Congratulations! As part of our commitment to you and to the vitality of our neighborhood, Marian University is participating in Indianapolisâ€™ inaugural anchor housing program. This program offers employees financial assistance to help purchase a home in the neighborhoods around campus.
Hurry! Marian University is offering home purchase assistance to a limited number of qualified employees.
Marian Universityâ€™s anchor housing program offers down payment assistance to staff and faculty interested in buying a home in the Riverside area east of campus.
Hereâ€™s how it works: Marian Universityâ€™s program provides a five-year, forgivable loan to purchase a home within a specific area east of Riverside Park. Each year, on the anniversary of the month you closed on your loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven.
Are you interested in participating in Marian Universityâ€™s anchor housing program? Hereâ€™s what you need to know:
The program is first-come, first-served.
Only five home purchase grants are available in 2018.*
You can participate in the program one time.
Homes must be located within the neighborhood boundaries Marian University selected.
Unbiased loan officers will help you compare interest rates, and down payment and loan terms. Learn about advising and related costs here.
Homebuyers may participate in pre-purchase homeownership advising. Learn about advising and related costs here.
Homebuyers must take a homebuyer education class. Learn about the class and related costs here.
* Income and other eligibility restrictions may apply. See the FAQ section below for more information. Rates and terms are subject to change without notice.
Marian University Boundary Map
To be program eligible, the home must be located within the boundary your employer approved, identified by the map below. Not sure if the home qualifies for the program? Contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org.
The anchor housing program is a way for Marian University to encourage our employees to live near where they work and to revitalize the neighborhood near our campus. Studies show that employees living closer to work have decreased transportation costs, which leads to increases in disposable income. Employees who invest in homes near their work also become more invested in their community. Increased community investment stabilizes or revitalizes neighborhoods. Strong neighborhoods mean strong cities.
The following area employers were selected to participate in the inaugural anchor housing program:
Community Hospital East
Christian Theological Seminary
Crown Hill Cemetery
Health and Hospital Corporation
International School of Indiana
The Jane Pauley Community Health Center
Lutherwood/ The Foundation for Lutheran Child & Family Services
Midtown Indianapolis, Inc.
Scecina High School
University of Indianapolis
Any full-time employee eligible for employer benefits, and whose household income is at or below 120 percent of area median income as defined by the U.S. Department of Housing and Urban Development can participate in Marian Universityâ€™s program.
NOTE: If you plan to finance your home through a bank, you must have a pre-approval letter before you can enroll in the program. If you plan to finance your home by paying cash, you do not need a pre-approval letter.
This program provides consumer loans only.
Down payment assistance loans may be applied to purchase a single-family residence, townhome, condo or duplex. You must also plan to live in the home as your primary residence to qualify.
Program participants have 60 days from their program approval date to get an accepted home purchase agreement. Then, you have 60 days from the date of the home purchase agreement to close your home loan.
Yes, you can participate in this program.
INHP offers pre-purchase advising and homebuyer education to prepare you for homeownership. Please note that Marian Universityâ€™s financial assistance funds are first-come, first-served and cannot be reserved while you complete the program.
Yes, you may use any home lender you select. All program participants interested in buying a home will be required to participate in homebuyer education and a pre-purchase homeownership advising session. During the advising appointment, youâ€™ll receive a complimentary mortgage assessment with an unbiased INHP mortgage loan officer to review your lending options so that you can choose a home financing option that best meets your needs.
The level of down payment loan assistance for homebuyers depends on your household income, the number of people living in your home, and the amount or number of loans Marian University has available through this program. To learn how much assistance you may qualify for, call Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email email@example.com.
You will need to live in the home for five years to receive full loan forgiveness. Each year, on the anniversary of the month you closed on your home loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven. Any amounts not forgiven must be repaid. For information about loan interest or accrued interest, speak with a licensed mortgage loan officer or contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org.
Generally, you will be required to maintain continuous employment with your employer and live in your home for five years after your loan closes. If you canâ€™t maintain continuous employment and live in your home for five years after your loan closes, you may be required to repay the unforgiven loan balance and any accrual of interest. In certain extenuating circumstances, the loan balance (and interest) may be forgiven (e.g., disability, death, reduction in force, etc.).
Each year, program participants will be required to submit proof of insurance, employment and payment of property taxes to remain in compliance with the loan agreement. Additionally, an annual employee compliance check will serve as certification of employment status, ownership, and residency.
If your home becomes uninhabitable due to fire, vandalism or act of nature, youâ€™ll have 120 days to complete repairs or the structure will be considered abandoned. Then, the outstanding amount of the loan becomes due and the loan will convert to note which is secured by a lien on the property.
Yes. Although Marian Universityâ€™s program is restricted to this specific area, INHP offers additional home purchase and repair programs. Info about INHPâ€™s programs is available at inhp.org.
Yes. The lien is forgiven over a five-year period. Each year, on the anniversary of the month you closed on your home loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven. Any amounts not forgiven must be repaid. For information about loan interest or accrued interest, speak with a licensed mortgage loan officer or contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email email@example.com.
Questions about the boundary your employer approved, your eligibility to participate in the program or how to get started? Contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org.
Own your home faster with INHP and Marian University
INHP is offering a new affordable home loan option that may help Marian University employees save more money and own their home faster when they buy a home using the anchor housing program.
INHP's Mortgage Accelerator is a fixed-rate home loan that features a below-market interest rate and shorter loan term - as few as 20 years(1) - with little impact on the monthly payment. Traditional mortgages generally feature a fixed interest rate over a 30-year term(2).
Marian University employees who want to purchase a home and qualify under existing program guidelines will receive up to $10,000 in down payment assistance, and they'll save money on interest when their loan payment term is reduced from 30 to 20 years.
How much could I save?
Let's say you purchase a home for $100,000. With INHP's Mortgage Accelerator, you could save nearly $65,000 in interest over the life of your loan.
Visit INHP.org/marian. Click the "Get started" button at the top right of the page and complete the form.
(1) Estimated loan terms are based on a $100,000.00 Purchase Price, $97,000.00 Loan Amount (or 3% down), plus .5% ($485.00) discount point, 2.704% interest rate (2.866 APR), 523.70 monthly principal and interest payment for 240 months. (2) Estimated loan terms are based on a $100,000.00 Purchase Price, $97,000.00 Loan Amount (or 3% down), 5.054% interest rate (5.184% APR), $523.92 monthly principal and interest payment for 360 months. (3) Income and eligibility restrictions apply. Rates and availability subject to change without notice. Talk to an INHP mortgage loan officer for additional details.
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