MARKET EXPANDER
This innovative loan program allows buyers to responsibly expand their price range to compete in today's housing market.
LOAN DETAILS
WHAT IS THE MARKET EXPANDER LOAN?
By using this loan product, buyers with low and moderate incomes can responsibly expand their purchasing power and compete in today's housing market to explore more homes that fit their needs.
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 that 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 terms end.
Rates and terms are subject to change without notice.
WHO CAN PARTICIPATE?
You may be eligible if you are a Marion County resident with a total household income no greater than 80% of HUD's Area Median Income (AMI). You can find the income limits linked here.
Other income and eligibility restrictions apply. Speak to INHP to check your eligibility.
WHERE CAN I BUY?
The Market Expander may only be used in certain Indianapolis census tracts. To verify a home's eligibility, locate its address on the map linked here.
Once located, click Census Demographic Data. If "Tract Income Level" contains Low or Moderate, the property will qualify.
Click to view an example map search.
Excluded cities of Marion County, which include Beech Grove, Lawrence, Southport and Speedway, are not eligible for this program. You may NOT use Market Expander to purchase a home in these areas; however, other INHP mortgage programs may work there.
SOME FUNDING PROVIDED BY
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).
READY TO BEGIN?
