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Recently posted or modified blog posts by tag - Indiana Housing
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2015-05-28T08:11:24-07:00
tag:hometoindy.com,2012-09-20:1638
Indiana Housing Rate Reduced for First Time Homebuyers in Indianapolis
<img src="https://assets.site-static.com/userfiles/279/image/TimeismoneyXSmall.jpg" width="275" height="182" alt="Time is Money" title="Good Time to Buy a Home " style="float: left; margin: 5px;" />I've written many times about the <a href="https://www.hometoindy.com/blog/first-time-home-buyers-down-payment-assistance/" title="First Time Homebuyer Loan Program Through Indiana Housing">first time home buyer program</a> 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:
<a href="https://www.hometoindy.com/blog/first-time-home-buyers-down-payment-assistance/" title="Buying Your First Home in Indianapolis">First Time Home Buyers Loan</a>
<a href="https://www.hometoindy.com/blog/what-is-mortgage-insurance/" title="Property Mortgage Insurance on Loans">What is Property Mortgage Insurance</a>
<a href="https://www.hometoindy.com/blog/how-interest-rate-affects-the-purchasing-power-of-buying-a-home/" title="Mortgage Interest and Your Monthly Payment">How Interest Rate Affects Your Monthly Payment</a>
Call us today at 317-731-2319 to start searching for your home.
2011-09-25T21:34:00-07:00
2015-05-28T08:11:24-07:00
Paula Henry
tag:hometoindy.com,2012-09-20:1289
Your Next Home Program from Indiana Housing
<a href="https://www.hometoindy.com/wp-content/uploads/iStock_000002051354Small.jpg"><img alt="Buying a new home" src="https://assets.site-static.com/userfiles/279/image/iStock_000002051354Small-300x199.jpg" title="Family at Home" style="float: left; margin: 5px;" class="size-medium wp-image-8936 alignleft" height="159" width="240" /></a>Indiana Housing has been instrumental in providing <a href="https://www.hometoindy.com/blog/help-buying-your-first-home-in-indianapolis/" title="Indiana First Time Homebuyer Programs">no downpayment loan programs for first time home buyers</a>. They now offer a loan program for home buyers who are moving up or buying their next home, aptly named the 'Next Home' program.
Many home sellers today are faced with breaking even after the sell of their home and do not have the additional funds to put a down payment on their next home. The new program from Indiana Housing offers up to 4% toward down payment and closing costs. So a home buyer can buy their next home with no money down.
Highlights of the program:
4% given to home buyer (borrower) to be used toward down payment, closing costs or pre-paids.
Seller can contribute up to 6% toward buyers closing costs and pre-paids.
Income limits are higher
No acquisition or purchase price limit
No third party inspections
No home buyer counseling classes
Guidelines of the program:
Minimum 650 credit score
FHA loans only
Income limits
0.125% of loan amount upfront fee payable to Indiana Housing
There are quite a few differences between the first time home buyer program and the Next Home program. The most significant are the income and repayment of the down payment portion. Both programs require a second loan at zero interest for the down payment portion. The loan for first time home buyer's has to be repaid when the home is sold. With the Next Home program, the loan is forgiven after two years.
The income guidelines for first time buyers is set by Indiana Housing guidelines and the Next Home uses FHA guidelines. A family of four, buying their next <a title="Homes in Indianapolis" href="https://www.hometoindy.com/indianapolis Homes/">home in Indianapolis</a>, using this program can have a household income up to $85,875.00. Good news is, first time home buyers can also use the Next Home program, allowing a higher income first time buyer to take advantage of lower upfront costs.This is a pilot program and Indiana Housing uses specific lenders for their programs.
If you would like to know more about qualifying, contact us today @ 317-731-2319
2011-06-08T15:40:00-07:00
2013-07-29T16:26:58-07:00
Paula Henry
tag:hometoindy.com,2012-09-20:1251
First Time Home Buyers Down Payment Assistance
INDIANA HOUSING DOWN PAYMENT ASSISTANCE PROGRAM
If you are a <a title="Indianapolis First Time Home Buyers" href="https://www.hometoindy.com/blog/category/first-time-home-buyers/">first time home buyer in Indianapolis</a>, you should know your financing options. The Indiana Housing Program for first time home buyers who are creditworthy, but may not have the initial upfront costs for down payment and closing costs is a great option. I received this information from one of my lenders with the guidelines for the Indiana Housing Down Payment Assistance Program.
