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:

This all brick home at a great location has been well maintained with newer roof and windows and offering plenty of space (2040 square foot on main level) and a full unfinished basement. It opens to a large living and dining room offering great space for quality time. The u-shaped kitchen comes complete with range, microwave, refrigerator, newer dishwasher and breakfast bar. Laundry is located off the kitchen which includes washer/dryer and a half bath. A double sink vanity with shower is available for 2 bedrooms and a master suite with walk-in closet for the owner. The extended garage offers a perfect workspace or more storage. A patio extends to the backyard creating a peaceful retreat with frequent viewings of wildlife. This one owner home was custom built by Bill Sermersheim with custom window treatments by Corbin's. The location is ideal with the Parklands, walking trails, schools, shopping, golf courses and churches nearby. $249,900 Active

1461 Martha Drive Jasper, Indiana

3 Beds 3 Baths 2,040 SqFt 0.463 Acres

Listing courtesy of Tama Stemle from RE/MAX Local.

This lovely home in the heart of Jasper is tastefully decorated and move-in ready! Walk in the front door to a huge living/family room with a fireplace and is open to the newly updated kitchen with brand new appliances and newer flooring. The laundry/half bath is conveniently located off the kitchen. Back the hallway is the updated full bathroom and 2 bedrooms. The mostly finished basement includes an artsy bar area on one end and on the other end a comfortable family sitting area with a fireplace. 2 more rooms along with a half bath and furnace/storage area complete the lower level. (Furnace and A/C are 1-2 years old). The carport and driveway have recently been re-done, along with a new vinyl fence for the back yard. Behind the carport is a shop that can be used as a workshop/hobby area or extra storage. Now is the time to move on this one!! $164,900 Active

1309 Kundeck Street Jasper, Indiana

2 Beds 3 Baths 2,184 SqFt 0.120 Acres

Listing courtesy of Sandra Cave from RE/MAX Local.

Check out this priced to sell .72 of an Acre, 3 Bedroom Home with tons of Garage space. This property sits on a corner and is very private. $59,000 Active

4542 S 50 E Huntingburg, Indiana

3 Beds 1 Baths 684 SqFt 0.720 Acres

Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.