Requirements for FHA Mortgage Indiana

Whether you come from Indianapolis or the rural regions of this state, you can easily turn your homeownership dream true. This is because the FHA mortgage Indiana provides the easiest means of gaining homeownership for applicants in the low-to-moderate income levels. To be eligible in the low-income bracket, your earnings should be only 50-80% of the area’s median income. Moderate-income, on the other hand, refers to those who can afford 115% of the area’s yearly average earnings.

By working with FHA Home Loan Group when applying for FHA mortgage IN, you will pass though an easy pre-qualification stage. This encapsulates the following property and income-related requirements.

  • Your new property should become your primary home.
  • Though not a strict requirement, a job history of the past 24 months also boosts the chances of eligibility.
  • Qualification is also possible if you have no other existing loan from the government or credit card companies.

However, note that you can apply as a second-time borrower after successfully settling the balance of the previous program.

Easy Credit Requirements

Unlike conventional loans, FHA mortgage IN does not accord importance to the credit score. However, you need to provide the following details before availing the product:

  • A credit score of at least 620. We can negotiate for a rate as low as 580.

We can also ascertain the credit details from the three national agencies that keep credit information and find the average score between them.

Benefits of FHA mortgage Indiana

Applying for FHA mortgage Indiana brings you the following great advantages:

  • You will get 97% financing, meaning that you will pay only 3.5% worth of down payment. No other program apart from USDA and VA from the United States Department of Agriculture and Veteran Affairs, respectively, offer a similar proposition.
  • You can receive the down payment as a gift from a family member, NGO or the government.
  • You can also include the Upfront Monthly Insurance of 1% into the rest of the scheme to avoid out-of-pocket costs.

Select a Sub-program

Another way to access FHA mortgage Indiana is to choose a program that pertains to your particular income condition. The following are the two main sub-programs to select:

  • The Guaranteed Program. This is available to the majority of applicants because it suits the moderate-income tier, meaning those whose income is 115% of the area’s median income.
  • The Direct Program, on the other hand, is available to applicants whose level of income is 50-80% of the area’s median level.

If you meet the above easy pre-qualifications stages, you may already be eligible for FHA mortgage Indiana. We provide instantaneous feedback to clients who need to obtain this home purchase program and thus own their very first home. We also facilitate second-time applicants if they have already successfully completed the previous program.

Give us a call today and we will offer you ready help! Call [888] 202-4479