Old National Bank Down Payment Assistance Program (Indiana)

What is Old National Bank Down Payment Assistance Program (Indiana)?

Old National Bank Down Payment Assistance Program (Indiana) is a grant for homebuyers in Indianapolis, Indiana, administered by Old National Bank.

• The Old National Bank Down Payment Assistance Program is a lender-funded grant that works alongside an ONB HomeReady or Home Manager first mortgage to provide additional help with the down payment. Eligible borrowers can receive up to 3% of the purchase price (maximum $10,000), or up to $15,000 toward the purchase price if the property is within certain communities/specific census tracts. In Indiana, the program is available in Allen and Marion counties. Funds are limited and subject to availability.
• Up to $10,000 grant (3% of purchase price) toward down payment.
• Up to $15,000 in certain eligible communities.
• Pairs with HomeReady or Home Manager mortgage.
• Home Manager allows as little as 3% down with no PMI.
• No repayment / not a lien (grant).
• Funding comes from Old National Bank (lender-funded down payment assistance).

How much assistance does it provide?

Old National Bank Down Payment Assistance Program (Indiana) offers up to $15,000 in assistance.

• Buyer contribution: Borrowers required to make a minimum contribution from their own funds toward the purchase (Home Manager pairing); all funds verified.
• The program can be combined with ONB HomeReady or ONB Home Manager first mortgage.
• Amounts are the program's published maximums, not an offer — Old National Bank determines any individual award.

Do you have to pay it back?

Old National Bank Down Payment Assistance Program (Indiana) is structured as a grant, so it is not repaid.

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

Who qualifies?

Old National Bank Down Payment Assistance Program (Indiana) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Old National Bank Down Payment Assistance Program (Indiana) sets its income limit as follows: Income restrictions apply (varies by program/property; HomeReady income limits apply for HomeReady pairing).

• 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?

Old National Bank Down Payment Assistance Program (Indiana) caps the purchase price as follows: Assistance amount varies based on the price and location of the home; specific census tracts and other restrictions apply.

• Eligible property types include Single Family.

Where does it apply?

Old National Bank Down Payment Assistance Program (Indiana) serves buyers purchasing in Indianapolis, Indiana.

• The program targets specific areas: Eligible Indiana counties are Allen and Marion; up to $15,000 available when the property is within certain communities/specific census tracts.

How do you apply?

Applications for Old National Bank Down Payment Assistance Program (Indiana) go through Old National Bank, 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 HUD-certified Home Buyer Education Program (required for ONB Home Manager pairing).

2. 2

   Contact Old National Bank to reserve funds

   Funds are reserved through Funds are limited and subject to availability; contact an ONB Community Development Mortgage Lender, 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.