Indiana (IN) USDA Loans
Home Point Financial is pleased to announce that we now have Indiana USDA financing. USDA Loans in Indiana are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Indiana residents in almost every IN county outside of major metropolitan areas (rural areas in Indiana including Blackford County, Crawford County, Daviess County and others).
USDA Requirements
Qualification requirements for Indiana USDA Loans:
- Monthly Indiana housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Indiana.
- Indiana borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy requirements: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- The home must be considered “rural” which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Indiana families must be able to afford the mortgage payments, including taxes and insurance.
Mortgage Rates
IN USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Indiana property being financed, etc. In general, IN USDA rates are better than average compared to other options for qualifying individuals.
Apply Now for an Indiana USDA Loan
Apply now or contact the Indiana USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Indiana, eligibility and more.
