First Step

• First time homebuyer*
• Down Payment Assistance  (DPA) of 6%
• 30 Year Fixed-Rate mortgage
• FHA or Conventional
• Non-Forgivable DPA
• $250 Reservation Fee

*Must be first time homebuyer or purchase in targeted census tract

Click here to access the First Step Conventional Program Guide
Click here to access the First Step FHA Program Guide

**Disclaimer: Program guides are currently under review and may not reflect the most recent changes. Please contact the Homeownership Team for needed clarification.

Step Down

Rate Only Purchase Option

• First time homebuyer*
• 30 Year Fixed-Rate mortgage
• FHA or Conventional
• $250 Reservation Fee

*Must be first time homebuyer or purchase in targeted census tract

Click here to access the Step Down Conventional Program Guide
Click here to access the Step Down FHA Program Guide

**Disclaimer: Program guides are currently under review and may not reflect the most recent changes. Please contact the Homeownership Team for needed clarification.

Next Home

• Down Payment Assistance (DPA) of 2.50% or 3.50%

  • Based on the purchase price

  • Not to exceed the appraised value

• FHA or Conventional 30-year fixed-rate loan

• Minimum FICO credit score of 640 with a debt-to-income ratio of less than 45%

  • Credit score requirements vary based on financing and property type

• Minimum FICO credit score of 680 with debt-to-income ratio greater than 45%, but less than 50%

  • Credit score requirements vary based on financing and property type
  
  

  Click here to access the Next Home FHA Program Guide
  Click here to access the Next Home Conventional (Mae & Mac) Program Guide

  **Disclaimer: Program guides are currently under review and may not reflect the most recent changes. Please contact the Homeownership Team for needed clarification.

Next Step

Refinance Program

• One-time refinance opportunity for IHCDA First Place and First Step mortgages
• 30 Year Fixed-Rate mortgage
• FHA or Conventional
• Non-Forgivable DPA
• $250 Reservation Fee

Click here to access the Next Step Conventional Program Guide
Click here to access the Next Step FHA Program Guide

**Disclaimer: Program guides are currently under review and may not reflect the most recent changes. Please contact the Homeownership Team for needed clarification.