First Time Homebuyer program

What is First Time Homebuyer program?

First Time Homebuyer program is a grant for homebuyers in Evansville, Indiana.

• HOPE of Evansville First-Time Homebuyer DPA — dollar-for-dollar match grant up to $10,000 for first-time homebuyers in Evansville city limits. <=80% AMI Vanderburgh County. Mandatory 'Live the Dream' course. True grant with no repayment.
• HOPE of Evansville's First-Time Homebuyer DPA matches the borrower's $1,000 contribution dollar-for-dollar up to a maximum of $10,000 (with some references citing up to $15,000 for higher-need families). Funds are provided as a true GRANT — no repayment, no recapture — for first-time homebuyers purchasing within Evansville city limits. Eligible uses include down payment, closing costs, and prepaid items.
• Funding comes from Federal, HOME, CDBG, and HOPE.

Do you have to pay it back?

First Time Homebuyer program is structured as a grant, so it is not repaid.

• Repayment is triggered by None — true grant.
• The assistance is recorded in Grant — no lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

First Time Homebuyer program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Homebuyer program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at/below HUD 80% AMI Vanderburgh County (range ~$17,450-$87,650 across household sizes per current HUD limits).
• The limit applies to total household income, not only the borrower&rsquo;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?

First Time Homebuyer program caps the purchase price at $319,000.

• Eligible property types include Single-family detached (existing or new construction).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First Time Homebuyer program serves buyers purchasing in Evansville, Indiana.

How do you apply?

Applications for First Time Homebuyer program go through the administering agency, 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 HOPE of Evansville's 'Live the Dream' homebuyer education course (mandatory; $80 fee). Course completion does not guarantee assistance..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct application through HOPE of Evansville after 'Live the Dream' course completion, 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.