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City of Bloomington, Indiana

Phone: (812) 349-3401
Fax: (812) 349-3582
Email: niedermd@bloomington.in.gov

Are you considering the purchase of a home and concerned that you may not have enough funds saved to qualify? HAND's Down Payment and Closing Cost Assistance program provides financial assistance of up to $5,000.00 to eligible first-time home buyers.

The assistance is in the form of a forgivable 2nd mortgage. As long as you remain the owner occupier of the assisted property the 2nd mortgage forgives at a rate of 20% per year. The 2nd mortgage completely forgives after 5 years.

You may be eligible if:

  • You have completed the Home Buyers Club class
  • You are a first-time home buyer
  • The property being purchased with HAND's assistance is located in the corporate city limits of Bloomington and is valued at or under $158,000.00
  • You qualify for a first mortgage with a lender that will allow a HAND second mortgage
  • Your household income is at or below 80% of the area median income

 

2017 Income Guidelines

To be eligible, the household must be at or below 80% area median income. Use the chart below to see if you are currently eligible for our housing loans or programs. Income guidelines are subject to change.

 

Household Size

1

2

3

4

5

6

Maximum Annual Household Gross Income

$34,950

$39,950

$44,950

$49,900

$53,900

$57,900