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Looking to buy a house but you don’t have much money saved for a down payment?

Looking to buy a house but you don’t have much money saved for a down payment?

Hello, my name is Brent Wright and I am a local Realtor here in Northwest Indiana. The reason for this post is because I occasionally hear people say that they’d like to buy a home but they aren’t ready. When I ask them why they usually say the same things. I need to save for a down payment. Well, I’m here to brighten your day. There is actually a loan or grant through the state of Indiana Called Indiana housing. It is an FHA loan, however they state will pay your down payment. In order to qualify you have to have a income of less than $64,000 a year and a 660 credit score.

Now with that being said nothing in life is really free! Well, except air and occasionally water. What happens is the lender typically will charge a slightly higher interest rate which is actually charged by the state and they typically charge a little more for the loan in closing costs. Closing costs can be negotiated in an offer to be paid for by the seller which eliminates the costs and brings it back down to a no money loan. There are even a few lenders here and there that allow you to keep a lower interest rate which is EVEN BETTER!

OK, so with this program that doesn’t mean you don’t need any money. You will need money for earnest money which can be refunded. You will need money for a home inspection which won’t be refunded. You’ll also need money for the appraisal (depending on the lender but if you do a refundable item at closing). Oh you’ll also need $100 to reserve the grant with the state of Indiana.  So basically if you get enough closing costs from the seller in the offer, you are basically in a home for the costs of a home inspection and the $100 reservation fee.

Now, NO MORE I NEED TO SAVE MONEY FOR A DOWN PAYMENT. JUST PICK UP THE PHONE AND CALL ME AT 219.406.7195. Let’s Start Search for your home today!

PROGRAMS OVERVIEW

HELPING TO OWN (H2O)

  • First-time homebuyers only, unless purchasing in a Targeted area
  • FHA 30-Year fixed loans only
  • 100% financing
  • Down Payment Assistance (DPA) grant of 3.5%, does not have to be re-paid
  • Program Income limits Apply
  • Minimum credit score of 660
  • Reservation fee $100

MORTGAGE CREDIT CERTIFICATE (MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (lender sets rate)
  • Federal Tax benefit
  • FHA, Conv, VA or USDA Rural Housing financing eligible
  • Reservation fee $500

NEXT HOME (NH)

  • Does not have to be a first time homebuyer
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score of 660 for FHA or minimum of 640 for Conv
  • FHA or Conv financing eligible
  • 2 year affordability period
  • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
  • No cash back at closing except for what the Mortgagor paid into the loan
  • Reservation fee $100

NEXT HOME WITH MORTGAGE CREDIT CERTIFICATE (NH/MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score of 660 for FHA or minimum of 640 for Conv
  • Federal Tax benefit
  • FHA or Conv financing eligible
  • 2 year affordability period
  • DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
  • No cash back at closing except for what the Mortgagor paid into the loan
  • Reservation fee $100

AFFORDABLE HOME (AH)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 660
  • FHA financing eligible
  • Reservation fee $100

MY HOME (MH)

  • Does not have to be a first time homebuyer
  • Income limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 640 for loans having LTVs equal to or less than 95%. LTVs greater than 95% the credit score that is required may vary
  • Conv financing eligible
  • Master Servicer must underwrite all loans having LTVs greater than 95%
  • Reservation fee $100

MY HOME WITH MORTGAGE CREDIT CERTIFICATE (MH/MCC)

  • First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas)
  • Income and Acquisition limits apply
  • 30 year fixed rate (set by IHCDA)
  • Minimum credit score 640 for loans having LTVs equal to or less than 95%. LTVs greater than 95% the credit score that is required may vary
  • Federal Tax benefit
  • Conv financing eligible
  • Master Servicer must underwrite all loans having LTVs greater than 95%
  • Reservation fee $100

 

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About Brent Wright

Picture of Brent Wright

Brent Wright

Realtor

brentwright@mccolly.com

219-706-2998219-706-2998 main

Brent W. Wright McColly Real Estate

Serving Northwest Indiana! Beverly Shores IN, Burns Harbor IN, Cedar Lake IN, Chesterton IN, Crown Point IN, DeMotte IN, Dune Acres IN, Dyer IN, East Chicago IN, Gary IN, Griffith IN, Hammond IN, Hebron IN, Highland IN, Hobart IN, Kouts IN, Lake Station IN, Long Beach IN, Lowell IN, Merrillville IN, Munster IN, Ogden Dunes IN, Portage IN, Porter IN, Schererville IN, Saint John IN, Valparaiso IN, Wanatah IN, Westville IN, Whiting IN, Winfield IN

Reviews

5user8784985

Brent has stuck by my side through the whole process. If I want to see a house, immediately he sets up a time and we are looking at the house. You can always get ahold of him. He is very knowledgeable too!

5TeresaTaytumm

Brent is an amazing person, He helps in any way he can to his fullest! He isn't just doing his job, he goes above and beyond. With any question given, he has an answer every time and even if he did not know the answer, he would do whatever research needed so... (more)

5chris reed28

Brent is very hardworking. Best realestate agent to have. He showed me tons of homes in my price range and offered his expert opinion and background of the neighborhoods we were in.

Review Brent Wright on Zillow.com

Lender

Chuck Dayton

5

( 9 reviews )

(219) 763 3376 x4207

Lender Website