Home Power Mortgage

Home Power Mortgage is a grant for homebuyers in Multi-County County, Indiana. Edge Fund's HomePower — below-market-rate amortizing 2nd mortgage covering ~20% of sales price, paired with a partner bank's first mortgage. CDFI product designed to expand purchase power for LMI buyers. 600 FICO, 43% DTI cap. Currently serving Marion County (Indianapolis), South Bend region (St. Joseph/Elkhart Counties), Marshall County, and select expanding markets. HomePower is a below-market-rate amortizing 2nd mortgage from Edge Fund (a CDFI affiliated with Intend Indiana) covering at least 20% of the home's sales price. Designed to increase the borrower's purchase power so low-to-moderate income households can afford market-rate housing. Reduced rate vs. conventional 2nd mortgages. Pairs with a primary first mortgage from a partner bank. Funding comes from CDFI, Federal, Philanthropic, and IntendIndiana.

Home Power Mortgage provides assistance worth 20% of the purchase price, as set by the program. Homebuyer contribution: Per first-mortgage product overlays. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Home Power Mortgage is structured as a grant, so it is not repaid. Repayment is triggered by Amortizing — monthly P&I payments over loan term and balloon at maturity if applicable. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home Power Mortgage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 600 minimum FICO. A homebuyer education course is required, through Edge Fund-approved Homebuyer Education course required at no cost to the buyer. Residency requirement: Property must be located in an Edge Fund-approved Indiana market and used as primary residence. Citizenship or immigration status: Per first-mortgage product overlays. 600 minimum FICO. Maximum 43% Total Debt-to-Income (DTI). Owner-occupied single-family housing only. Income-qualified — currently approximately $49,300-$116,900 across household sizes (low-to-moderate income; ~120% AMI). All borrowers must complete a Homebuyer Education course at no cost. Coverage limited to Edge Fund's approved Indiana markets (currently Marion County / Indianapolis, South Bend / St. Joseph and Elkhart Counties, Marshall County, with expansion ongoing).

Home Power Mortgage limits household income to 120% of the area median income, which varies by county and household size. Income-qualified low-to-moderate income (LMI) — approximately $49,300-$116,900 across household sizes per Edge Fund's published income certification. 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.

Home Power Mortgage caps the purchase price as follows: Per first-mortgage product underwriting; Edge Fund does not publish a fixed cap. Eligible property types include Single-family detached owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Home Power Mortgage serves homebuyers purchasing in Multi-County County, Indiana. The program targets specific areas: Edge Fund publishes county-specific product variants (Marion County Products, South Bend Products) reflecting community-investment focus areas.

Applications for Home Power Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application through Edge Fund / partner bank lender; subject to CDFI capital availability. 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.