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Call
me TODAY! Let me put you in touch with one of my financing
specialist, Judy Foreman of RBC Mortgage, (317) 443-3593. It
only takes a few minutes to be qualified.
*Remember
in Indiana you will pay real estate taxes, homeowners insurance
and you may pay mortgage insurance also). Read below for more
details on financing, but remember, a home is almost guaranteed
with us and could be purchased with no money down. Call
us for more information at (317) 626-9300.
Different
Financing Options
Different
financing options have different qualifying ratios. Most
are based on your gross monthly income. Conventional financing usually
has ratios of 28% of your gross monthly income for your new mortgage,
which must include taxes and insurance's. (i.e. PITI - principle,
interest, taxes and insurance) If you have other revolving debt (i.e. car payment, credit cards, etc.)
then you must take 36% and submit the monthly payment total from your
gross monthly income to determine what you can actually qualify for in
a monthly mortgage payment. (Example: monthly debt 14% from 36% = 22%
for PITI payment)
FHA and VA loans use 29/41%.
Non-conforming loans can be as much as 50% and more.
Sound Confusing? Call me and I will put you in touch with one of
our mortgage teams . It will be worth a few minutes to first
see what you can afford! No matter what your financial standing - we should be
able to help you find a home that satisfies your needs. Financing Options:
- Conventional:
Jumbo Conventional
No Doc Self-employed
100% Conventional Financing (no PMI)
- 103% Financing:
They will take care of financing costs
- Home to Home:
Close on your new home without selling
your existing home if you have the needed equity. "I use
this alot!"
- FHA:
It's not necessary to have perfect credit
Can have higher ratios
Employment stability, not length, is considered
- VA:
Eligible veterans can get 100% financing.
- First Time Homebuyer Plans:
Down payment assistance (if you qualify)
Reduced interest rate
100% Financing (with excellent credit)
No Credit - not a problem if you now rent and
pay on time.
- Non-Conforming Programs:
Credit problems and the need for higher
ratios.
- Nehemiah and AmeriDream Home Programs:
Can get you in your new home for as little
as 1% total investment and that may not be spent in the
final result
- Land Contracts:
Seller financing also an option
*Qualifications and financing vary and may not apply
*FHA 41%, Conventional 29% - monthly gross income available for mortgage
payment
*FHA 3%, Convientional 5% required for down payment
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