A SPECIAL HOMEOWNERSHIP OPPORTUNITY FOR EAST 38th STREET
Through a partnership with the City of Indianapolis, INHP is offering a special incentive for homebuyers interested in living near the East 38th Street corridor.
EXCLUSIVE HOME PURCHASE LOAN
MARKET EXPANDER LOAN PROGRAM
Expand your home purchasing power near the East 38th Street corridor. Thanks to a $3.5 million revitalization effort, now is the time to buy and grow along with the area using our Market Expander loan program.
The program combines two mortgages:
- A 20-year, significantly below-market fixed rate first mortgage
- A second, no-interest mortgage with deferred payments until years 21-30
The first mortgage covers the amount of the purchase price and creates an affordable monthly mortgage payment for the buyer.
The second mortgage covers the remainder of the purchase price at no interest, does not require payments for 20 years, and begins when the first mortgage term ends.
Rates and terms are subject to change without notice.
Interest rate example: $200,000.00 purchase price, $160,000.00 loan amount [with 0% down payment], plus 0.5% ($840) discount point, 2.895% interest rate (3.313% APR), 580 credit score, $878.97 principal and interest payment for 240 months. Then, $40,000 second mortgage loan amount with 0% interest rate (0.250% APR) for 360 months (30 years with payments deferred until year 21) and $333.33 principal and interest payment for 120 months (starting year 21).
WHO IS ELIGIBLE?
Buyers whose household income does not exceed 80% of the HUD's Area Median Income (AMI) may qualify. Other income and eligibility restrictions may apply. Contact an INHP mortgage loan originator for more information.
EAST 38TH STREET CORRIDOR BOUNDARIES
Be sure the home you are looking to purchase is located within the shaded area of the map below.
PARTIAL FUNDING PROVIDED BY
