Indiana’s Affordable Home Program funds loans using FHA financing, but it doesn’t help home buyers out with down payment assistance or closing cost assistance. So, home buyers who have saved enough funds to cover their own down payment and closing costs can go after this program. The loan has to meet all FHA financing requirements of course.
To qualify for Indiana’s Affordable Home Program, the homeowner has to be a first-time home buyer. This program can’t be used in combination with other IHCDA programs either. The home buyer’s credit score has to be 660 or greater.
So, with all of these rules, you might be wondering, “What’s the Affordable Home Program good for?” Other Indiana mortgage programs seem better, right?
Well, Affordable Home lets first time home buyers receive an FHA loan at a below market interest rate! This can save bundles of money in monthly mortgage payments. Also, it can help home buyers struggling to meet debt-to-income ratios! For what it’s worth, there is also an exception to the first-time home buyer qualification: If the home is in a target county, you don’t have to be a first-time home buyer.
Also, lenders that participate can only charge a one percent origination fee plus $1,000 in junk fees. This rule stands, even if the seller would pay the fees.
Are You Ready to Move to the Jasper Area?
If you’re interested in moving to a community near Jasper, Indiana, check out our listings. Become familiar with the area. Before you start shopping for a home in Indiana, it’s a good idea to explore areas you might like to live in — that way you can get a feel for what properties are available and how much you’ll need to spend. We’ll help you find homes for sale in the most beautiful parts of Indiana.
Let us know if you want us to be on the lookout for Dubois County homes with solar arrays, geothermal systems or other green upgrades too!
- Sell-4Free’s Featured Dubois County Homes
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On the other hand, if you’d like to sell your Jasper-area home, we’d love to help with that too! Call us at 812-634-6969 or get in touch with us online.