Edge Fund, an initiative of Intend Indiana and mission-driven Community Development Financial Institution (CDFI), is excited to announce our special purpose credit program (SPCP) supporting Black, low- to moderate-income homebuyers. Edge Fund strives to create more diverse and inclusive affordable housing opportunities, and homeownership is the greatest source of wealth for most people. Edge Fund’s SPCP will help make homeownership accessible and narrow the racial wealth gap for Black homebuyers through interest-free mortgages.
Here’s what you need to know and why it might matter to you:
What we’re offering:
- Mortgage loan up to 30% of the purchase price of a home
- Fixed 0% interest rate for entire life of the loan
- Offered in conjunction with a qualifying first mortgage and other loan programs
- Can be used with other down payment assistance programs
Who it’s for:
Black homebuyers who might not otherwise be approved for a loan or receive it on less favorable terms.
Why it’s valuable:
- Lower overall monthly mortgage payment
- Access to affordable housing in participating neighborhoods across Marion County
- Increased purchase power, making homeownership more accessible
- No down payment, origination fees, cash reserves or mortgage insurance required and minimal closing cost for the Edge Fund loan
The requirements:
- Homebuyers who identify as Black / African American. Borrower must be able to obtain pre approval for an eligible 1st mortgage
- Home must be owner-occupied and must be your primary residence
- Household income limited to 80% or below of the Area Median Income
- All borrowers must complete a homebuyer education course, available at no cost to the buyer via this website: www.fanniemae.com/education
What to do next:
Interested? Have questions? We want to chat with you! Fill out the form to reach out to our team where you’ll have the chance to sit down with a real human who is passionate about the work we do and who we serve.
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