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Get Matched Free →Homebuyer Programs in Evansville, IN (2026)
Evansville is the largest city in southwestern Indiana and the seat of Vanderburgh County, with a median home price around $175,000 that makes homeownership particularly accessible. Local buyers benefit from strong nonprofit programs including HOPE of Evansville, which matches buyer contributions dollar-for-dollar up to $10,000 in down payment assistance, and CAPE of Evansville, which provides up to $5,000 toward down payment and closing costs. At the state level, the IHCDA First Place Program offers up to 6% of the purchase price as a forgivable loan and the Next Home Program provides up to 3.5% with forgiveness after just two years. By combining local and state programs, Evansville buyers could receive over $20,000 in total assistance toward their home purchase.
State Programs in Indiana
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| IHCDA First Place Program | Forgivable Loan | Up to 6% of the purchase price | Yes | View → |
| IHCDA Mortgage Credit Certificate (MCC) | Tax Credit | Up to $2,000 per year in federal tax credits | Yes | View → |
| IHCDA Next Home Program | Forgivable Loan | Up to 3.5% of the purchase price (FHA) or 3% (Conventional) | No | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to 6% of the purchase price
- First-time only:
- Yes
- Type:
- Tax Credit
- Amount:
- Up to $2,000 per year in federal tax credits
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to 3.5% of the purchase price (FHA) or 3% (Conventional)
- First-time only:
- No
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| CAPE of Evansville Down Payment Assistance | Deferred Loan | Up to $5,000 | Yes | View → |
| Habitat for Humanity of Evansville Homeownership Program | Zero-Interest Loan | Affordable mortgage on a Habitat-built home | No | View → |
| HOPE of Evansville Down Payment Assistance | Forgivable Loan | Up to $10,000 (dollar-for-dollar match of buyer contribution) | Yes | View → |
- Type:
- Deferred Loan
- Amount:
- Up to $5,000
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Affordable mortgage on a Habitat-built home
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $10,000 (dollar-for-dollar match of buyer contribution)
- First-time only:
- Yes
How to Apply
Check your eligibility. Most Evansville programs require household income at or below 80% of Area Median Income (AMI) for Vanderburgh County. IHCDA state programs have income limits ranging from $82,100 to $138,740 depending on household size.
Complete homebuyer education. HOPE of Evansville offers their Framework homebuyer education course for $80, which is required for their DPA program. Contact HOPE at (812) 423-3169 to register. Habitat for Humanity of Evansville also provides financial education at 812-423-5623.
Apply for HOPE of Evansville DPA. Contribute a minimum of $1,000 from your own savings. HOPE will match your contribution dollar-for-dollar up to $10,000. The home must be within Evansville city limits and the sales price cannot exceed $174,000 for existing homes or $255,000 for new construction.
Explore CAPE of Evansville assistance. Contact CAPE of Evansville about their program offering up to $5,000 toward down payment and closing costs as a deferred loan with no monthly payments.
Get pre-approved for a mortgage. Contact an IHCDA Participating Lender for state programs like First Place (640+ credit score) or Next Home (660+ credit score). These state programs can be used alongside local assistance.
Find a home within program limits. IHCDA purchase price limits apply to state programs. For HOPE assistance, the home must be within Evansville city limits and meet the sales price caps.
Submit your applications and close. Your lender will process the DPA applications alongside your mortgage. Your monthly payment including principal, interest, taxes, insurance, and PMI cannot exceed 30% of your gross monthly income for HOPE assistance.