The general guidelines are as follows:
1.First time buyers or someone who has not been entitled to real estate in the past 3 yrs.
2.Indiana Housing will provide down payment assistance in the amount of 6% of the sales priced capped at $7500.00
3.This down payment can be used for required down payment, closing costs and prepaids.
4.The buyers are required to take a home buyer counseling course - This is an online course through Indiana Housing University.
5. A 3rd party housing inspection is required by Indiana Housing- Indiana Housing has a list of approved inspectors they allow- if the customer is having a regular home inspection. By using an approved inspector for your home inspection, you may save some money.
6. Income requirements do apply: Indiana Housing uses total household income- regardless if all members in the household are on the loan. For Marion County and surrounding counties the income requirements are as follows:
For 1 person in the household- max income is $38,150
For 2 people in the household-max income is $ 43,600
For 3 people in the household-max income is $ 49,050
For 4 people in the household-max income is $ 54,500
7. The down payment assistance you can receive is carried as a 2nd mortgage against the loan- the borrower makes no payments on these monies. Regardless of when they sell the home, the funds will have to be paid back to Indiana Housing out of the proceeds of the sale.
8. There is a possible recapture tax owed by the borrower if they sale the property within the first 9 years.
9. Interest rate as of today is 4.95%- this is a fixed 30 yr. term (subject to change)
10. If the property is in a flood area may not go Indiana Housing
11. The home must be the borrowers principal residence
12. A rental tenant must not have occupied the subject property within the past 3 months unless the current tenant is the purchaser
13. Borrower's must provide copies of the past 3 years tax returns
14. A reservation fee of .125% to Indiana Housing is required when the file is submitted to them
15. It will take approximately 45 days for the loan from start to finish, which is a bit longer than other loan programs..
16. Non-occupant co-borrowers are not allowed If you have additional questions or want to see if you qualify for the first time home buyer program, give me a call and we'll get started.
Copyright © 2010 by Paula Henry, All Rights Reserved. *First Time Home Buyers Down Payment Assistance*
2010-02-03T03:36:00-07:00
2013-07-29T16:57:48-07:00
Paula Henry
tag:hometoindy.com,2012-09-20:1204
Indiana Housing Rates Down to 5.5%
Indiana Housing & Community Development Authority (IHCDA) lowered their rate today to 5.625%.
When the buyer completes their home buying class (mandatory), they can receive a rate of 5.50%. If you read my post a few weeks ago about the advantage of using the $8000.00 tax credit along with the <a href="https://www.hometoindy.com/blog/first-time-home-buyers-down-payment-assistance/" title="First Time Homebuyer Down Payment Assistance Indianapolis">Indiana Housing first time home buyer program</a>, there has never been a better time to buy a home in Indianapolis.
If you have questions or would like to explore your home buying options, call us at 317.605.4174 or send me an email.
2009-06-17T23:25:00-07:00
2015-05-28T08:11:07-07:00
Paula Henry
tag:hometoindy.com,2012-09-20:1022
Indiana Housing Interest Rate Change
Today is July 1, 2008 and the interest rate on Indiana Housing loans goes up. This is twice in the last month. Effective today, the rate for a loan form Indiana Housing is 6.125%.
Buyers can still complete the online course and receive a .125% discount on the interest rate.
The <a title="Down Payment Assistance for First Time Homebuyers" href="https://www.hometoindy.com/blog/first-time-home-buyers-down-payment-assistance/">Indiana Housing program</a> is great for first time home buyers. Check <a href="https://www.hometoindy.com/blog/help-buying-your-first-home-in-indianapolis/" title="First Time Home Buyer Program">here </a>for more information about Indiana Housing guidelines.
2008-07-01T01:30:00-07:00
2015-05-28T08:10:45-07:00
Paula Henry