Financing Assistance

Get Pre-Approved First

This is where we can help. We will help set you up with a lender that fits your needs and offers the best array of programs that can help you purchase a home. Whether you are a first time home Buyer or a repeat buyer, there are programs that offer NO MONEY DOWN, GRANTS, and other benefits that not all lenders have available so it’s not a bad idea to check with an agent that knows about these programs first. You do NOT want to have multiple lenders pull your credit either (shopping around) to see which lender has the best deal for you. This actually may impact your credit score in a negative light. So let us help you and set you up with the right lender and program based on your individual needs. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

No Money Down Programs

VA Loan (Veterans Loan)

• Available to Veterans (some restrictions apply)
• 100% Financing Available
• Do Not have to be First Time Homebuyer
• No PMI (Private Mortgage Insurance)

USDA

• 100% Financing Available
• Do Not have to be First Time Homebuyer
• Reduced PMI
• Home Must Be Located In Targeted Area
• Minimium Credit Score of 640
• Program Income Limits Apply
• http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Helping To Own (H2O)

• First-time homebuyers only, unless purchasing in a Targeted area
• FHA 30-Year fixed loans only
• 100% financing
• Down Payment Assistance (DPA) grant of 3.5%, does not have to be re-paid
• Program Income limits Apply
• Minimum credit score of 660
• Reservation fee $100

Neighborhood Loan Program

• Home must be located in a low to moderate census tract area to qualify for no income limits
• Or you can purchase anywhere with income limits of 50%-80% of the Median income for Tippecanoe County
• You do not need to be a first time home buyer
• Minimum credit score requirements 620
• No PMI
• Reduced closing cost
• Option for reduced interest rate

Grant Programs

Next Home Program

• Does not have to be a first time homebuyer
• Income limits apply
• 30 year fixed rate (set by IHCDA)
• Minimum credit score of 660 for FHA or minimum of 640 for Conventional
• FHA or Conventional financing eligible
• 2 year affordability period
• DPA – 3.5% of purchase price or appraised value, whichever is less for FHA or 3% of purchase price or appraised value, whichever is less for Conv
• No cash back at closing except for what the Mortgagor paid into the loan
• Reservation fee $100
• Available to Veterans (some restrictions apply)
• 100% Financing Available

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