Home Buying in Indianapolis>Question Details

Enduremyworld, Home Buyer in Indianapolis, IN

are 0 down loans even possible currently?

Asked by Enduremyworld, Indianapolis, IN Sun Jun 17, 2012

Our lease is up April 2013 and I don't know if we would have enough money saved to pay a down payment and closing costs. I understand that we could negotiate the closing costs with the seller, but what if we don't have 3.5% to put down?

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Yes, Like Daniel Mervar stated the IHCDA (Indiana Housing Community Development Authority) as down payment assistance based on restricted income levels and number of people in a household. It is a down payment that has to be paid back later when you sell the home. The amounts are $7,500 or 6% of the purchase price which ever is the least in the scenario of the home you buy. Plus they have a low fix interest rate that has been 3.5% but I haven't looked this week to see if it has changed any.
Great program! I've close a lot of deals with this one. The home has to be in Really good shape and seller willing to do any repairs that the inspection might cite as "not passing". Thoe have to be done before closing.
Hope this helps. I would recommend you start looking for homes in January-February of 2013 so you can be assured to close by April. HUD owned homes take longer is you pick one of thoes. They do have the $100 down payment for the purchase of their FHA insurable homes. Great way to buy and receive a good deal.
Jackie Lovell, Artisan Realtors, Irvington area, (317) 332-7547
0 votes Thank Flag Link Sun Jun 17, 2012
There are a couple of programs through the Indiana Housing Authority; several lenders I work with can provide details as they have income limits but can be a possible source for a down payment on a home purchase. I have had clients use this program with good success. The USDA program is also no down payment but pertains to certain geographic locations. None in Marion county but locations in surroundign counties. If you are a veteran, a VA loan is also no down payment. A couple of lenders also provide their versions of down payment assistance and I can provide contact info for them as well.

Thank you,
Dan Mervar
REMAX Legends Group
1 vote Thank Flag Link Sun Jun 17, 2012
Yes. USDA offers a $0 down payment loan in rural areas, like Mooresville, Pittsboro, Greenfield, etc.. Do you have an area that you are interested in? HUD offers a $100 down payment program as well.
1 vote Thank Flag Link Sun Jun 17, 2012
Sure there are, as noted below, rural areas can get you a USDA 0% down. Rural does not necessarily mean out in the middle of nowhere, much of the Lebanon area, or example, qualifies for this type of loan.
There are also programs offered by Wells Fargo and Regions that fall under the 0% down. Call around, call me if you need help calling around, and good luck!

Claire-Anne Aikman, SRES
Carpenter Realtors
0 votes Thank Flag Link Sun Jun 17, 2012
There are 0 down loans such as VA loans and Rural Housing loans, and down payment assistance loans through the state of Indiana. Your best course of action would be to talk with a mortgage lender to see if you qualify for any of these programs.
0 votes Thank Flag Link Sun Jun 17, 2012
I have closed more 0% down loans this year. I have a lender that will do 0% down and no PMI(private mortgage insurance). There are designated areas you can buy within and there are income requirements. Feel free to email me and I can put you in touch with the lender.
0 votes Thank Flag Link Sun Jun 17, 2012
Hello! Saw this post from a while back and am interested in the lender that will do 0% down and no PMI in Indianapolis. Thanks for you help! Erin
Flag Wed Apr 17, 2013
Some of the areas that I work in have down payment assistance programs which help buyers with their down payment. A local real estate agent should be able to help you with this. Good Luck
0 votes Thank Flag Link Sun Jun 17, 2012
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