How to Buy a Home in Southern Indiana with No Down Payment
Real Estate & Mortgage Specialist
Nathan Soliday
Published on September 6, 2023

How to Buy a Home in Southern Indiana with No Down Payment

You’ve been daydreaming about that perfect little house nestled amidst the rolling hills of Southern Indiana. A backyard for the kids, a cozy living room where you can enjoy your morning coffee, and enough space to make it truly yours. There’s just one tiny hiccup – the down payment. But, before you abandon your home-buying aspirations, let me tell you a secret: it’s possible to buy a home in Southern Indiana with little to no down payment. Yep, you read that right!

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Today, we’ll dive into some incredible loan programs that can turn your dream of homeownership into a reality, without breaking the bank.

1. USDA Loans: Go Rural!

If your ideal home is located in a rural or suburban area of Southern Indiana, the USDA Loan program might be your ticket. This program provides 100% financing to eligible buyers, meaning no down payment is required! There are specific eligibility criteria, such as income limits and property location. But if you’re dreaming of a quiet life amidst green fields, this could be your chance.

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2. VA Loans: A Big Salute to our Veterans

For our brave service members, veterans, and select military spouses, the VA Loan program is a phenomenal benefit offering 100% financing. No down payment? No private mortgage insurance? Low-interest rates? Check, check, and check! The VA Loan is a testament to the nation’s appreciation for the sacrifices made by our military personnel.

3. Indiana Housing Program: For the Hoosiers

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The Indiana Housing Program provides down payment assistance to first-time homebuyers as well as repeat buyers. Depending on your eligibility, you could receive assistance that can be put towards your down payment or closing costs. Plus, this program often combines well with other loans, giving you that extra boost you need to secure your new home.

4. Chenoa Program: Flexible Options Galore

The Chenoa Program is all about flexibility. Whether you’re aiming for a Conventional, FHA, or USDA loan, Chenoa can provide the down payment assistance to make it happen. With their forgivable or repayable secondary financing options, you can find the path that best suits your financial situation. And the best part? Some of these options mean no money down for you!

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5. Fannie Mae’s 1% Down Payment Program: Almost There!

Okay, so it’s not quite no down payment, but it’s darn close! The 1% Down Payment Program from Fannie Mae means you only have to save up a tiny fraction of your home’s purchase price. Paired with a 2% lender contribution, you’ll effectively have a 3% down payment without having to fork out the full amount yourself. It’s an ideal choice for those who might be a smidge short of funds but are eager to hop onto the property ladder.

A Few Tips as You Embark on Your Home Buying Journey

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  • Check Your Credit Score: Before diving into any loan program, ensure your credit score is in good shape. The better your score, the better the interest rates and terms you’ll secure.
  • Research Eligibility: Each program has its own criteria, so do your homework or chat with a local lender familiar with Southern Indiana’s specifics.
  • Factor in Other Costs: Remember, the down payment isn’t the only cost when buying a home. Closing costs, home inspections, and other fees can sneak up on you. Ensure you’re financially prepared for these too.

Ready to make the move? Southern Indiana’s picturesque landscapes and charming communities await. And with these fantastic no or low down payment loan options, there’s nothing holding you back.

Give us a call today!

Nathan Soliday, NMLS #166402

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Mortgage & Real Estate Specialist

(812-650-0708 Office

812-620-0046 Text

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Real Estate & Mortgage Specialist
Nathan Soliday Real Estate & Mortgage Specialist
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(812) 650-0708