Are you thinking of buying a home in the Indianapolis area? The first thing you want to start with is financing with a trusted lender. How can you find that?
Ask your Realtor-they will know who is a trusted lender for your particular scenario. You could want to purchase a home in a rural area and it might be an area eligible for USDA financing. You might not have a lot of money to put down on a property that doesn't meet USDA criteria. So then you might want FHA financing where you put 3.5% down. This 3.5% down does not include closing costs or buyers agent commission (new law that sellers do not have to pay for that-even though had been customary in United States for decades) ask an agent for more specific details on this. You might be a veteran and eligible for a VA loan. Perhaps you need down payment assistance and need a trusted lender that does Indiana Housing or that type of Grant money.
Let's break the types of financing down a little bit further.
USDA-Must be your primary residence only, No down payment**, No Mortgage Ins. (MI)
VA-Primary residence only, no down payment**, No mortgage Ins. (MI)
FHA-Primary Residence only, Minimum down payment 3%
Conventional-Minimum down payment of 3%(might be eligible for grant money, depending on lender and available funds),
If your loan does not meet conforming standards, it will be a nonconforming loan. Non-conforming loans may have less stringent requirements than conforming loans. These loans can help for those with a lower credit score or a possible bankruptcy.
There are hard money loans. You should be very careful when researching these as they have higher fees and rates than the standard loan offerings.
Understanding what you can qualify for and if you have different options is very important before you get started on your home search. Ask a trusted Realtor for a trustworthy lender or you could end up with a lender that is not reputable. This choice can lead to agents recommending their client or at least advising them against selecting your offer. Sellers typically want to close as soon and Smoothly as possible. Trusted lender partners can help ensure this. The scenarios are too many to list of why a random untrusted lender source can cause hiccups or falling apart of a purchase agreement. No one wants that. We all want smooth closings.
Need Indianapolis Property Management, give us a call at 317-885-8858 and ask for Jim Johnson & Good Luck on your future home search-we can assist you with that as well.
Hiring an Indianapolis Property Manager can be a smart move to streamline your property management. You can allow to enjoy the benefits of expanding your investment portfolio without the stress of you having to be hands on with your investment property.
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