Indianapolis IN home loans, real estate loans, home finance information – Dilger Financial Group

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$8,000 and $6,500 Homebuyers Federal Tax Credits

November 7th, 2009 4:35 PM

The Federal Goverment Extends The $8,000 Tax Credit For First Time Homebuyers and Add's a $6,500 Credit For Repeat Buyers Ubtil The End of April, 2010. Call For Details or Click on the Link Below for FAQ's.

Details On Homebuyer Tax Credits

Posted by Steve Jackson on November 7th, 2009 4:35 PMPost a Comment (0)

IHCDA Programs - Down PAyment Assistance up to $7,500

October 23rd, 2009 12:54 PM

First Time Homebuyers Programs Available Through The State of Indiana

The Indiana Housing and Community Development Authority (IHCDA) is a state organization that offers special loan programs for first time homebuyers. The FIRST HOME programs offer low fixed rate mortgages as well as down payment assistance for those who qualify. Borrowers must be below a certain income based on family size and property location. Dilger Financial Group, a division of Main Street Financial, is an approved lender with IHCDA. Here are some specifications on the IHCDA programs:

First Home - (Bond Program)

Normally below market fixed rate - Currently 5.375% 30 year fixed FHA, VA, USDA.

For first time homebuyers (unless property is located in IHCDA targeted area)

Owner Occupied Properties

Acquisition Limits - $237,031 in Hamilton/Marion Counties

Income Limits - Based on family size

First Home Plus - (Bond Program with Down Payment Assistance)

Normally below market fixed rate - Currently 5.375% 30 year fixed FHA, VA, USDA

Down Payment Assistance, settlement costs, 6% to a max of $7,500

For first time homebuyers (unless property is located in an IHCDA targeted area)

Acquisition Limits - $200,160 in Hamilton and Marion Counties

Income Limits - Based on family size (lower limits than First Plus)

Other IHCDA Programs

*MCC - Mortgage Credit Certificates – Borrowers get a tax credit up to $2,000 per year to help subsidize their mortgage payments

*Market Stabilization Program - Owner Occupied Foreclosures, $15,000 credit towards rehab, down payment and settlement costs

Call me to discuss any of these programs or visit the website below to determine eligibility.

IHCDA website - www.in.gov/ihcda/

Thank you!

Steve Jackson
Mortgage Consultant
Dilger Financial Group, LLC

A Division of Main Street Financial, Inc.
317-590-6629
Fax: 317-536-9643
steve@indymortgagesource.com
www.indymortgagesource.com

Posted by Steve Jackson on October 23rd, 2009 12:54 PMPost a Comment (0)

Get Up To $23,000 From the Federal Government for the Purchase of a New Home!

April 22nd, 2009 11:34 PM

How To Claim A Credit Of $15,000 (Or $23,000!) On The Purchase Of A New Home

The Indiana Housing & Community Development Authority (IHCDA) has rolled out a new program designed to help facilitate the sale of foreclosed properties in Indiana. The program is funded by money that Indiana received from the Federal Government as part of the stimulus package. You may be eligible to receive a $15,000 grant from the State if you purchase a foreclosed property that is deemed to be in “an area of greatest need” by HUD. This means you can purchase the home with no money out of pocket!

This credit may be used for:

1) Down Payment Assistance

2) Closing Costs, Points, and Pre-paid Items

3) Repairs

Here are some key points on this program:

1) Property must be a foreclosed property.

2) Must be located in an eligible area. Check here for eligible properties: http://indianahousingnow.org/ProgramGISLookup.html

3) There are income limitations on this program. Check here for income limits based on family size. http://www.in.gov/ihcda/files/MSP_STAND-ALONE_INCOME_LIMITS.pdf

4) Bank must sell you the property at a 10% discount. Sales price cannot exceed 90% of the appraised value.

5) The credit is forgiven after 10 years and partially forgiven in years 6-9.

6) Property residence only.

7) Buyer does not have to be a first time homebuyer.

