Blog Layout

HOPE's Pre-Purchase Program

Blackstrap Media • Feb 02, 2021

HOPE of Evansville provides a variety of tools and resources for first-time homebuyers as well as programs and guidance in foreclosure prevention. With over 50 years of service to the community, HOPE focuses on helping, serving, and providing assistance to folks who need homes and those who need help staying in their homes. Our main goal is to assist as many people as possible, so we created a program that would be beneficial to any client needing down-payment assistance; the Pre-Purchase Program.

What is the Pre-Purchase Program?

The purpose of this program is to help those under 80% of the area median income purchase a home through credit counseling, housing counseling, and down payment assistance (DPA). Those who income qualify are eligible to receive up to $10,000 in DPA once they've contributed $1,000 towards the purchase of their home.

How Do I Apply?

Due to COVID-19, we are currently unable to take in-person applications, but you can apply online at our HOPE of Evansville website. Once you submit your application, there will be a $35 fee that has to be paid along with the application. After the application process is complete you will receive a document checklist that will help you organize the necessary documentation such as your banking statements, driver’s license, birth certificate, social security, etc.

Once you have provided us with all of the required documentation and information we will then meet with you one-on-one for a counseling session via a zoom call. During this counseling session, we will go over your credit score and discuss what score is needed for a home loan. As of now, most banks and credit unions are requiring a minimum score of at least 640. Once you have met all financial guidelines, we will guide you as you start the process of contacting banks that accept HOPE’s down payment assistance. We will provide you with a list of those financial institutions as well.

Who Should Apply?

If you are looking to purchase a home within the city limits of Evansville and can provide us with proof that you can spend $1,000 you are then eligible to get up to $10,000 towards your down payment. We want to make sure that you have a comfortable living space, and we are here to help you in any way possible. If you need assistance with your down payment, apply for the Pre-Purchase Program, and feel free to contact Hope of Evansville with any questions regarding your application!

< Older Post Newer Post >

2023 Income Limits for DPA Released

By Nikki Waller • 30 May, 2023

To qualify for HOPE’s Down Payment Assistance (DPA) program you must be below 80% AMI for Vanderburgh County. These income limits change every year, and 2023 income limits have just been released. The row labeled “Low (80%) Income Limits ($)” is the maximum income you can have to qualify for DPA based on your family size. Family size is outlined across the top of the chart. For example, if you are single (1 person on the mortgage) and have one dependent and your gross income is below $55,900, you could qualify for DPA.Gross income is your income before taxes are taken out. What counts as income? Guaranteed hours at your job, this does not include overtime paid.Child support if it is court ordered and received. Counselors will use a receipt of the last 365 days received child support. Social Security/SSI/SSDI, pension, retirement income, dividends, etc.Section 8, TANF, or SNAP benefits do not count as income.This is not an exhaustive list, our counselor can speak more directly to your situation.Ready to see if you qualify? Join us for Fair Shot to get started. Starting through Fair Shot will waive the $35 application fee.

2022 Income Limits for DPA Released

By Nikki Waller • 13 May, 2022

To qualify for HOPE’s Down Payment Assistance (DPA) program you must be below 80% AMI for Vanderburgh County. These income limits change every year, and 2022 income limits have just been released. The row labeled “Low (80%) Income Limits ($)” is the maximum income you can have to qualify for DPA based on your family size. Family size is outlined across the top of the chart. For example, if you are single (1 person on the mortgage) and have one dependent and your gross income is below $48,750, you could qualify for DPA.Gross income is your income before taxes are taken out. What counts as income? Guaranteed hours at your job, this does not include overtime paid.Child support if it is court ordered and received. Counselors will use a receipt of the last 365 days received child support. Social Security/SSI/SSDI, pension, retirement income, dividends, etc.Section 8, TANF, or SNAP benefits do not count as income.This is not an exhaustive list, our counselor can speak more directly to your situation.Ready to see if you qualify? Join us for Fair Shot to get started. Starting through Fair Shot will waive the $35 application fee.

HOPE's Financial Assistance Program is Reopened

By Nikki Waller • 24 Mar, 2022

Thanks to a generous grant from CenterPoint Energy Foundation, HOPE is able to provide financial assistance for rent, mortgage, water utility, or debt reduction. With this program, HOPE will also provide budget counseling and participants will have the opportunity to move forward with credit counseling as well. CenterPoint Energy’s charitable foundation is funded by shareholders and has no impact on customer rates. The Foundation's finances are independent and separate from the company and may not be used directly toward energy assistance.This assistance is available to people under 80% AMI (see if you qualify here) and are CenterPoint customers. This application is currently closed. Follow us on Facebook for updates on when it will open again.

Let HOPE Help You Achieve Your 2022 Goals

By Nikki Waller • 22 Dec, 2021

The 2022 Raise the Roof E-Mail Campaign is here to help you achieve your goals in 2022.

Is Foreclosure Prevention Assistance Right for Me?

By Blackstrap Media • 01 Nov, 2021

Facing home foreclosure can be one of the scariest and most stressful experiences you’ll ever go through. And unfortunately, you’re not alone. The COVID-19 pandemic hit American homeowners hard . As the unemployment rate skyrocketed, so did foreclosures. Despite the overall economic recovery during the second half of 2020, the national foreclosure rate rose by 16% in February 2021 alone .

Become Money-Wise with Comprehensive Financial Coaching

By Blackstrap Media • 04 Oct, 2021

Raise your hand if you weren’t taught how to budget or save for a mortgage while you were in school. For many people, this is the case. Learning how to become money-wise can feel overwhelming. If you’re struggling just to figure out where this month’s rent is going to come from, it can feel impossible to even consider larger financial goals, such as buying a home.

HOPE’s Commitment to Affordable Housing Development

By Blackstrap Media • 02 Aug, 2021

Historically speaking, there’s been a shortage of affordable housing options for many families living in Evansville. We’re committed to changing that. Our wonderful partnership with the NRP tax credit program has given us the resources needed to change the local affordable housing landscape.

Say Hello To Your New Dream Home: the Homes of Evansville II

By Blackstrap Media • 05 Jul, 2021

The current housing market in Evansville is experiencing a massive shortage of affordable housing , which can keep many local residents from being able to fulfill the American dream of homeownership.

FHA Takes Steps to Remove Barriers to Homeownership for Those with Student Loan Debt

By Nikki Waller • 28 Jun, 2021

FHA Updates Student Loan Debt Policies Making Mortgage Credit More AccessibleThe Federal Housing Administration (FHA) has announced updates to the monthly mortgage payment calculation for borrowers with student loans (read the full press release here).Who it helps This helps anyone with student loan debt, but the benefits will be felt most by people of color and people ages 25-49. These people are typically first-time homebuyers and make up roughly 80 percent of FHA insured mortgages.“This announcement enhances FHA’s ability to serve one of its core demographics—first-time homebuyers. Over 80 percent of FHA-insured mortgages are for first-time homebuyers on average each year. FHA estimates that more than 45 percent of these borrowers also have student loan debt, with much of this debt impacting people of color.”What it doesThe new policy calculates the monthly payment based on the actual monthly student loan payment, rather than the previous policy which calculated the payment as one percent of the total outstanding student loan balance. The monthly payment will typically be calculated as lower and therefore it will be easier for people with student loan debt to be accepted for an FHA insured mortgage.

Fair Shot 2021 Schedule Changes

By Nikki Waller • 11 Jun, 2021

Fair Shot for June & August have been canceled. We will resume class in July and follow the schedule on our flyer. Remember, if you complete both classes, you will get a coupon to Azzip Pizza as well a free one-on-one financial coaching! Here is our updated schedule.