Moving Up (or down sizing)? Get 4% towards your New Next Home!

How would you like to get 4% of the purchase price towards your next home? You can using it for a down payment (currently 3.5%), closing costs, prepaids, etc.

Indiana Housing has announced a pilot program that targets current homeowners. Called the Next Home Program it grants the buyers their down payment for their next home purchase.

Below are the key features of the program.

=> 4% given to the borrower to be used towards down payment, closing costs, prepaids,etc.
=> Minimum 650 credit score
=> 125% of Median Income limits in non-targeted areas and 140% in targeted areas
=> No acquisition limit or purchase price limitation
=> FHA loans only
=> Underwritten to FHA guides
=> Can add MCC, if buyers qualify for the MCC program
=> 0.125% of the total loan amount as reservation fee payable to Indiana Housing upfront
=> No third party inspections or homebuyer's counseling
=> The 4% down payment is forgiven after 2 years
=> Interest rate is currently 5.5%, but will move and flow with the market as necessary
=> Seller Concessions are same as FHA (6% of the purchase price)
=> This program can be used for a first time home buyer, as well

Want to know more? Just email us or give us a call.

Bruce & Justine Bright
THE BRIGHT Side of Real Estate
Our Website: www.BrightSideTeam.com
Home Search Site: www.IndyHomeSearcher.com