Current down payment assistance guidelines, updated from one source.
One source feeds every down payment assistance page Lendmire publishes; the Greenwood, IN figures below refresh when the program sheets are updated.
Of the purchase price
Measured on the purchase price or the appraised value, whichever is lower; the largest option covers the down payment and reaches closing costs, and the smaller options cover the 3.5% FHA minimum, in whole or, on the lowest tier, in part.
Covers the FHA down payment, in whole or in part
Nothing to repay, ever: this option pays the 3.5% FHA minimum down payment in whole or, on its lower tier, in part, and leaves no lien behind, for buyers within the area income limit or in a qualifying category.
On the forgivable and repayable options
Most of the options carry no income limit, so a higher-earning household qualifies the same as anyone else; only the nothing-to-repay option looks at income, at 140% of the area median, or at a qualifying category.
Credit score to start
The score that opens the nothing-to-repay option; the forgivable options start a step higher and the repayable options higher still. Two-borrower files may use a blended score on the second-lien options.
| Option | Assistance | What you repay | Credit · mortgage · units |
|---|---|---|---|
| Grant-style assistance — nothing to repay | 2% or 3.5% of the price | Nothing — released at closing | 620+ · FHA 203(b), FHA repair escrow, FHA Limited 203(k), FHA Standard 203(k) · 1–4 units |
| Forgivable second lien — three-year | 3.5% of the price | Nothing after 36 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Forgivable second lien — five-year | 3.5% of the price | Nothing after 60 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Repayable second lien — thirty-year amortization, ten-year balloon | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Closing-cost repayable second lien | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b) · 1–2 units |
| Refinance-cost second lien (repayable) | 1% to 3.5% of the balance | Second lien, repaid | 660+ · FHA 203(b) · 1–4 units |
Current down payment assistance snapshot · updated September 7, 2026 · six options offered in Indiana · no option requires a first-time buyer · no option combines with another assistance program · owner-occupied primary residences only.
Nothing on this page is a Loan Estimate, an approval, a quote, or a commitment to lend. Down payment assistance eligibility, amounts, and terms depend on the first-lien program, the option, the property, the buyer’s credit and category, and full underwriting through select wholesale lenders licensed in sixteen states; the calculator’s rate is an editable benchmark and its payment an estimate. Lendmire is a mortgage broker and is never the lender, and is not affiliated with or acting on behalf of FHA, VA, USDA, HUD, or the federal government. Lendmire, LLC — NMLS #2371349. Equal Housing Opportunity.
What down payment assistance is — and how the options differ.
For Greenwood, IN buyers, the first-time home buyer programs come down to three parts: the first lien carries most of the price, the assistance covers the minimum investment, and the shape of the assistance — nothing to repay, forgivable, or repayable — decides what it costs to carry.
For the program overview, see Lendmire’s down payment assistance program, or the statewide guide at Down Payment Assistance in Indiana.
Assistance covers the FHA down payment
The gap the program closes for a Greenwood buyer is the minimum investment: the assistance covers that share of the price, the first lien carries the rest, and the buyer’s own savings stay for the move.
Four shapes: grant, forgivable, repayable, refinance
Nothing to repay, forgiven over time, or repaid with a balloon: the three purchase shapes in Greenwood, IN cover the same minimum investment and differ in what the buyer owes afterward, and a fourth, the refinance-cost option, serves an existing FHA loan.
Credit floors, mortgage programs, and unit counts
Credit decides which options are open; the first lien decides which options attach; the property’s unit count and type decide which option carries it. The options table shows all three side by side.
Eligibility without a first-time-buyer rule
Eligibility is broader than most buyers expect: repeat buyers qualify, income limits apply only to the nothing-to-repay option, and the categories that open it include first responders, educators, medical personnel, civil servants, and military.
The calculator below runs this math on a price you enter. Choose an assistance option offered in Indiana and add any cash of your own; it sizes the minimum investment, the assistance, what is left for closing costs, the FHA loan with its mortgage insurance, and the payment at an editable market benchmark rate.
Where Greenwood’s first-time and moderate-income buyers shop — and how the assistance fits.
Market data for Greenwood, IN frame the question every assistance file answers: at this price, how large is the minimum investment, and which option covers it?
Read the figures as backdrop. In most markets, the renter households are the pool the program exists for: qualified for a payment close to their rent, short the cash to close; the assistance is the bridge from one to the other.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Greenwood submarkets, distinct property rules.
The metropolitan market around Greenwood splits into distinct pockets; a lender underwrites the home in front of it, but the pocket sets the expectations.
Older neighborhoods and renovation loans
In Greenwood’s established neighborhoods, a buyer can use the program with a limited renovation loan or, on the nothing-to-repay option, a standard one, so the down payment help and the repair budget close together. The median owner-occupied home value in Greenwood runs near $276,100 on the latest Census estimate.
New construction and infill
A newly built Greenwood home is eligible; the buyer’s own funds requirement is covered by the assistance, and the builder’s closing date is met once the first lien is approved. About 41% of Greenwood’s households rent — roughly 10,753 renter households, the pool the program exists for.
