Brought to you by WBIW News and Network Indiana
Last updated on Thursday, April 9, 2009
(STATEHOUSE) - The state is offering free money to entice people to buy homes out of foreclosure in the state’s hardest hit areas.
Indiana is using $33 million in federal grants to offer Hoosiers $15,000 toward a down payment on buying a foreclosed home or to rehab the property, as long as they're within 20% of the county's median income.
If you're 20% below, you qualify for another $10,000 from federal home loan bank. The only catch: you have to live in the house for 10 years.
If you flip it or refinance it before then, you have to pay the money back.
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