City of Muncie HOME Down Payment and Closing Cost Assistance

What is City of Muncie HOME Down Payment and Closing Cost Assistance?

City of Muncie HOME Down Payment and Closing Cost Assistance is a deferred second loan for homebuyers in Muncie, Indiana, administered by City of Muncie Community Development Department.

• The City of Muncie Community Development Department administers a HOME Investment Partnerships Program-funded down payment and closing cost assistance program for low- to moderate-income first-time homebuyers citywide. Program Year 2024 allocated $45,000 under 24 CFR 92.206(c), targeting six assisted households. Distinct from PathStone's HARP program. HOME applications accepted on a rolling quarterly basis.
• Direct financial assistance toward down payment and/or closing costs for low- to moderate-income first-time homebuyers. PY 2024 funding: $45,000 (HOME). Target: 6 households per program year.
• Funding comes from HOME Investment Partnerships Program (HUD).

Do you have to pay it back?

City of Muncie HOME Down Payment and Closing Cost Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

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

Who qualifies?

City of Muncie HOME Down Payment and Closing Cost Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Muncie HOME Down Payment and Closing Cost Assistance limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% of Area Median Income per HOME program requirements.
• 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?

City of Muncie HOME Down Payment and Closing Cost Assistance can be used for single_family.

Where does it apply?

City of Muncie HOME Down Payment and Closing Cost Assistance serves buyers purchasing in Muncie, Indiana.

How do you apply?

Applications for City of Muncie HOME Down Payment and Closing Cost Assistance go through City of Muncie Community Development Department, which publishes the current terms and the application steps on its own site.

1. 1

   Contact City of Muncie Community Development Department to reserve funds

   Funds are reserved through Rolling quarterly applications via Cognito Forms portal, and are subject to availability.

2. 2

   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.