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Grants now available to buy foreclosed homes!

Posted by kim carpenter on March 11, 2009

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Under the new Neighborhood Stabilization Program, Hoosiers may now be eligible for a $15,000 grant. The requirements are:

The money must be used for repairs, downpayment or closing costs
You have to stay in the home for a minimum of 3 years
The purchase must be for a primary residence
There are income requirements also
Funds may not be available in all parts of Indiana

Indiana will be receiving more than $83 million with $29 million of that allocated to Marion County.

These homes are not always in bad condition or in bad areas, there are some very nice foreclosed homes and this is a great opportunity for you to do your part to revitalize a neighborhood! If you have always thought about purchasing a foreclosed home but the repairs scared you, this may be your answer. Call a Realtor, Call a lender and get the process started!!

For more information click on the links below:

Indiana Housing and Community Development Authority

Indiana Mortgage Bankers Association