Indiana city offers homes for $1, but with catch

If your dream is to move to the city of Gary, Indiana, then you may be in luck.

City officials have a deal that will get people into city-owned homes instead of letting them go vacant.

It's called the Dollar Home Program, and it has homes for sale for only $1.

But if you think the deal is for you, there are some stipulations.

First, if granted the home, the new owners have to correct any exterior code violations within 180 days, then bring the home up to habitable standards within a year. Then, they must live in the home for five years before it is fully signed over to the new owners. They also must have an income of at least $38,750 per individual and proof of sufficient income to complete repairs that can include unused credit card limits, a gift letter or a bank statement.

Applicants will submit a $25 fee with each application and if approved, provide a credit report.

For more information and a list of houses available, click here.

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