If you are a first time homebuyer (meaning you have not owned a primary residence in the past 3 years), you may also receive the $8,000 Federal Tax Credit for first time buyers, if you close before December 1^st of 2009. You can find details of the $8,000 credit here: http://www.indymortgagesource.com/$8,000housingtaxcredit

Between these two programs, you have the opportunity to take advantage of free money from $8,000 to $23,000 for the government. That coupled with the historical low interest rates and extraordinarily low home prices, make this perhaps the best time ever to purchase a new home! Call me for further details on these programs and to begin the search for your new home today!

Steve Jackson
Mortgage Consultant
317-863-2092
Fax: 317-536-9643
steve@dilgerfg.com
www.indymortgagesource.com

Posted by Steve Jackson on April 22nd, 2009 11:34 PMPost a Comment (0)

How Much Do I Have To Put Down To Purchase A Home??

March 24th, 2009 12:22 AM

Are you wondering how much of a down payment it takes these days to purchase a new home? Well, if you’ve listened to the nightly news since the credit crisis and mortgage meltdown began, you have probably heard that it requires a down payment of at least 20%, and a minimum credit score of 700. While it is true that mortgage guidelines have tightened in the last two years, it is not nearly that difficult to obtain a mortgage and realize the American dream.

A standard FHA loan currently requires only a 3.5% down payment, and a minimum credit score of 620 for most lenders. In some cases, borrowers with credit scores of 580 to 619 are also eligible. These guidelines are a far cry from the what the press has been reporting of late. It’s is still reasonably easy for most Americans to buy.

Let’s take a look at the different types of loans and their requirements:

FHA Loans- (Federal Housing Authority, which provides mortgage insurance for FHA approved lenders.)

As stated above, FHA requires a3.5% down payment. FHA does not have a minimum credit score requirement, but lenders place their own requirements and currently credit scores of at least 580 is what they are looking for. The maximum loan amount for FHA loans in Indiana is $271,050. If you are looking to borrow a higher amount than this, you may need a Conventional loan.

For more details on FHA Loans: http://www.indymortgagesource.com/FHALoans

Conventional Loans - There has also been a lot of talk on the news of late regarding GSE’s (Government Sponsored Enterprises). The GSE’s you have heard about recently are Fannie Mae and Freddie Mac. These are two separate entities that serve basically the same purpose…..they establish loan guidelines and facilitate the purchase of loans from Banks and other financial institutions to free up cash for additional lending. Fannie and Freddie loans are called Conventional Loans and have different requirements than FHA loans. The down payment minimum is typically 5% , though we have an option available for a 3% down conventional loan product, and the maximum loan amount is $417,000. Minimum credit scores vary depending on the down payment amount, but suffice it to say that these loans are for stronger credit borrowers than FHA.

There are a couple of ways to purchase a home with less than FHA’s 3.5% requirement:

VA Loans - (Veterans Administration) VA loans are reserved for Veterans of the armed forces. The VA offers home loans with no money down to qualified veterans. Most lenders are requiring a minimum credit score of 620. For VA loan details: http://www.indymortgagesource.com/VALoans

FHA Loan with a gift - Conventional loans mandate that your minimum down payment is made from your own money that you have saved up. FHA will allow you to receive a gift from an immediate family member to put towards the down payment and purchase of your home. The gift donor signs a gift letter stating that the gift does not have to be repaid.

FHA Loan Purchasing a HUD Property - A borrower taking out an FHA loan to purchase an eligible HUD home (a foreclosed property owned by HUD) may purchase said property with a down payment of only $100. For more details: http://www.indymortgagesource.com/HUDHomes

USDA Rural Housing Loan - (United States Department of Agriculture) Rural Housing loans are available with NO down payment. The property being purchased must be outside of city limits and there are income restrictions . For eligible properties and income limits: http://www.indymortgagesource.com/RuralHousing

Posted by Steve Jackson on March 24th, 2009 12:22 AMPost a Comment (0)