Navigating the Indiana Mortgage Process can be confusing if you don't know where to start. Here are a few of the Frequently Asked Mortgage Questions that we get on a daily basis. If there is something that you are curious about that isn't covered here you are welcome to text me at 812-620-0046 or you can email me at [email protected] Quick Indiana Mortgage Application
What Credit Score Do You Require To Buy An Indiana Home?
We have several different loan programs for Hoosiers to chose from based on your credit score, overall credit profile, and property type. Here is a quick reference list:
USDA: Requires Minimum 600 Credit Score
Indiana Housing Program: Minimum 640 for Conventional Option / 660 for FHA Option
VA: Minimum Score 600
FHA: Minimum Score 580
Conventional: Minimum Score 600 depending on Mortgage Insurance Restrictions
Can I Really Buy A Home With No Down Payment?
Yes, we offer 3 different No Down Payment Options to choose from based on your current situation. Keep in mind that even if there is no down payment, there still may be fee's associated with the loan. In most cases, you real estate agent may be able to negotiate with your seller for them to help cover some of the costs at closing.
Can You Help Me Repair My Credit?
Of course! A big part of our job is helping our clients increase their credit scores along with strengthening their credit profiles. And, if we can't help we work with a GREAT Credit Repair Company that may be able to help.
Do You Finance Doublewides / Manufactured Homes in Indiana?
There are not a lot of banks and lenders in Indiana that are willing to help you purchase a manufactured home. We have been doing so for years by utilizing the FHA and VA programs. FHA will allow you to buy a double wide with a 3.5% down payment fi you have at least a 600 score. With VA, we can help you buy a manufactured home with Zero Down payment if your score is over a 600+. (Please note: Each of these programs require a full approval by an underwriter, and terms/restrictions apply.) Please note: We do not finance single wide homes
How Long Does It Take To Close A Loan With Your Company?
Many banks are taking 60 days to close a loan right now, but our average turn times are approximately 3 weeks. Much of this will depend on how quickly you can get your paperwork in to our staff, but we are ready, willing, and able to get our clients to the closing table in 21 days. You will love working with our fantastic processing staff.
Do I Have To Come To Your Office And Meet In Person?
You are more than welcome to visit our office and meet us in person if you would like, but we are happy to complete the process online if you would like. We close loans all over Indiana and Kentucky and it is due to our technology.
What Is My First Step To Buying An Indiana Home?
The first step in the Hoosier Home Buying Process is to check your credit to see your current credit profile. (Please Note: A credit report is necessary to qualify for a loan. The free reporting agencies online like Credit Karma, FREE Credit Report.com, and others do not necessarily give you a Mortgage Credit Score.)
Once you complete our FREE Credit Review Form, we will reach out to you to discuss the different options that you have.