Are Zero-Down Mortgages a Thing of the Past?

Are Zero-Down Mortgages a Thing of the Past?

“So much has changed” “I miss miss the good old days” “Things aren’t what they used to be” These catch phrases apply to many situations… including mortgages. For those who haven’t gone through the home buying prices for many years, so much  has changed concerning income, assets and credit scoring. One of the things that hasn’t changed is most loan programs require a percentage down to purchase a home. But is there still a  zero-down product out there?  Yes! There are several ways to get a zero-down home loan. USDA Rural Housing programs, VA loans for veterans, and FHA mortgages combined with down payment assistance all achieve the zero-down objective. Here is a rundown of the USDA program and what is...

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Some Mistakes to Avoid When Buying a Home

Some Mistakes to Avoid When Buying a Home

Excited….. Overwhelmed…. These are two emotions often experienced when buying a home. Even more so if you are a first time home buyer. If you’ve already started the search process, make sure you’re not making some common mistakes. Your upcoming investment could end up being a bad decision if you overlook some important facts about home ownership and sign that contract before you’re really ready. Here are some key and common mistakes first time home buyers need to avoid:  Mistake #1 – Searching for the dream home before getting pre-qualified for a loan Save yourself the disappointment of not being able to afford the home of your dreams by getting pre-qualified for your loan before you start house hunting. Instead of...

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Avoiding Frozen Pipes in Frigid Temperatures

Avoiding Frozen Pipes in Frigid Temperatures

Indiana is, once again, experiencing a longstanding arctic blast that has crushed low temperature records. Just existing in subzero temperatures can be miserable. Add the mess of frozen and/or burst pipes; it can be enough to make you want to pack up and fly south! Everything we’ve learned in school says water starts freezing at 32°, but researchers say that may not be the case with pipes. Tests of residential water systems subjected to winter temperatures demonstrated that the onset of freezing occurred when the outside temperature fell to 20 degrees or below. However, other factors can cause the pipes to freeze at temperatures above 20°. These include pipes exposed to windy, cold air which flows in due to a crack in an outside wall or lack of...

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Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!

Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!

Black Friday is nearly upon us. Newspaper inserts, emails and TV commercials abound with information about the “BEST DEALS EVER!”.  You get to the store before the sun even thinks about coming up only to find that you can get an even better deal if you open a line of credit! STOP RIGHT THERE. If you are in the process of buying a home, or considering doing so anytime soon, we urge you to stop and collect your thoughts for a moment. What the heck does Black Friday have to do with buying a home!? That additional percentage off for opening a line of credit could be a deal-breaker when it comes to purchasing a home. If you are in the midst of the mortgage process with a good lender, you already know that you should hold off on opening  new credit...

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Is the Home I’m Interested in Located in USDA Mortgage Territory?

Is the Home I’m Interested in Located in USDA Mortgage Territory?

If you are looking for a home in Indiana that is eligible for USDA financing, you’re in luck! You will find that most of Indiana is eligible for USDA financing. The USDA provides an interactive map where you can either type in a specific address or view an eligibility map for a general area.  Just a reminder, USDA financing is not only for the purchase of farmland or homes on farms. A USDA home loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to those purchasing a rural property.The United States Department of Agriculture designed to this mortgage option to “improve the economy and quality of life in rural America.” The interactive map below is a little more user friendly than the maps of...

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