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      Looking for Homebuyer Assistance?

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      Down Payment Assistance Programs and More

      If you want to buy a home and are still saving toward a down payment, a home buyer assistance program could help put you on a faster path to being a homeowner. Home buyer programs vary in the benefits they provide, with all typically providing some type of down payment assistance. Contact an Old National mortgage expert to learn about these and other home buyer assistance programs. See available programs by state.

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        Homeownership Assistance Available Through ONB

        Old National has partnered with organizations in Illinois, Indiana, Kentucky, Michigan, Minnesota and Wisconsin and to offer assistance programs with many of our mortgage loans.1

        Learn about:

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        Homeownership Opportunity Program (HOP)

        Old National offers the HOP program throughout our footprint in partnership with the Federal Home Loan Bank of Indianapolis. Funds are available on a first-come, first-served basis each spring, and income restrictions apply.2

        What are the benefits?

        • Up to $20,000 in assistance for down payment and closing costs.
        • Contribute a minimum of $500 towards the purchase of the home.
        • Funds are available annually on a first-come, first-served basis.

      Programs to Help You Reach Your Homeownership Goals

      Old National Bank has developed partnerships with these state housing organizations to help qualifying clients achieve their homeownership dreams.1

      IHDA offers three DPA programs to make it possible for Illinois residents to achieve their homeownership goals. 

      • IHDA Access Forgivable: Assistance amount of 4% of the purchase price up to $6,000. Assistance is forgiven over 10 years with no monthly repayment.
      • IHDA Access Deferred: Assistance amount of 5% of the purchase price up to $7,500. Assistance is due at maturity date or upon repayment event.
      • IHDA Access Repayable: Assistance amount of 10% of the purchase price up to $10,000. Assistance is repaid over 10 years with 0% interest.

      How do I qualify?

      • Must meet IHDA income, credit score and purchase price limits
      • You are a Illinois resident
      • Complete Pre-purchase counseling

      What are the benefits?

      • Minimum 1% or $1,000 down payment required
      • Not limited to first-time home buyers
      • New construction allowed
      • Available on all mortgage types including FHA, VA, USDA and Conventional

      The Indiana Housing & Community Development Authority offers two Down Payment Assistance (DPA) programs that make it possible for more Hoosiers to qualify for homeownership: the Next Home program and First Place program.

      How do I qualify?

      • You are an Indiana resident
      • Your mortgage will be an FHA loan
      • You meet certain income eligibility requirements

      What are the benefits?

      • No money down
      • Assistance available up to 3.50% of the purchase price through the Next Home program, or up to 6% through the First Place program3
      • DPA is forgiven after 3 years of homeownership in the Next Home program or 9 years in the First Place program4
      • Not limited to first-time home buyers

      The Kentucky Housing Corporation (KHC) offers two Down Payment Assistance programs (DAP) that help home buyers with down payment and closing costs for the purchase of new or existing properties: the Affordable DAP program and Regular DAP program.

      How do I qualify?

      • You are a Kentucky resident
      • You meet certain income eligibility requirements

      What are the benefits?

      • Loan of up to $6,000 for down payment and closing costs
      • Interest rate will equal 1% with the Affordable DAP program or 5.50% with the Regular DAP program; repaid over 10 years
      • Not limited to first-time home buyers

      Michigan home buyers can take advantage of the Michigan State Housing Development Authority Down Payment Assistance (DPA) program.

      How do I qualify?

      • You are a Michigan resident
      • You meet certain income and purchase price requirements
      • You have completed an approved home buyer education course

      What are the benefits?

      • Minimum 1% down payment required
      • 0% interest loan of up to $7,500 for down payment and closing costs; repaid when the home is sold, paid off or refinanced
      • Not limited to first-time home buyers
      • Down payment assistance can be used with other assistance programs

      The Minnesota Housing Finance Agency offers different types of assistance to help Minnesota home buyers qualify for a mortgage that is more affordable long term.

      How do I qualify?

      • You are a Minnesota resident
      • You have or are willing to complete home buyer education
      • You meet income and credit guidelines

      What are the benefits?

      • Up to 100% financing
      • Little or no down payment
      • Lower 30-year fixed rate for many borrowers
      • Not limited to first time home buyers
      • Conventional and FHA mortgage options

      If you're buying a home in Wisconsin, the Wisconsin Housing and Economic Development Authority can help you into a home sooner, and make homeownership more affordable, with several types of assistance.

      How do I qualify?

      • You are a Wisconsin resident
      • You have or are willing to complete home buyer education
      • You meet income and credit guidelines

      What are the benefits?

      • Up to 100% financing
      • Little or no down payment
      • Lower 30-year fixed rate for many borrowers
      • Not limited to first time home buyers
      • Conventional and FHA mortgage options

      Other Types of Homeownership Assistance

      In addition to the state programs, other sources of homeownership assistance exist and can often be combined for the greatest benefit. Resources to explore include:

      With the many homeownership assistance programs available, it can be a little overwhelming. Old National has mortgage experts trained to help you each step of the way — from knowing what assistance is available to you to navigating the mortgage loan application process.

      Find a Mortgage Expert

      Get Our First Time Homebuyers Guide

      Learn about the ten steps to buying a home, from understanding your credit score, to getting pre-qualified to closing on a mortgage loan.

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      Need Down Payment Assistance?

      You're not alone! There are plenty of resources available to help you buy a home.

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      Down payment assistance programs are subject to availability. All loans are subject to credit review and approval. Property insurance required. Some restrictions may apply and program conditions subject to change without notice. Rates are subject to change daily. Contact an Old National Mortgage Lender for product details.

      1 State programs are not owned/managed by Old National. Additional qualifications and limitations may apply.
      2 Total household income cannot exceed 80% of area median income, adjusted for family size.
      3 Indiana Next Home program 3.50% available for FHA loans. Additional qualifications and limitations may apply.
      4 DPA is in the form of a second mortgage but carries no interest or payments. DPA funds must be repaid in full if the borrower refinances or sells the home within the forgiveness period.