Buying a home can feel out of reach when you’re staring down the cost of a down payment and closing expenses. That’s why programs like Hoosier Homes are such a big deal. This new initiative, available in select Indiana counties, offers a way to lower the upfront cost of buying, and in many cases, the assistance never has to be paid back.
At Diamond Residential Mortgage Corporation (DRMC), we’re proud to participate in the program and help more Indiana families move from “someday” to “today.”
What is Hoosier Homes?
Hoosier Homes is a down payment assistance program offered in partnership with the Fort Wayne Housing Authority. It provides a 0% interest forgivable second mortgage that can be used toward your down payment and closing costs.
Here’s the key feature: the loan is completely forgiven after seven years as long as you stay in the home as your primary residence. That means no monthly payments, no interest, and no balance to repay if you meet the terms.
How much assistance can you get?
The amount you qualify for depends on where you’re buying:
â—Ź In most eligible counties, you can receive up to 4% of your first mortgage loan amount.
â—Ź In targeted counties, that number jumps to 5% of your loan amount.
It’s designed to be flexible. You don’t have to take the full amount — some borrowers choose to use less depending on their needs.
Who can qualify?
One of the best parts of this program is its accessibility. You don’t have to be a first-time homebuyer to use it. As long as you’re purchasing in one of the participating Indiana counties and you meet the income and loan program requirements, you may be eligible.
Hoosier Homes works with a range of loan types, including FHA, VA, USDA, and conventional mortgages. That means whether you’re using a government-backed program or a conventional loan, this assistance could apply.
Why does this matter now?
For many buyers, the hardest part of purchasing a home isn’t qualifying for a mortgage. it’s coming up with the cash at the beginning. Hoosier Homes directly addresses that challenge.
By reducing or even eliminating the need for a large down payment, this program can:
â—Ź Help you buy sooner rather than later.
â—Ź Free up savings for emergencies, furniture, or small renovations.
â—Ź Give you more flexibility in choosing the right home for your family.
How to get started
Because this program is county-specific and has unique requirements, the easiest next step is to connect with a DRMC Loan Officer. We’ll walk you through the guidelines, check if your property is in a participating county, and help you determine if you qualify for assistance.
Buying a home is always a big step. With Hoosier Homes, it might be closer, and more affordable, than you think.
This program is not available statewide and is limited to certain Indiana counties. Eligibility is based on factors including income limits, loan type, and property location. Assistance is provided as a forgivable second mortgage with a seven-year term; repayment may be required if the home is sold, refinanced, or no longer occupied as a primary residence before the end of the term.
This is not a commitment to make a loan. Programs, approvals, rates, fees, and loan terms are subject to loan applications, credit risk, appraisal evaluation, underwriting guidelines, and other lending or qualification criteria and limitations, and are subject to change without notice. Not all products are available in all states. Not all borrowers will qualify. Diamond Residential Mortgage Corporation, 582 Oakwood Ave, Lake Forest, IL 60045, (847) 244-9301. NMLS# 186805. For licensing information, go to: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/186805. Diamond Residential Mortgage Corporation is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, Fannie Mae, Freddie Mac, or any governmental body or agency. Equal Housing Opportunity.