Condominiums close to work
Buyers in Greenwood’s condominium buildings use the program to bridge the down payment, with the building’s approval status settled early so the closing is not held up. On a home at Greenwood’s median value, the FHA minimum investment comes to about $9,700 — the figure the assistance is built to cover.
Small multi-unit homes, owner-occupied
A buyer who lives in one unit of a Greenwood duplex can use the program on the whole building; the nothing-to-repay option, which reaches four units, makes a house-hacking purchase reachable with the minimum investment covered. Median household income in Greenwood sits near $83,608 on the latest Census estimate.
Townhomes and attached homes
In Greenwood, a townhome in a planned development pairs cleanly with the program; the association’s rules and dues are read alongside the first lien, and the assistance covers the down payment. Greenwood itself counts a population near 66K; it sits within the Indianapolis-Carmel-Greenwood, IN area.
Manufactured homes on owned land
Manufactured housing on owned land near Greenwood is eligible, with the option decided by the home’s width: the nothing-to-repay option accepts single-width homes, while the second-lien options accept double-width only. Median gross rent in Greenwood is about $1,312 a month — the payment many renters already carry.
These are patterns, not promises: each Greenwood purchase is underwritten on its own appraisal, its own credit, and its own option.
Four ways Greenwood buyers put down payment assistance to work.
From a first home to an FHA refinance, down payment assistance in Greenwood, IN solves a specific set of problems, and the cards below take up the ones that come up most.
Buy a home that needs work with a renovation mortgage
For an older Greenwood home, the renovation first lien and the assistance fit together, with the assistance measured on the purchase price rather than the repaired value.
Cover closing costs too on the larger option
A Greenwood buyer who needs more than the minimum investment uses the repayable option that covers down payment, closing costs, and prepaid items, including costs paid outside closing.
Buy a small multi-unit home and live in one unit
House-hacking in Greenwood, IN pairs with the program when the buyer occupies a unit; the unit count decides which option applies, and the first lien carries the building.
Cover the costs of an FHA refinance
Owners in Greenwood with an FHA loan and little cash for a refinance use the refinance-cost option, subject to its own credit floor and the combined-leverage limit it carries.
Size the assistance on a Greenwood price before requesting a quote.
The calculator does what a loan officer’s first pass does for a Greenwood file — sizes the minimum investment, applies the option, builds the FHA loan with mortgage insurance, and estimates the payment — using the current program figures and an editable benchmark rate.
Greenwood FHA payment with assistance
A Greenwood scenario to start from — adjust the price, the option, your own cash, the term, and the rate to see the assistance and the payment.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.
Illustrative starting assumptions: a $275,000 price near Greenwood’s median owner-occupied home value, the strongest assistance option offered in Indiana applied against the FHA minimum investment, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for Indiana (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not an FHA loan quote; your rate is set by the lender at lock. FHA mortgage insurance follows HUD’s published schedule for the term, leverage and loan size entered; taxes, insurance and dues are editable estimates; closing costs are not included; a repayable second lien adds its own payment, which is not shown here. Consumer mortgage lending licensed in sixteen states. Lendmire is not affiliated with or acting on behalf of FHA, USDA, HUD, or the federal government.
Same buyer, three very different closings.
Same Greenwood buyer, three closings: assistance on an FHA loan, the buyer’s own minimum investment, or assistance on a USDA or HUD-184 loan.
Assistance on an FHA loan, your own down payment, or assistance on a USDA or HUD-184 loan.
The structure for a Greenwood buyer who qualifies for the payment but not the cash to close — the help is sized on the price and the option decides what, if anything, is owed afterward.
For a Greenwood, IN buyer with the cash in hand, the plain FHA purchase is the cleaner file; the assistance exists for the buyer who does not have it yet. For the first lien itself, see Lendmire’s FHA loan program.
USDA and HUD-184 first liens pair with the forgivable options and the ten-year repayable option on a Greenwood, IN file; the separate closing-cost option is FHA only. For the USDA first lien, see the USDA loan program.
Assistance fits the buyer short of cash to close; the plain purchase fits the buyer with savings; the USDA and HUD-184 pairing fits eligible properties and borrowers — Lendmire places the Greenwood, IN file where it reads best.
What to prepare for a Greenwood scenario review.
A typical starting file for a first purchase with assistance.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the mortgage, the assistance option, the property, and the eligibility category. Nothing here is legal or tax advice.
Local details that can change the loan.
Every Greenwood file is underwritten individually, but the same handful of considerations recur; they are worth settling before the contract is signed.
Use these checks to keep the Greenwood file clean and fundable.
The checks below keep a Greenwood assistance file on track, and each one comes from the option’s own terms rather than from a lender’s preference.
- Know the option: choose by cost to carry first, amount second.
- Confirm the category: identify the category that opens the nothing-to-repay option.
- Take the course: expect the cost to be credited back at closing.
The option decides what you owe afterward
The same minimum investment can be covered three ways on a purchase in Greenwood, IN, and the difference is entirely in what happens after closing: nothing, nothing if the first lien stays current, or a second loan that comes due; the options table shows what is offered.
