Indiana FHA Loan

If you're looking for prime real estate in Indiana right now, chances are you'll need a mortgage and should seriously consider an Indiana FHA mortgage. With lush green hills, moderate temperatures and with beautiful landscapes, Indiana is quickly becoming one of the most posh places to not only live, but also for purchasing condominiums and summer homes. Your real estate options will be the pick of the crop but they're limited and you'll have to fight to get the property you want.

At 1st Continental Mortgage, we offer a wide range of financing solutions from custom homes, lot loans and modular home financing to the more traditional Freddie/Fannie conventional loan products. If you're looking at an Indiana FHA loan, you'll be glad to know we are experts in the government backed mortgage program. FHA loans are guaranteed by a government division, the Department of Housing and Urban Development, more commonly referred to as HUD, so they have more flexible eligibility requirements than major for profit lending companies. The major qualifications for an FHA loan in Indiana are:

• A steady work history
• There are no FICO or credit requirements although you are better off if you have a decent to excellent credit rating
• No minimum credit history Length
• Ability to pay The Proposed Mortgage Payment
• Not more than one FHA loan at a time

Some of the major benefits you'll receive from obtaining an Indiana FHA loan are:

• Low down payment requirements with gifts, grants and seller concessions
• Case by case analysis - A Make Sense Underwriting Approach - so you won't have to worry about Not meeting Strict Guidelines with No Flexibility
• Many sellers will Pay Your closing costs and FHA Loans Allow up to 6%

In the state of Indiana, the FHA does not originate loans, so you'll want to work with a reputable, HUD approved, FHA mortgage lender in Indiana, just like Us! Some of the many benefits of doing business with a quality FHA mortgage lender like 1st Continental Mortgage include:

• We offer you Some of the most competitive FHA mortgage rates available
• we tell you the difference between variable and fixed rate financing
• we can offer you many loan options beyond the FHA mortgage program
• we go out of our way to describe the benefits of an FHA loan versus your other options
• We go to bat for our clients and work hard to provide safe and secure fixed rate loans using the FHA program and Manual Underwriting where Applicable. We don't win every game, but we play every game to win!

But simply finding an excellent lender is not enough. You need to be prepared to handle any incurred costs that will not be covered by your FHA loans or by the seller. These costs may include:

• Closing costs-if the seller will not be responsible for your closing costs you will be subject to attorney's fees, title search fees and title insurance premiums - Closing fees do very by state, and the fact is we are only in control of the actual lender fees
• Origination fees - FHA loans are not originated by the FHA so you will have to pay the lender to Who is providing the loan. This happens no matter who you do business with and the fee can be included in origination fee up front or in the actual interest rate.
• Down Payment Needs

You'll also want to remember that there are loan limits with the FHA program which can impact the amount you can borrow with an FHA loan in IN. The current caps for single family housing and the amount you can borrow will depend on the county you decide to purchase your property in and can be found here: Indiana Loan Limits.

It will also be in your best interest to understand the annual interest rates and current market for Indiana housing. Housing prices range anywhere from $125,000 to $1 million or more depending on where you want to live and there are more buyers than sellers, so you can expect to have to haggle upward for your dream home.

If you're ready to begin the process of getting a mortgage and owning a home give us a call today! We'll do everything we can to help you achieve your dream and get you moving into the lush green hills of Indiana and a new lifestyle. Whether you are purchasing property in Indiana as a summer home, a posh condo or a permanent living space, you'll find that your FHA loan in IN can dramatically reduce the monthly costs of owning and living in Indiana.