Indiana Housing Rate Reduced for First Time Homebuyers in Indianapolis
I've written many times about the first time home buyer program through Indiana Housing. The program allows first time home buyers to take advantage of down payment assistance up to 6% of the purchase amount or a maximum of $7500.00.
As of September 22, 2011, Indiana Housing has reduced their interest rate to 3.5%. Just a few years ago it was 5.5%. To give you an idea what this means in terms of dollar amount per month, I have provided a quick calculation of the principle and interest amount on a $100,000 home.
At 5.5%, the monthly principal and interest payment would be $547.92.
At 3.5%, the monthly principal and interest payment would be $433.33
This monthly payment does not include taxes, insurance or PMI. Taxes and insurance will vary depending on the home.
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