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!

Start your Home Search now

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:

Welcome to this beautiful craftsman style two story home in Hunters Crossing in Huntingburg! You're greeted by amazing curb appeal and a covered front porch, and you enter the home into a spacious entry way. The main living space is completely open concept and perfect for entertaining! The light & bright living room features two large windows, and gorgeous laminate plank flooring runs throughout the entire main floor. The kitchen has an island, stainless steel appliances, and plenty of cabinet storage. On the main floor, you'll also find a half bath and a large laundry room. The primary bedroom features a private en-suite bathroom with double vanity and shower. There are two additional bedrooms, along with a bonus room that could be a 4th bedroom. You'll also love the large back yard! $290,000 Active

221 W Stellar Way Huntingburg, Indiana

4 Beds 3 Baths 2,152 SqFt 0.170 Acres

Listing courtesy of Trae Dauby from Dauby Real Estate.

A 3 bedroom 2 full bath brick home that sits on .49 acres in Jasper's Wind Song Estates. This home has a two car attached garage and a single detached garage that could be used for storage or a work shop. Beautiful columns are a focal point in the living room and kitchen area has an eat at peninsula bar and stainless steel appliances. This is a great location to the schools and very close to the new restaurants. $274,900 Active

1443 Dexter Court Jasper, Indiana

3 Beds 2 Baths 1,365 SqFt 0.490 Acres

Listing courtesy of Adam Boyd from BOYD REALTY & DEVELOPMENT LLC.

Country living with large lot in a cul-de-sac in Ireland area. A beautiful neighorhood, not far from schools, shops, and restaurants. This all brick home features 3780 finished square feet, 5-6 bedrooms with 3 full and 1 half baths. Inside this home you find a kitchen with beauiful oak cabinetry, corian counter tops, a middle island with chairs, tile floors, Moen faucet. A large dining room with wood floor leads through the french doors to all glass sunroom with wood trim that makes you feel like you're outside. The large living room with oak flooring has a gas fireplace. Still on the main level you have three bedrooms with large closets and a bathroom with all the modern features. The laundry room contains LG Smart washer and dryer. On the lower level, you will find large family room with possible fireplace (ask your realtor) play room, a full bath and more, a large storage area with a possible kitchen (it has cabinets and sink all you need is a refridgerator), three large rooms currently used as bedrooms with large closets. To finish off the main level you have large two car garage with work table, many opportunities for storage for fishing poles, wrenches etc. A large storage closet adds extra opportunities for your treasures. Outside side you will find a black metal archway with two trellises in flower garden that sits in backyard, along with a pergola, and a large wooden play ground set. Finally you will find 26' x 26' second 2 car detached garage that currently houses a large boat, cabinetry, work benches and more. This is a don't miss viewing!!!!! $425,000 Active

4807 Killarney Court Jasper, Indiana

6 Beds 4 Baths 3,780 SqFt 0.570 Acres

Listing courtesy of Jake Mauntel from American Dream Mauntel Realty.