INDIANAPOLIS — The Indianapolis Housing Agency is launching a new homeownership program to help people with low-to-moderate income purchase a home. And, it's a program that could impact a lot of people in Marion County.
Realtor Erik Pitner with Carpenter Realtors said today's housing market has been flooded with home buyers.
"There's a lot of competition and we're seeing competition at high price points that we didn't see in the past," Pitner said.
"It's been a sellers market, which makes it a little bit tough to buy a home," explained Chris Walsh, Indianapolis Housing Agency Strategic Partnerships Deputy Executive Director.
Because of this, the Indianapolis Housing Agency is trying to make buying a home a little easier for people, offering up to 6% down payment assistance for households that earn under $115,000 annually and want to purchase a home of up to $450,000.
"It also covers closing costs," Walsh said. "Which is obviously a big expense that the borrower then doesn't have to worry about."
"Hoosier Homes" is what the IHA is calling it, making it one of the most far-reaching and generous home ownership programs available.
“We are excited to offer it to as many folks in Marion County that are interested,” Walsh said.
While Pitner said he still needs to look into the exact qualifications and details of the program, he said he's glad that it's here.
"It’s obviously another tool for us to get people into homes and will certainly take a look at it as agents, and certainly for me to say how else can we get people at homes and if it’s a great tool, use it.”
“You know, one more family that has a house that they get to call their own, that they don’t have to worry about if the rent will be going up on a month-to-month basis,” said Walsh.
At this point, there is no limit if people can participate and benefit from this program. It's also coming at no cost to the taxpayers or the government. The program is structured in a way that the borrower and lender both win.
The IHA is partnering with Lakeview Loan Servicing and the Housing Resource Hub to launch the program.