HOPE of Evansville Homebuyer Down Payment Assistance Program

What is HOPE of Evansville Homebuyer Down Payment Assistance Program?

HOPE of Evansville Homebuyer Down Payment Assistance Program is a forgivable loan for homebuyers in Evansville, Indiana, administered by HOPE of Evansville, Inc. (with City of Evansville Department of Metropolitan Development).

• HOPE of Evansville, a nonprofit HUD-approved housing counseling agency, offers a homebuyer down payment assistance match to qualified first-time buyers purchasing within Evansville city limits. Buyers contribute at least $1,000, which HOPE matches on an as-needed basis up to a maximum of $15,000 for down payment and/or closing costs. Assistance is provided as a forgivable grant secured by a deed restriction held by the City of Evansville DMD, with no payments due during the affordability period.
• Down payment/closing cost match up to $15,000.
• No monthly payments; forgiven over affordability period.
• Includes Framework homebuyer education and 1-on-1 counseling.
• Funding comes from HUD funds (administered through the City of Evansville Department of Metropolitan Development).

How much assistance does it provide?

HOPE of Evansville Homebuyer Down Payment Assistance Program offers between $1,000 and $15,000 in assistance.

• Buyer contribution: Clients must contribute at least $1,000 toward the home purchase (which HOPE matches as needed).
• The program can be combined with Buyer's own first mortgage from a lender of their choice.
• Amounts are the program's published maximums, not an offer — HOPE of Evansville, Inc. (with City of Evansville Department of Metropolitan Development) determines any individual award.

Do you have to pay it back?

HOPE of Evansville Homebuyer Down Payment Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Partial or total repayment if the buyer fails to occupy the home as primary residence, sells, or refinances within the affordability period.
• The assistance is recorded in Subordinate (deed restriction recorded; City of Evansville DMD listed as second mortgage holder) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

HOPE of Evansville Homebuyer Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

HOPE of Evansville Homebuyer Down Payment Assistance Program sets its income limit as follows: Clients must meet HUD-published income eligibility guidelines (by household size) provided with the application; HOPE references being below 80% AMI for Vanderburgh County. All household income and assets verified via third-party documentation.

• 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?

HOPE of Evansville Homebuyer Down Payment Assistance Program caps the purchase price at $219,000.

• Eligible property types include Single Family.
• New construction is eligible.

Where does it apply?

HOPE of Evansville Homebuyer Down Payment Assistance Program serves buyers purchasing in Evansville, Indiana.

• Targeted neighborhoods: City of Evansville.

How do you apply?

Applications for HOPE of Evansville Homebuyer Down Payment Assistance Program go through HOPE of Evansville, Inc. (with City of Evansville Department of Metropolitan Development), 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's Framework online homebuyer education course ($80 fee), plus 1-on-1 counseling as needed..

2. 2

   Contact HOPE of Evansville, Inc. (with City of Evansville Department of Metropolitan Development) to reserve funds

   Funds are reserved through Pre-purchase application to HOPE; subject to availability of HUD funds, 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.