What’s The Scoop With The FHA Loan Program?

Have you heard of the FHA Home Loan Program? The FHA is the Federal Housing Administration. The FHA helps first-time homebuyers more often than any other program. The requirements for qualification for the FHA Home Loan Program are more flexible than other loan programs. Here are the requirements for qualification:

  • The property you buy with the FHA Home Loan Program must be your primary residence.
  • You can’t use the property for investment purposes.
  • You have to be able to prove steady employment. That means the FHA will need to see tax returns, bank statements, W-2s and paystubs.

Your credit score must be about 580 to qualify for a downpayment of just 3.5 percent. Plus, if you don’t have the money for a downpayment, the FHA Home Loan Program lets your friends and family pay for your downpayment as a gift if they want. Some other home loan programs don’t allow this. Now, if your credit score is between 500 and 579, you won’t be eligible for the 3.5 percent downpayment. In that case, you will need to come up with a 10 percent downpayment.

You should know going into this though, if you choose to use the FHA Home Loan Program, you will be required to also pay for mortgage insurance at first. This insurance is what protects the lender in case you don’t pay your mortgage.

Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties and all of our surrounding areas. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty our site is directly connected to our local MLS and is updated with new homes every hour. By signing up for New Listing alerts you can stay on top of the newest homes for sale and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!

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Popular Jasper Indiana Home Searches:

Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

4 Bedroom and 3.5 Bathroom Home in the Country Club Estates of Jasper, IN! This elegant home features a 1.2 Acre Lot and a finished walkout basement with fireplace, full bathroom, bar area, and a toy room. The main level boasts a beautiful foyer as you walk in the front door with an open staircase, to the right is the formal dining room and to the left is the living room. The master suite has a large tub, walk-in shower and a double bowl vanity!! This home has so many fabulous features including the large kitchen with breakfast nook and island! The oversized 3 car garage is great for storing all your toys, lawn equipment, and cars. This property will not last long. $475,000 Active

980 W Twentieth St. Jasper, Indiana

4 Beds 4 Baths 3,955 SqFt 1.200 Acres

Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

Lots of room to spread out. This 4 bedroom/3 bath home has an abundance of living area. The spacious kitchen/dining room features a center island and lots of cabinets and counter space. If this isn't enough room then there is a basement which is climate controlled by multiple mini-split units. The 2+ car detached garage features radiant floor heat and another full bath. As an additional bonus there is a upstairs efficiency apartment which is currently rented. Located on a large corner lot with a nice sized backyard. $425,000 Active

1245 W 6th Street Jasper, Indiana

4 Beds 3 Baths 3,610 SqFt 1.300 Acres

Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.

Attractive brick custom built home on large corner lot with enclosed sun porch. Spacious and move in ready, covered entrance leads in to open living room. Eat in kitchen includes appliances. Primary bedroom suite has its own bath and walk in closet. Second bath also has walk in closet. Garage has pull down stairs to above attic storage. $250,000 Active

1919 Irvine Court Huntingburg, Indiana

3 Beds 2 Baths 1,562 SqFt 0.270 Acres

Listing courtesy of Carson Lowry from RE/MAX REVOLUTION.

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