The mission of Community Homebuyers Corporation is to provide affordable mortgage opportunities to first-time homebuyers, with low and moderate income, who wish to become residents of the City of South Bend.  Owning a home is a goal of almost every person, but securing the appropriate financing can be difficult.  With assistance from the Community Homebuyers Corporation (CHC), you or someone you know can move one step closer to owning a home.   

The CHC provides mortgage loans for clients who are income eligible or may not be able to obtain conventional financing.  The CHC offers a lower down payment, market interest rates, easier qualifying ratios, and no requirement for PMI insurance.

The 80/20 Loan is used by CHC as a program tool in the form of a grant.  The 80/20 Loan Program is a special mortgage for applicants who are eligible based on income.  A percentage of 5% - 20% of the purchase price is in the form of a forgivable second mortgage loan that you will not be obligated to pay back if certain criteria are met. Criterion includes a term of on-time consecutive payments on the first mortgage and attending post-purchase classes that cover home maintenance and personal finance topics.

This program is available throughout St. Joseph County; however, the Community Homebuyers Corporation 80/20 loan program is currently available for home purchase within the City limits of South Bend, based on available funding.

For more information on a complimentary down payment assistance program, check out the REWARD Program sponsored by the Housing Development Corporation.

To take advantage of  the great opportunities the Community Homebuyers Corporation has to offer, please call 235.9475.

Community Homebuyers Corporation Statistics: 1998-2007

243 homes were purchased through the CHC 80/20 Program in this ten year period. 

• An estimated $15 Million in private mortgage and public forgivable loan funds were invested in South Bend through this program in this ten year period.
• Total Forgivable Loan funds invested:     
  $2,524,427
• Total private mortgage funds leveraged:  $12,500,000

• Income Level of Households:
• 28% below 50% of median income
• 41% between 50% and 64.9% of median income
• 31% between 65% and 80% of median income
• Marital Status:
• 79% not married
• 21% married
• 62% of participants in the program were Female Head of Household 
• Age of Head of Household:
• 21% between ages 18 to 24
• 67% between ages 25 to 44
• 11% between ages 45 and 64
• 1% age 65 or older
• Household Size:   2.42 per household
• Race/ethnicity
• 63% Caucasian
• 26% African American
• 7% Hispanic
• 3% Other
• 1% Asian
  
  
  

Community Development
224 W. Jefferson Boulevard • Suite 100
South Bend, IN  46601
574.235.9475 • Fax: 574.235.9697