AFFORDABLE REHABBED HOMES
For your clients who are interested in living in urban neighborhoods experiencing revitalization, INHP offers two unique loan options for low- to moderate-income individuals who want rehabbed homes at an affordable price.
HOME VALUE GUARANTY
WHAT IS THE HOME VALUE GUARANTY PROGRAM?
Home Value Guaranty (HVG) is a program that incentivizes homebuyers to invest in designated areas within five Indianapolis neighborhoods. HVG is designed to create excitement and provide opportunity.
Homebuyers can purchase:
- A vacant or abandoned home that needs extensive repairs.
- A new or rehabbed home put on the market by a local community-based organization (CBO) or approved developer.
- An empty lot for building a home.
The program guarantees that after seven years, the home will appreciate 5 percent above the total cost to purchase and repair it.
The guaranty: If the home’s value doesn’t increase, INHP will reduce the homebuyer’s mortgage.
Click below to download the Home Value Guaranty program brochure.
WHAT IS THE REHAB MATCH PROGRAM?
Rehab Match is a program that rewards homeowners for purchasing a vacant or abandoned home in designated areas within five Indianapolis neighborhoods plus any Renew Indianapolis (a community land bank) property. If the homeowner personally completes INHP-approved repair projects to the home, his/her efforts will be matched up to $15,000.
The program includes a silent second mortgage (lien) for sweat equity match at closing. Each year the silent second is forgiven by 20 percent; after five years, it’s completely forgiven. The home must remain the primary residence of the homeowner for a minimum of five years.
Click below to download the Rehab Match program brochure.
WHO DO I CONTACT ABOUT PROPERTIES FOR SALE WITHIN EACH AREA?
*The trained real estate agent list is NOT exclusive; it is an always-growing list.