Options 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 MoreAm I eligible for a USDA Approved Steak? What About a USDA Loan?
A steak? Yes! A loan… perhaps. Most people associate USDA with food. You may recognize these 4 letters from the labeling on the meat and veggies you purchase for your family. This is one facet of the USDA. It also pertains to housing. If you qualify, you can purchase a home with little to no money down! USDA loans are offered by the USDA, and they allow you to purchase, refinance, renovate, repair or even relocate a home. The program hasn’t been around forever, though. It began in 1991 in an effort to boost home ownership in rural areas. Unlike conventional mortgages, there’s no down payment required – the loan can even cover closing costs, if the seller doesn’t. The most common reason that people do not pursue home ownership is coming up with...
Read MoreLittle to No Money Down Mortgages Are Still Available!
There is so much talk these days concerning the added income, assets and higher credit score it takes to qualify for a mortgage. Perhaps one of the most misunderstood conceptions out there today suggests home buyers will need at least 20 percent down to qualify for a mortgage. That could not be further from the truth. The truth is, home loans are still available with little to no money down. There are several ways to get a little to no money down home loan. USDA Rural Housing programs, VA loans for veterans, and FHA mortgages are some of these programs Here is a rundown of the USDA program and what is required. USDA Rural Development Home Loans USDA loans are 100 percent zero-down mortgages designed to make it easier for people to buy homes in rural areas of the...
Read MoreUSDA Celebrates Home Ownership Month
Agriculture Secretary Tom Vilsack kicked-off June National Home Ownership Month by highlighting USDA’s record delivery of single-family housing assistance to rural families and encouraging rural residents to purchase or refinance homes in rural areas. “Since the start of USDA’s single-family housing programs in 1949, USDA employees have helped nearly 3.4 million rural residents buy homes of their own,” Vilsack said. “Many of these are lower-income, first-time home buyers who are earning a leg up into the middle class. Home ownership is a critical step on the ladder of opportunity as it helps build equity and increase assets. Simply put, home ownership means long-term financial stability and security for these rural families.” USDA Rural Development...
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...
Read More
Follow Us!