Tim Diersing

Anthony, There are many oppurtunities for grant money and forgiveable down payment assistance as 2nd liens. Most notably, the Indiana Housing Partnership offers help for home improvement loans and grants in conjunction with participating banks. Most of these grants, loans, and assistance are limited in either targeted census tracts, low to moderate income earners, and first time homebuyers. First time homebuyers are normally considered to be individuals that have not had an ownership interest in their primary residence for 3 consecutive years prior. Of course my employer works in conjunction with a lot of these programs. (Fifth Third Mortgage). Some of these grants and forgiveable down payment loans normally mandate that you stay in the home for at least 9 years or you become subject to a recaputre feee, tax, or penalty.

Keep in mind not everyone will qualify and the guidelines can be stringent. Call or email me if you would like to discuss further. The views, opinions, and statements in this reply are my own and are not endorsed by my employer or associated entities.

I hope this helps. - Tue Jun 10 2008, 19:04

Linda - Your credit need not be perfect to qualify for a home loan. As a matter of fact with an FHA loan somebody with a 800 credit score will generally receive the same interest rate as someone with a 550 credit score assuming they both qualify. Deal with a mortgage professional that knows what they are doing! Ask for references from the loan officer, work with a bank or reputable mortgage broker.

Some credit blemishes can usually be cleared up with a letter of explanation! Major credit issues will be scrutinized. If the event that led to your credit demise is reasonably determined to be out of your control, isolated, corrected, and not likely to reoccur there is a good chance of getting past the concern.

Tim Diersing - Fifth Third Bank 317.882.3206 - Sat May 31 2008, 05:36

AB - One thing I didn't point out in my initial answer was the fact that a current profit and loss statement can be taken into consideration when averaging your income. New FHA rules do not have hard debt ratio limits. As mentioned, talk to an experienced mortgage loan consultant. Your first hurdle will be documenting income. Credit score shouldn't even be an issue unless you are looking at a NO DOCUMENTATION loan or certain loans offered by some banks and mortgage brokers. Feel free to contact me anytime. - Thu May 29 2008, 15:06

AB
Depending upon what your tax records show you may still qualify for an FHA loan. Furthermore, there are certain items that can be added back to your bottom line for qualification purposes. I would talk to a reputable Mortgage Consultant prior to amending any returns. You may have conventional loan options as well. Based upon your question there are too many unknowns to offer any solid advice in this format.
Contact me. I'd be more than happy to take a look.
-Tim Diersing Fifth Third Bank 317.882.3206 or timothy.diersing@53.com - Thu May 29 2008, 13:07

Ron -

Is your listing agent obtaining 'feedback' from prospective buyers? You obviously have more than just tire-kickers touring your home.

If you have your home listed FSBO or with a limited agency, time to roll up your sleeves and illicit an answer to your question from the buyers agent(s).

Are you or your listing agent highlighting financing options to the potential buyers? That can make or break a deal. Buyers have hundreds of options. Terms of the financing can muddy the waters behind the scenes! - Wed May 14 2008, 14:04

Kate,
I'm not a real estate agent but am a mortgage consultant with strong ties to the southside of Indianapolis. The Homecroft area fits your description. It is a quaint 'pocket' of Indianapolis that exhudes the qualities you describe. The area has long been established and represents staying power. Mature Trees, Neighborhood Setting without a subdivision footprint, Close to amenities, Highly Affordable, Curb appeal, etc. etc. I'd check it out. Zip Code is 46227. - Mon May 12 2008, 05:41