According to the 2020 US Census, 54% of Indy residents own their own homes, compared to 76.9% in Fishers + 60.2% in Greenwood.
We had the opportunity to chat with staff from the Indianapolis Neighborhood Housing Partnership (INHP) to break down the resources available for those looking to own a home.
Here’s what we learned:
- The nonprofit helps thousands of Hoosiers on their journeys to homeownership every year.
Established in 1988, the nonprofit works as a supporting organization for the City of Indianapolis and United Way of Central Indiana to provide education and lending opportunities for first-time and experienced Marion County home buyers.
- There are several ways to utilize INHP.
During the Homebuyer Preparation Program, INHP works one-on-one with you to help you budget, track your spending, and checks in with you regularly to keep you on track. Outside of this program, INHP also offers various lending options + classes like its one-day, HUD-certified Homebuyer Education class for $75 and other free classes.
- There are options for Hoosiers who haven’t begun saving.
The Federal Housing Administration’s (FHA) guideline for a down payment is currently 3.5% of the price of the home. Many of INHP’s loan programs come with down payment assistance of up to $14,999, depending on income level. It also has 14 different lending partners. If you’re a single person making up to $51,000, you’ll qualify for almost all of the programs that INHP offers.
- On average, it takes approx. 10-11 months to complete the Homebuyer Preparation Program, but you can be with them for a maximum of two years.
INHP can give you a good idea of what your timeframe to homeownership might be before you begin the program. To identify where you’re at, INHP will start with a homebuyer’s assessment, during which INHP pulls your credit, gets an understanding of your financial story, and develops your path from there.
- INHP builds single-family affordable homes for sale.
All the listings can be found on the nonprofit’s website. Some of the homes available are on the Old Southside, as well as the east side and near north side, and all of them are built in partnership with the neighborhood.