Homeownership Assistance Program (Community Homebuyers Corporation)

Homeownership Assistance Program (Community Homebuyers Corporation) is a forgivable loan for homebuyers in South Bend, Indiana, administered by Community Homebuyers Corporation (CHC), in partnership with the City of South Bend. Community Homebuyers Corporation, a nonprofit created by the City of South Bend and seven local financial institutions, helps first-time buyers purchase within South Bend city limits. Qualified buyers receive a CHC mortgage plus a federally funded grant structured as a forgivable second mortgage equal to 20% of the purchase price, forgiven ratably over five years. Income must be at/below 80% AMI, the purchase price cannot exceed $175,000, and buyers must have at least $2,000 in cash savings. Forgivable grant equal to 20% of purchase price. 0% second mortgage forgiven over 5 years. Affordable CHC first mortgage. Free HUD-certified counseling and post-purchase support. Serves South Bend first-time buyers. Funding comes from Federal HOME funds provided to CHC by the City of South Bend; seven local financial institutions partner on the program.

Homeownership Assistance Program (Community Homebuyers Corporation) provides assistance worth 20% of the purchase price, as set by the program. The program asks homebuyers to contribute $2,000 minimum cash savings. Amounts are the program's published maximums, not an offer — Community Homebuyers Corporation (CHC), in partnership with the City of South Bend determines any individual award.

Homeownership Assistance Program (Community Homebuyers Corporation) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homeownership Assistance Program (Community Homebuyers Corporation) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Exceptions: owns a mobile home; displaced by legal situation; relocated to the area; not owned a home in 3 years; or foreclosure with extenuating circumstances. On credit, the program states: Determined via CHC mortgage application and HUD-approved counseling. A homebuyer education course is required, through One-on-one HUD-approved pre-purchase counseling plus six post-purchase training sessions with the City of South Bend Housing Counseling Agency. Residency requirement: Owner-occupied single-family unit (condos eligible) within South Bend city limits. No signed purchase agreement at application; minimum $2,000 cash savings; pre-purchase counseling plus on-time payments and post-purchase sessions; live in home 5 years for full forgiveness; max price $175,000; CHC inspection required.

Homeownership Assistance Program (Community Homebuyers Corporation) limits household income to 80% of the area median income, which varies by county and household size. Household income may not exceed 80% of area median income adjusted for household size (CHC 2025 income eligibility chart). 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.

Homeownership Assistance Program (Community Homebuyers Corporation) caps the purchase price at $175,000. Eligible property types include Single-family and Condominium. Manufactured homes are not eligible.

Homeownership Assistance Program (Community Homebuyers Corporation) serves homebuyers purchasing in South Bend, Indiana. The program targets specific areas: Geographically limited to within the city limits of South Bend.

Applications for Homeownership Assistance Program (Community Homebuyers Corporation) go through Community Homebuyers Corporation (CHC), in partnership with the City of South Bend, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application to CHC (no signed purchase agreement allowed at application). 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.