Indianapolis Area Real Estate Blog

Indiana Housing Rate Reduced for First Time Homebuyers in Indianapolis

Time is MoneyI'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. 

Related Posts:

First Time Home Buyers Loan

What is Property Mortgage Insurance

How Interest Rate Affects Your Monthly Payment

Call us today at 317-731-2319 to start searching for your home. 


#1 By Ronnie Arnold at 12/1/2011 4:41 PM

This should really encourage the citizens of Indiana and foreigners to Indiana to come and take advantage of a wonderful bargain. One thing I would encourage the first time home buyers is to try before you buy. If you find a great home with a wonderful neighborhood, it could be a lot easier to find the one best suited for you while giving you chance to take advantage of this program.

Does this program exist in other states in the United States?

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