Loan Programs

Get all your information on Conventional loans, FHA loans, VA loans, FHA 203k, and USDA loans

Special Programs

HomePath Financing

 

The following is a partial list of programs offered by Indy Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 317-570-6300.

FHA Mortgage Loans

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don't have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.

Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.

FHA 203K Streamline Rehab

This financing allows for both the Purchase and Renovation or Remodeling all in one Loan.

* Purchase a home Below Market. Many homes are currently sitting on the market being passed by for reasons such as needing cosmetic repairs, major improvements to just being outdated. This has made many of those home open and flexible in the offers they will accept.

* Have renovation / improvements customized to personal taste giving added control and value in this purchase.

FHA $100 Down

All HUD owned homes for sale in Indiana can be purchase with a FHA loan with the down payment of only $100. HUD will pay as much as 3 percent of the sale price to offset closing costs, plus it will finance the transaction.

Lists of HUD properties available under the program for sale in the state of Indiana can be found on the HUD page .

Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements.

Available terms generally range from 10 years, 15 years, 30 years and 40 years.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.

Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.

VA Mortgage Loans

Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.

For information on qualifying for this loan program please give us a call today.

USDA Rural Housing

This is a 100% Purchase program for homes in eligible areas that meet the income limits for that area.

Below is the website to use to see if your property is in a qualifying area, and where you can do an income analysis to be sure your customer meets the guidelines. Be sure to count all people in the house and do not forget to credit child care if they pay it.


http://eligibility.sc.egov.usda.gov

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.

Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

Jumbo Loans

A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.

Learn more about jumbo loans by contacting us today.

Home Equity Loans

Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you've built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you're interested in a home equity loan.

Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.

Reverse Mortgage Loans

Reverse mortgage loans, also known as reverse equity loans, are only available to homeowners 65 or older. Like its name indicates, this program pays the homeowner either a one-time large payout or monthly installment. Once the loan term expires the house either becomes the property of the lender or the house can be sold to repay the debt.

Reverse mortgage loans are great options for seniors looking to increase their monthly incomes. Contact us for more details.

Indy Mortgage

8103 Knollview Ct
Indianapolis, Indiana 46256
317-570-6300
FAX: 317-570-6629
ken@indymortgage.com
NMLS: 116854

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