SHARED ADVANTAGE
Qualified homebuyers can get an affordable mortgage plus up to $80,000 in additional financing at 0% interest* to help jumpstart homeownership on a limited budget.
PROGRAM DETAILS
HOW DOES IT WORK?
Shared Advantage is comprised of two mortgage loans which help to expand your purchasing power significantly – a considerable advantage in today's housing market! Through this program, you'll enjoy a low monthly payment now in exchange for sharing a portion of the home's future value later.
Monthly payments apply to the first mortgage loan, and the second loan (up to $80,000) will not need to be repaid until the home is sold, transferred or when the 30-year term ends. At that time, you’ll share the home’s increase in value (appreciation) with INHP.
PROGRAM ELIGIBILITY
Must be buyer's primary residence in Marion County
Minimum 620 credit score
Household income cannot exceed 120% of the area median income (AMI)
Completion of INHP Homebuyer Education
Minimum $500 down payment
Other terms apply; talk to an INHP mortgage loan originator
*Illustrative program example only: Based on a $200,000 purchase price: The First Mortgage would be $140,000 with a 6.500% fixed interest rate (6.745% APR) and 360 monthly principal and interest payments of $884.90. The Second Mortgage would be $60,000 with a 0.000% interest rate (0.250% APR), no required monthly principal and interest payment, and a 360-month term. Upon sale, transfer, maturity or other repayment event, the outstanding Second Mortgage balance and applicable shared-appreciation amount become due. Borrower contribution: $500. Income, property and program eligibility restrictions apply. Marion County residents only. Rates, APRs, terms, and program availability are subject to change without notice.
READY TO BEGIN?