The eligibility category for the nothing-to-repay option
The category is checked at application on the nothing-to-repay option, together with the signed assistance application and the education certificate; no option requires a first-time buyer, and the second-lien options carry no income limit.
Homebuyer education on the nothing-to-repay option
The nothing-to-repay option requires a HUD-approved homebuyer education or pre-purchase counseling course, online or in person; the buyer pays for it up front and the cost is credited back at closing. The second-lien options do not require it.
No stacking with other assistance
No option may be combined with another down payment assistance program in Greenwood, IN, and the nothing-to-repay and forgivable options do not combine with a high-balance first lien; one assistance option, one first lien, one closing.
Escrow holdbacks for minor repairs
A Greenwood home with a small repair list does not have to wait for the work before closing; the escrow holdback carries it, within the program’s cap and timeline, with an inspection when the work is done.
From a Greenwood pre-approval to keys with the assistance in place.
The path from a Greenwood pre-approval to keys with the assistance in place runs through the option first and the paperwork second.
Pick the option
Lendmire reads the Greenwood scenario against the options offered in Indiana: the credit tier, the first lien, the unit count, the category, and whether the help must reach closing costs.
Get the mortgage approved
The first lien’s approval carries the file; the assistance is arranged alongside it, with the eligibility category and the education certificate in hand where they apply.
Clear the property
The property side of a Greenwood, IN file is where the option can change: unit count, project approval, and the loan limit are confirmed before the closing is scheduled.
Close both loans together
The Greenwood closing carries both instruments: the first lien and the assistance, each documented on its own and closed together, with the education certificate in the file where it applies.
A brokerage that pairs the assistance to the loan.
An assistance file rewards preparation, and preparation is what a brokerage built for first-time and moderate-income buyers provides.
The option, matched to the buyer
The nothing-to-repay option where it fits, the forgivable options where it does not, the repayable option where closing costs are the hurdle — chosen for the Greenwood, IN buyer, not by default.
The mortgage, matched to the property
USDA where the address is eligible, HUD-184 where the buyer qualifies, FHA everywhere; the Greenwood, IN first lien is the foundation the assistance stands on.
The right wholesale program
A Greenwood file is matched to the wholesale program whose option fits the buyer, and Lendmire manages the first lien and the assistance together through closing.
Trusted by first-time buyers & families alike.
Greenwood down payment assistance FAQs
Plain answers to the questions Greenwood buyers ask most about down payment assistance, before you request a review. Every file is underwritten individually; nothing here is a commitment.
Do I have to be a first-time homebuyer?
No option requires it. A Greenwood buyer who has owned before qualifies for the second-lien options on credit, mortgage, and property alone, and for the nothing-to-repay option through any of the other categories.
Is there an income limit?
Income limits apply to one option only — the nothing-to-repay grant — and only for buyers outside its categories. Everything else on this page is open at any income, which is why higher-earning Greenwood households use it.
What first-time home buyer programs are available in Greenwood?
Down payment help in four shapes for a Greenwood, IN buyer: money with nothing to repay, a forgivable second lien that costs nothing while the mortgage stays current, a repayable second lien that reaches closing costs, and a refinance-cost option for an existing FHA loan. The forgivable and ten-year repayable shapes pair with an FHA, USDA, or HUD-184 mortgage; the rest pair with FHA only.
Do I have to pay the assistance back?
For a Greenwood buyer, the nothing-to-repay option where offered, otherwise a forgivable second lien; the options table on this page shows what each costs to carry.
What credit score do I need?
Scores in the low six hundreds open the first option, and each step up in score opens more of them. The mortgage program has its own rules too, so the credit score, the mortgage, and the property are read together before the option is named.
Can I use the assistance on a second home or a rental?
No. Every option is for an owner-occupied primary residence; on the forgivable and repayable options the home must stay the primary residence for the term of the second lien.
Can I buy a duplex or a fourplex with assistance?
Yes, if you live in one of the units. The nothing-to-repay option reaches four units; the purchase second-lien options stop at two; the refinance-cost option reaches four with one unit owner-occupied.
What if my mortgage is above the county loan limit?
A high-balance first lien narrows the choice to the repayable options in Greenwood, IN.
Which mortgages can the assistance be used with?
Government first liens only: FHA for every option, USDA and HUD-184 for the forgivable and repayable second liens (the closing-cost repayable option, the one that also reaches prepaid items, is FHA only).
What property types are eligible?
A Greenwood home that the first lien accepts and the option’s property rules allow; the property side is checked before the option is confirmed.
Place your Greenwood purchase on the right option today.
Request a scenario review with the price and the first lien in mind; Lendmire answers with the option, the floor, and what the file will need.
This guide covers Greenwood — for the statewide options, categories, and property rules, see Down Payment Assistance in Indiana, part of Lendmire’s down payment assistance program.
Nearby markets in Indiana: Indianapolis · Lawrence · Carmel · Fishers · Nashville · Columbus · Westfield · Noblesville
Related programs: FHA Loans · USDA Loans · FHA 203(k) Rehab Loans