3 – HOME PURCHASE & HOME REPAIR LENDING – Column 8
THE MARKET EXPANDER
The median home sales price in Marion County reached $190,000 last year, which is out of reach for many of the families INHP serves. In 2020, INHP secured a grant from the City of Indianapolis to pilot a new loan program that helps to address this challenge so buyers with low and moderate incomes can responsibly expand their purchasing power and compete in today's housing market.
The Market Expander pairs a below-market 20-year fixed rate first mortgage with a 0% interest second mortgage in which payments are deferred until years 21-30. It enables borrowers to:
- Access more housing options
- Access an affordable and sustainable loan
- Take advantage of the interest savings
- Increase the pace of equity/wealth accumulation
The program is exclusive to Marion County buyers earning a household income no more than 80% of the area median income.
