FHA Home Loans
Are you buying or refinancing a home in Indiana? Indiana FHA loans are home loans insured by the FHA (Federal Housing Administration) which give borrowers the opportunity to secure IN home loans, when they don’t quality for other conventional loans. For example, future Indiana homeowners with little credit history or poor credit history are sometimes able to qualify for Indiana FHA loans.
FHA for First Timers
IN FHA loans are ideal for first-time Indiana homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with an FHA Loan
FHA also offers a refinancing option for Indiana homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
Indiana FHA Loan Requirements
- No income limit
- Indiana borrower credit score flexibility
- 3.5 percent down payment on Indiana Purchase Loans
- Bankruptcy: IN FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Indiana FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Loan Limits
FHA loan limits in Indiana vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Indiana), etc. Please contact Home Point Financial’s Indiana FHA loan experts for details on loan limits for FHA loans in Indiana (IN). Contact Home Point Financial to learn more about FHA Loans in Indianapolis, Fort Wayne, Evansville and throughout Indiana.
