Real Estate Financing
Indiana Housing has been instrumental in providing no downpayment loan programs for first time home buyers. 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....
As lenders tighten mortgage guidelines for Indianapolis home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 10 percent. Anecdotally, guideline changes have led to an increase in the number of home buyers accepting cash gifts from family. Gifts are allowed in most cases but the problem is, if you don’t accept the gift in a “lender-friendly” way, the mortgage underwriter could reject it, and negate it. You can’t just deposit a cash gift into your bank account. You have to follow a series of steps...
INDIANA HOUSING DOWN PAYMENT ASSISTANCE PROGRAM If you are a first time home buyer in Indianapolis, 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...
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy âhas continued to strengthenâ, that the jobs markets is getting better, and that financial markets are supportive of growth....
