Home Buyers Seeking Home Loan With Bad Credit In Indiana
Indiana home values has stabilized since the 2008 Real Estate and Mortgage Meltdown and home sales in Indiana has been steadily climbing. Many parts of Indiana such as Indianapolis, Valparaiso, Crown Point has seen steady home price increases in the past several years. Other areas of Indiana has seen property values stabilize. There are many Illinois residents who live on the border of Illinois and Indiana who have been selling their homes in Illinois and buying homes across the border in Indiana due to low property taxes in Indiana versus property taxes in Illinois. The Southeast side of Chicago and many south suburban areas of Chicago where it is close to the Indiana border have property taxes higher than $7,000 on homes that are priced in the $100,000 to $150,000 range. By buying a home in Indiana, which is 15 minutes to 30 minutes commute, home buyers in the state of Indiana can lower their property taxes to a fraction of that. Property taxes in Indiana is less than $1,200 compared to comparable homes in Illinois.
Indiana Home Loan With Bad Credit
We specialize in helping home buyers seeking a home loan with bad credit in Indiana. Minimum down payment requirements for a Indiana home buyer is 3.5% down payment. Minimum credit scores to qualify for a FHA loan in Indiana is 580 FICO. We are a no overlay Indiana licensed mortgage lender so we just go off by the automated findings by the Automated Underwriting System and have no lender overlays like banks, credit unions, and other Indiana mortgage companies do. Over have of our borrowers are Indiana mortgage loan applicants who were told they did not qualify due to the mortgage lender overlays.
What Are Mortgage Lender Overlays?
Mortgage Lender Overlays are conditions and guidelines that a mortgage company or bank imposes on top of the federal minimum lending guidelines. For example, if an Indiana mortgage loan applicant has a 580 FICO credit score, the mortgage loan applicant meets the minimum FHA lending guidelines for an Indiana home purchase. However, a Indiana bank may have their own mortgage lender overlay where they will not accept an Indiana mortgage loan applicant for a FHA loan without a minimum credit score of 640 FICO. This Indiana bank has a lender overlay on credit scores which is 640 FICO. FHA does not require for unpaid collection accounts to be paid in order to qualify for a Indiana FHA Loan. You can have unpaid collection accounts and still qualify for a FHA loan in Indiana without having to have it paid in full and a zero balance. However, many Indiana banks and mortgage companies will have a mortgage lender overlays on collection accounts where they will require you to pay it off before they will accept you or else they will not even accept a mortgage loan application. If you are a Indiana home buyer looking for a home loan with bad credit in Indiana, you have come to the right website.
Tassapat Sripetcharakool: Indiana Mortgage Banker
Tassapat Sripetcharakool, who goes by Kay, is a licensed mortgage loan originator in the state of Indiana with The Money Store, www.themoneystore.biz , and has helped countless of home buyers in Indiana. Kay’s specialty is helping home buyers seeking a home loan with bad credit in Indiana. Kay’s expertise is FHA loans, VA Loans, FHA 203k Loans, USDA Loans, and Conventional Loans. Over half of Tassapat Sripetcharakool’s mortgage loan borrowers are borrowers with credit scores under 620 FICO. Kay is also an expert on the FHA Back to Work Mortgage in Indiana. Tassapat Sripetcharakool also handles many mortgage loan applicants who need manual underwriting and borrowers with poor credit and low credit scores. You can contact Tassapat Sripetcharakool at 954-496-2608 or email her at tsripetcharakool@.