First Time Home Buyer Loans

With so many programs being started by the federal government it is difficult to keep up with all of the changes, new programs and guidelines. Over the last sixteen years as a real estate consultant experience has shown that there is not one size fits all mortgage.
Today lets look a one program that is through a local (not national or international) bank. There more I see of the current dilemas the market has gotten into, the more I appreciate working with a local bank that is vested in your community.
Currently there is a program available for first time home buyers that requires no down payment.


Some of the guidelines are:

• No (0%) down payment



• 15, 30 fixed rate mortgage or 7/1 adjustable rate



• 60 day lock standard



• No application fee



• No mortgage insurance



• No payment reserve requirement



• Free pre qualification for loan amount



• Closing cost can be gift, grant of seller contributions



• Free pre-approval



• One or two family owner occupant residence only



• Borrower(s) may own no other property



• Maximum loan price $150,000



• Maximum annual income $54,480



• Maximum debt to income ratio 41%



• Home buyer training completed prior to loan closing



• 12 months on time rental payments



• House to me located in Marion county, Carmel, Fishers and parts of Zionsville

I just spoke with the lender on this and we may be able to tie this into the the $15000 assistance you have probably seen and heard on the news. For more information about that go to

http://www.in.gov/ihcda/

If you would like to begin your house search drop me an email at mailto:dbaize@c21rg.net or sign up for my free HomeFinder program at http://www.saygoodbyetoyourindianapolislandlord.com/.

Tomorrow I will explain a little about home loans for Medical Doctors and Fannie Maes new program for first time buyers. With all of the programs popping up there is to much to post in one blog, it gets a little overwhelming and as I said before, none the programs are one size fits all.