by Lisa (Parrett) Treadwell
If you'd like to get a mortgage to buy a house in Fishers, Carmel, Greenwood, or anywhere across Indianapolis, Indiana the federal government may soon make it easier for you to do so, even if you have a damaged credit score or not quite enough money to make the traditional down payment.
In late October 2014, the head of the federal agency that oversees mortgage giants Fannie Mae and Freddie Mac said that he wanted to introduce initiatives to force mortgage companies in Indiana and across the country to offer home loans to a broader range of folks.
The Indy Real Estate Experts love this plan and are dedicated to working with our clients to help you understand what options you have for mortgages to buy a house in Indianapolis, Broad Ripple, Zionsville, Lebanon, and all of Central Indiana.
The Great Recession forced many Indiana mortgage companies to enforce stricter guidelines on who they would provide a home loan to in Indianapolis. This new effort is designed to loosen those rules.
Here are some of the changes that may come into effect:
Down Payments
Saving enough money to buy a house in Carmel or Fishers can be difficult, especially for first time home buyers. While most banks and mortgage companies currently require at least a 5% down payment, the new plan may force them to reduce that number to as little as 3% for a home mortgage in Indianapolis. It's possible that this lower rate may be limited to first time home buyers
If you're a first time home buyer, our experts at The Indy Real Estate Experts (like Jess Martin!) can help you understand your options and how to best prepare to buy a house. Contact us for a no-obligation chat.
Credit Scores
Home buyers with moderate-to-low incomes and slightly damaged credit may soon have a better chance of securing home loans in Indiana. After the Great Recession, banks and mortgage companies drastically increased the necessary credit score to get a loan for a house. Today, the typical credit score necessary for a mortgage in Central Indiana averages around 745 compared to about 710 in the early 2000's. It's thought that the new proposals make make the minimum credit score necessary for a home loan to once again hover around 700 or 710.
Interest Rates
The head of the federal agency that oversees Fannie Mae and Freddie Mac is new to the job and he is the one who is proposing these changes. Essentially, his overall goal is to make it easier for more people to get a loan for a house. Lower interest rates are always an important part of making that possible and while the head of the agency hasn't specifically outlined plans to make interest rates on a home mortgage in Indianapolis or Greenwood lower, it's likely that any initiative will do just that.
Overall, this entire proposal is great news for anyone hoping or planning to buy a house in Indianapolis.
If you've been unsure as to whether you may be able to qualify for a home loan to buy a house from Lebanon to Fishers to Zionsville, check in with us at The Indy Real Estate Experts and let's get you ready for just such a possibility!
If you’d like more information on the Broad Ripple, Indianapolis, or Carmel housing market or simply advice on buying or selling a house here, please feel free to contact me.
If you'd like to get a mortgage to buy a house in Fishers, Carmel, Greenwood, or anywhere across Indianapolis, Indiana the federal government may soon make it easier for you to do so, even if you have a damaged credit score or not quite enough money to make the traditional down payment.
In late October 2014, the head of the federal agency that oversees mortgage giants Fannie Mae and Freddie Mac said that he wanted to introduce initiatives to force mortgage companies in Indiana and across the country to offer home loans to a broader range of folks.
The Indy Real Estate Experts love this plan and are dedicated to working with our clients to help you understand what options you have for mortgages to buy a house in Indianapolis, Broad Ripple, Zionsville, Lebanon, and all of Central Indiana.
The Great Recession forced many Indiana mortgage companies to enforce stricter guidelines on who they would provide a home loan to in Indianapolis. This new effort is designed to loosen those rules.
Here are some of the changes that may come into effect:
Down Payments
Saving enough money to buy a house in Carmel or Fishers can be difficult, especially for first time home buyers. While most banks and mortgage companies currently require at least a 5% down payment, the new plan may force them to reduce that number to as little as 3% for a home mortgage in Indianapolis. It's possible that this lower rate may be limited to first time home buyers
If you're a first time home buyer, our experts at The Indy Real Estate Experts (like Jess Martin!) can help you understand your options and how to best prepare to buy a house. Contact us for a no-obligation chat.
Credit Scores
Home buyers with moderate-to-low incomes and slightly damaged credit may soon have a better chance of securing home loans in Indiana. After the Great Recession, banks and mortgage companies drastically increased the necessary credit score to get a loan for a house. Today, the typical credit score necessary for a mortgage in Central Indiana averages around 745 compared to about 710 in the early 2000's. It's thought that the new proposals make make the minimum credit score necessary for a home loan to once again hover around 700 or 710.
Interest Rates
The head of the federal agency that oversees Fannie Mae and Freddie Mac is new to the job and he is the one who is proposing these changes. Essentially, his overall goal is to make it easier for more people to get a loan for a house. Lower interest rates are always an important part of making that possible and while the head of the agency hasn't specifically outlined plans to make interest rates on a home mortgage in Indianapolis or Greenwood lower, it's likely that any initiative will do just that.
Overall, this entire proposal is great news for anyone hoping or planning to buy a house in Indianapolis.
If you've been unsure as to whether you may be able to qualify for a home loan to buy a house from Lebanon to Fishers to Zionsville, check in with us at The Indy Real Estate Experts and let's get you ready for just such a possibility!
If you’d like more information on the Broad Ripple, Indianapolis, or Carmel housing market or simply advice on buying or selling a house here, please feel free to contact me.
There's not a better spot in Fishers! Voted best place for families, there are many wonderful attractions in Fishers, including Conner Prairie, which is walking distance from this beautifully updated 2 story w/basement. From fresh paint to new bathrooms, this one is move in ready! Enjoy serene views from the large screened patio, mature trees & landscaping, family friendly neighbors, wonderful schools, trails, holiday fireworks, & close proximity to everything!
Thank you for more information share in your post.It is very helpfully to people how to search a good family homes.
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