Is it time to stop renting? You’ve come to the right place! Community Homebuyers Corporation (CHC), a not-for-profit organization, created the Homeownership Assistance Program to help individuals like you become first-time home buyers.

The Homeownership Assistance Program is the result of seven local financial institutions joining with the City of South Bend to help people get a good home at an affordable price. Those who qualify receive a mortgage through CHC and a grant in the form of a forgivable second mortgage equal to 20% of the home purchase price. By meeting some simple, ongoing criteria, the grant is forgiven over time and may not need to be repaid.

To be eligible, an applicant may NOT have a signed purchase agreement at the time of application to CHC.

On this website, you’ll learn if this program is right for you. 

Where will I live?

All properties purchased through the Homeownership Assistance Program must be owner-occupied, single-family units within the city limits of South Bend. Condominiums are also eligible.

The maximum allowable sale price of a property is based on income, debt to income ratio, and mortgage interest rate at the time of closing the home sale and the price cannot exceed $175,000. The property must appraise for at least the sale price.

All properties purchased through the program must be brought to a condition that will  reduce the risk for additional repairs and costly maintenance. Homes must pass a required CHC inspection. All clients are urged to obtain property inspections which are independent of the Community Homebuyers Corporation inspection.

How does this program work?

If you qualify for the grant, you will complete a mortgage application with CHC. When you purchase a home through CHC, the program assists first-time homeowners by providing a federally funded forgivable grant in the form of a forgivable second mortgage. Grant funds are provided to CHC by the City of South Bend. Like any grant, there are criteria which must be met for the grant to be paid in full. Some of the requirements are up front and some are post-purchase. Following the completion of all pre- and post-purchase requirements, you will visit with the City of South Bend Housing Counselor for a review and to receive your completion certificate!

We know it works. Since 1992, the Community Homebuyers Corporation has helped more than 500 families purchase a new home.

We want to see you succeed!

Through the partnership of these seven financial institutions, combined with the City of South Bend, Community Homebuyers Corporation will work with you on making your dream of owning your home a reality.

What's the catch?

Participants in the program must complete all of the pre-purchase requirements and post-purchase requirements to earn a certificate of completion. Once the requirements are completed, the homebuyer must live in the home for an additional five (5) years to have the grant fully forgiven. If all requirements are not met, the borrower will be required to repay the granted money.

See if you qualify!

The Homeownership Assistance Program offers homeowner assistance to applicants who meet the following requirements:

• Your household income may not exceed 80% of area median income adjusted for household size. See income eligibility chart here.

• You must be a first-time homebuyer, unless:

  • You own a mobile home

  • You have been displaced from your current home because of a legal situation

  • You have relocated to the area

  • You have not owned a home in the past three years

  • You have a foreclosure history with extenuating circumstances

• You must have at least $2,000 in cash savings

• Evidence that you have completed a financial management/budget course and pre-purchase counseling as outlined below.

Pre-purchase Requirements

Applicants must complete one-to-one, in person credit and pre-purchase counseling from any HUD designated counseling agency. You must be able to provide proof of completion of the counseling. It can be completed prior to the application, but no more than six months prior. It can also be completed after the date of application to CHC, but prior to the mortgage application date.

Post-purchase Requirements

For the Homeownership Assistance Program grant to be paid in full, applicants must do the following:

• Make 12 consecutive, on-time payments within the first five years

• Attend six post-purchase training sessions with the City of South Bend Housing Counseling Agency within the first year.

• Attend one final meeting with the City of South Bend Housing Counselor for review and to receive certificate.

• Once these requirements are met, the grant will be forgiven ratably over the next five years as long as you continue to remain current on your mortgage payments.

When you’re ready to take this important step, contact CHC Program Staff, by dialing 574-235-5880. Or take action using our contact form.

Homes shown on this website may not be for sale.