Home Buying in Zionsville>Question Details

Illnixu, Other/Just Looking in Zionsville, IN

Wondering about my situation?

Asked by Illnixu, Zionsville, IN Sat Nov 28, 2009

My family of four (myself, husband, son 13 and daughter 8) will be moving to Indiana at the beginning of June 2010. We don't have bad credit, we have just established credit alittle over a year ago from a bankruptcy from 2007. We want to buy but don't think we'll be able to because neither of us will have established job security just having moved there. We have about $5000 for a down payment but will need at least 3 bedroom, 2 bath, finished basement with outdoor space home. We are not opposed to rent to own but want something in a suburban not to far from Indy, quiet, not crime overridden good school district area. Very frustrated please help?

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Jennifer Stewart-Johnson’s answer
Zionsville School is 1 of the top 3 schools in the state of Indiana. Checking into see if your home is right for you and or if you are looking to sell/buy a home. Contact me , Jen J at 317-501-2103 or email at jenj@callcarpenter.com
0 votes Thank Flag Link Tue Sep 7, 2010
Whatever you do...don't get into a rent-to-own situation! You'd be better off renting (if you need to) versus the other option. I agree w/ the other folks. Talk to an amazing lender that is referred to you (not an online place). Take the good advice of what you need to get to the "magic" credit score.

You might already be there...or you might need time. Either way, there are great houses to live in -- even in the best communities.
Web Reference: http://www.indyhomes.com
0 votes Thank Flag Link Tue Dec 1, 2009
I think your best advice at this point is to talk with a mortgage broker. They will be able to advise you on the particulars of your situation. Have what you earn and spend hand, your ss numbers and your date of discharge on the bankruptcy. That is the critical date. A good loan officer will be able to run you through manual or desktop underwriting and give you a yes or no on your loan as well as how much you qualify for. I am guessing an FHA loan will be what they reccomend. Easier qualifying, more debt to income and lower downpayments than conventional. With $5,000 down you are looking at low $100's on a purchase price.
Shoot me an email and I can direct you to some loan officers that are wither mortgage banks or direct FHA underwriters. The difference is less layers of middlemen. This means quicker answers and less closing costs. You can reach me at eric@karrfalt.net . I might be looking in Hamilton county for housing. Noblesville, Carmel, Fishers and Westfield. There is a fair amount of inventory at the price point you will be checking out and a fairly decent possibility of a good rent to own. If a mortgage option does not pan out. I have other altrernatives with private lenders, although they are more costly. Let me know if I can help. -Eric
0 votes Thank Flag Link Sat Nov 28, 2009
The best thing to do now is to talk to a reputable lender to find out whether you would qualify based on your current situation, and if not, what you'd need to do. A good lender will help you work through any issues, whether it takes a few months or a year. If you need some names of lenders with a good reputation in the Indianapolis area, who have helped clients of mine who are faced with similar circumstances. Let me know, I'd be happy to connect you. And, when you're ready to begin searching for a home, I'd be more than happy to talk to you about that, too.

0 votes Thank Flag Link Sat Nov 28, 2009
Our recommendation is to begin by doing two things.....meet with several lenders to get a feel for the various programs as well as what your financial availability will be and secondly identify a local real estate professioanl that is familiar with your target location. They should be able to point out some possible homes for consideration.

If a lease option becomes necessary, the agent may be able to assist you with this as well.
0 votes Thank Flag Link Sat Nov 28, 2009
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