Indianapolis FHA Loans

If you are planning to relocate to Indianapolis, right now is the perfect time to apply for an FHA home loan. The Federal Housing Administration (FHA) has been making home loans affordable for over seventy years. It has done this by extending benefits to those who qualify, and since it began in 1934, over a million Americans have taken advantage of the program. Today there are even more benefits than ever before. Here are just a few of the loans currently available in Indianapolis through the FHA.

FHA Loans

The standard FHA loan is ideal for one to four-unit properties that do not require any repairs. With this loan, it is possible to qualify for up to 96.5% financing on the property, making your down payment a very affordable 3.5%. With this mortgage you will also get to take advantage of low interest rates and won’t have to pay for expensive private mortgage insurance (PMI). The other benefits of an FHA loan include easy approval, simple refinancing and flexible repayment options.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) includes the cost of acquiring the house plus all upgrades to be completed to the new property. These upgrades can include things like installing low-flush toilets, buying low-energy appliances and installing solar water heaters. The EEM is ideal for people who are looking to lower their utility bills while also reducing their carbon footprint at the same time.

203(k) Mortgage

Buying a house that needs extensive repairs done to it can be quite an expensive endeavor when done with a conventional mortgage. When done this way, you will be required to take out three separate loans: one for the acquisition, one for all the repair work to be done and a loan for the final value of the house. These loans typically have high interest rates and low amortizations. The 203(k) makes this process much more affordable by rolling all three loans into one affordable mortgage.

Getting Started

Before you start looking for your new house and lender, it’s a good idea to get pre-approved for the loan. With a pre-approval you will be able to see if you meet the lender’s requirements and will see just how much you’ll be able to afford.

No matter what type of loan you’re interested in, we can help! Simply fill out our secure online form and we’ll have you pre-approved in minutes. The process is free, fast and has no obligation.

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