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Indiana
First Time Home Buyer
 Foreclosures
account for half of the sales in Indianapolis and 1 in 3 homeowners have
negative equity in their homes. Foreclosures are starting to level off but
Indianapolis home prices will fall about 12% this year. The $8,000 first time
home buyer has helped the market but sales are still sluggish. An Indiana first
time home buyer can get a great deal on a home and secure a low monthly payment
on zero down 30 year fixed mortgage.
Special
Programs
The My Community Indiana First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
Indiana First Time HomeBuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Fort Wayne |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Indianapolis |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Blooomington |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Gary |
$410,000 |
$524,850 |
$634,450 |
$788,450 |
| Jasper |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Michigan City |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Terre Haute |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90
consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Indiana USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
most counties is $73,600. Indianapolis has $78,350 limit.
List of INELIGIBLE COUNTIES: Allen, Bartholomew, Boone,
Clark, Delaware, Elkhart, Floyd, Grant, Hamilton, Hancock, Hendricks, Howard,
Johnson, Lake, LaPorte, Madison, Marion, Monroe, Porter, St. Joseph, Shelby,
Tippecanoe, Vanderburgh, Vigo, and Wayne.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Indiana First Time Home Buyer Stats
| Best Places to Live |
Brownsburg, St. John |
| Most Affordable |
Indianapolis-$107,000 |
| Average Home Listing Price |
$195,859 |
| Unemployment Rate |
9.2% |
|
Foreclosure rate-Indianapolis |
1 in 150 homes |
| Job Market |
There has been increase in jobs in Manufacturing and Professional
and Business Services |
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