PathStone Homebuyer Acquisition Rehabilitation Program (HARP)

What is PathStone Homebuyer Acquisition Rehabilitation Program (HARP)?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) is a deferred second loan for homebuyers in Muncie, Indiana, administered by PathStone Corporation (in partnership with the Muncie Land Bank).

• Through the Muncie Land Bank's partnership with PathStone Corporation, the Homebuyer Acquisition Rehabilitation Program (HARP) turns structurally sound vacant properties into owner-occupied homes for first-time buyers. The Land Bank acquires and performs major repairs, then sells homes as high-quality shells to qualified buyers who work with PathStone rehab coaches. PathStone provides up to $20,000 in down payment assistance plus coaching and help securing private bank financing; buyers contribute at least $1,000.
• Up to $20,000 in down payment assistance.
• Rehab coaching and hands-on training.
• HUD-certified counseling and homebuyer education.
• Help securing private bank financing.
• Revitalizes vacant Muncie properties.
• Funding comes from Grant funding administered by PathStone Corporation; properties acquired and rehabbed by the Muncie Land Bank.

How much assistance does it provide?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) offers up to $20,000 in assistance.

• The program asks buyers to contribute $1,000 minimum.
• The program can be combined with PathStone-partnered private bank first mortgage.
• Amounts are the program's published maximums, not an offer — PathStone Corporation (in partnership with the Muncie Land Bank) determines any individual award.

Do you have to pay it back?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

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

Who qualifies?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) sets its income limit as follows: Income limits apply per PathStone HARP grant guidelines (not published as a single primary table).

• 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?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) can be used for Single-family (rehabilitated vacant structures).

• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

PathStone Homebuyer Acquisition Rehabilitation Program (HARP) serves buyers purchasing in Muncie, Indiana.

• The program targets specific areas: Limited to Muncie Land Bank-acquired properties within Muncie, IN.

How do you apply?

Applications for PathStone Homebuyer Acquisition Rehabilitation Program (HARP) go through PathStone Corporation (in partnership with the Muncie Land 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 housing counseling and homebuyer education; PathStone rehab coaching..

2. 2

   Contact PathStone Corporation (in partnership with the Muncie Land Bank) to reserve funds

   Funds are reserved through Application through PathStone Indiana's HARP program., 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.