-$40k tier exists); exact program cap not stated as a single number - left max blank. Provider direct phone/email not on the guidelines PDF.

City of Evansville HOME Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. Household income may not exceed 80% AMI (Evansville, IN MSA / Vanderburgh County); verified for all members over 18. 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.

City of Evansville HOME Homebuyer Program caps the purchase price as follows: Modest housing - may not exceed 95% of area median purchase price (HUD-verified; ~$219,000 existing / ~$319,000 new construction per Jan 2026 DMD figures). Eligible property types include single-family (up to 4 units, with longer affordability), condominium, and cooperative. New construction is eligible.

City of Evansville HOME Homebuyer Program serves homebuyers purchasing in Evansville, Indiana.

Applications for City of Evansville HOME Homebuyer Program go through City of Evansville Department of Metropolitan Development (DMD), which publishes the current terms and the application steps on its own site. Funds are reserved through Administered through CHDOs/subrecipients (e.g., HOPE of Evansville, CAPE of Evansville). Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.