9 minute read. There are a lot of potential first-time home buyers that delay getting a mortgage simply because it seems like a long and daunting process. There are new mortgage programs available in 2018 that make it easier for first-time home buyers to qualify for a loan then ever before.

The Indiana Housing and community development authority (IHCDA) offers first time buyer home loans including down payment assistance to eligible borrowers for up to 4% the home sale price. The down payment is facilitated through a second mortgage which requires no payments, including interest.

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The Mortgage Credit Certificate (MCC) Program was established by Congress in 1984 as a way to provide assistance for first-time home buyers with the requisite low to moderate income levels. The program is funded by the federal government and one of the most comprehensive home buyer assistance programs.

Mortgage Assistance for Homebuyers in Indiana First Time Home Buyer Down Payment Assistance This program is provided through the homeownership opportunity network (hon) and assists borrowers by providing HOME program funds in the form of forgivable loans for principal reduction, down payment, and closing costs when purchasing a home.

Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices

First-Time Homebuyer FAQs. How do I know that buying a home is a better decision for me than renting one? Owning a home is an investment. While renting has its benefits, the monthly check you make out to your landlord is handed in and that money is gone forever.

How Much Can Afford House To get that number back down to a monthly housing budget of $1,250, you’ll need to lower the price of the house you can afford to $172,600. Use the calculator to try out other combinations to find the right mortgage amount, interest rate and down payment combo that will work for your budget.

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Loan Process For Buying A Home House Budget Based On Salary You seem to be under the impression that a salary of $120K makes you a rich person.. You want a house?. Based on my complete answers published elsewhere, you should spend no more than 10% of your gross income or.. How should I plan my budget for buying a car from a salary of 11000 rands?Now that you’ve found the home you want to buy and a lender to work with, the mortgage process begins. At this stage, your lender will have you fill out a full application and ask you to supply documentation relating to your income, debts and assets. Order a home inspection. Schedule a home inspection as soon as you can.

According to an estimate, one million people will directly benefit from the program, which bodes well not just for the youth,

According to some studies, Indiana is one of the most affordable states to buy a home. But buying your first home in the Hoosier State could be an intimidating process. Between the inspections and mortgage, it will likely include many financial situations you’ve never encountered. After all, this.