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...
Read MoreIs 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...
Read MoreWhen Should You Consider Getting Your Indiana Mortgage Refinanced?
Sooner or later, many Indiana property owners will undergo the process of refinancing their home; or at least consider whether or not they should get their Indiana mortgage refinanced. They do this for a variety of reasons. Before approaching a lender about a home refinance loan,it is vital that the property owner determines if it is the right decision to refinance their house. A refinance can give help to troubled property owners (particularly individuals who took out ARMs a few years ago), but it is not the solution for everyone. Following are several great reasons to refinance: Mortgage refinancing is typically a great alternative for individuals confronting foreclosure. A number of individuals have discovered themselves on the verge of not being able to...
Read MoreOptions For A Low Down Payment On An Indiana Home
Many people who have reasonable, steady incomes hold off on the dream of owning a home because they are afraid they can’t come up with the down payment. Fortunately, there are still mortgage options for those with limited cash reserves. One of the biggest misconceptions in the post-housing bubble era is that you need to put 20 percent down to get a mortgage. While credit has become much tighter and no-money down loans have virtually disappeared from the mortgage market, it’s still quite possible to get a mortgage for 5 percent down or less. Here are some options for buying a home with a relatively small down payment: 1. Conventional Mortgage Technically, Fannie Mae and Freddie Mac will still allow mortgages with as little as 5 percent down. However,...
Read MoreHow Do I Know if a Home is Located in USDA Financing Territory?
The USDA provides an interactive map where you can either type in a specific address or view an eligibility map for a general area. You will find that most of Indiana is eligible for USDA financing! The interactive map below is a little more user friendly the maps of days gone by! We hope you’ll find the following helpful… Here’s how to use the map: Click here to be directed to the USDA eligibility map. Click “Single Family Housing” (under “Property Eligibility”) “Accept” the terms Type in the address of the property you want to check OR Zoom in on the map to the general area you are wanting to research Feel free to contact us should you have more questions regarding USDA...
Read MoreDo Any Loan Programs Offer 100% Financing?
Yes! There are loan programs that offer 100% financing. One such program is a VA mortgage. It is a no-money-down program available to members of the U.S. military and surviving spouses. For those who do not qualify for a VA mortgage, a USDA mortgage may be an option. You will want to make sure the property is in an eligible area. You can do so by clicking here to check the address. USDA Mortgage : 100% Financing As stated above; “No Money Down” options exist for non-military borrowers, too. The U.S. Department of Agriculture offers a 100% mortgage. The program is formally known as a Section 502 mortgage, but, more commonly, it’s called a Rural Housing Loan. The good news about the USDA Rural Housing Loan is that it’s not just a “rural...
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