See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 12, 2026
Homebuyer Programs in Richmond, IN (2026)
Richmond is a city of about 35,000 residents in Wayne County in eastern Indiana, near the Ohio border. The median home price is approximately $120,000, making it one of the more affordable markets in the state. While Richmond does not currently offer a city-funded down payment assistance program, buyers here can take advantage of several state and nonprofit options including the Hoosier Homes Down Payment Assistance providing up to 5% of the purchase price as a forgivable loan and the FHLBank Indianapolis Launch program offering up to $20,000 in grants. Combined with IHCDA state programs like First Step (up to 6% of purchase price), buyers can stack significant assistance to cover most or all of their upfront costs on a Richmond home.
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 → |
| 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:
- 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 |
|---|---|---|---|---|
| FHLBank Indianapolis Launch Down Payment Assistance | Grant | Up to $20,000 | Yes | View → |
| Hoosier Homes Down Payment Assistance | Forgivable Loan | Up to 5% of the purchase price | No | View → |
- Type:
- Grant
- Amount:
- Up to $20,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to 5% of the purchase price
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. Most assistance programs require household income at or below 80% of the area median income (AMI) for Wayne County. The IHCDA First Step program also requires a minimum credit score of 640.
Step 2: Complete homebuyer education. TRI-CAP offers free HUD-approved homebuyer education courses in the area, including both in-person and self-guided workshops covering loan products, home selection, and post-purchase education. Contact TRI-CAP to enroll.
Step 3: Get pre-approved for a mortgage through an IHCDA-participating lender. Ask about IHCDA First Step (up to 6% of purchase price for first-time buyers) and IHCDA Next Home (up to 3-4% of purchase price, no first-time buyer requirement).
Step 4: Ask your lender about the Hoosier Homes Down Payment Assistance program, which provides up to 5% of the purchase price as a forgivable second mortgage with no payments and no interest for qualifying buyers at or below 80% AMI.
Step 5: Explore additional grant funding through the FHLBank Indianapolis Launch program, which offers up to $20,000 in grants for qualifying first-generation, first-time homebuyers. Your lender must be a member of the Federal Home Loan Bank of Indianapolis.
Step 6: Find a home in Richmond within program guidelines and submit your purchase agreement. With a median home price of around $120,000, the available assistance programs can cover a substantial portion of your upfront costs.
Frequently Asked Questions
How much down payment assistance can I get in Richmond?+−
Do I have to be a first-time homebuyer to get assistance in Richmond?+−
What are the income limits for homebuyer programs in Richmond?+−
What homebuyer education is required in Richmond?+−
Are there any Richmond-specific city programs?+−
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