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.

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

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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.

Cox Media Group