Home Loan With Bad Credit In Indiana With No Overlays

This BLOG On Home Loan With Bad Credit In Indiana With No Overlays Was UPDATED On November 30th, 2017

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 on FHA Loans
  • There are no minimum credit scores to qualify for for VA Loans in Indiana
  • However, to get an approve/eligible on VA Loans Indiana, a 580 credit score is normally required
  • We are a no overlay Indiana licensed mortgage lender on FHA, VA, USDA, and Conventional Loans
  • We just go off by the automated findings by the Automated Underwriting System
  • The Gustan Cho Team at USA Mortgage has no lender overlays like banks, credit unions, and other Indiana mortgage companies do
  • Over 75% 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 credit score, the mortgage loan applicant meets the minimum FHA lending guidelines for an Indiana home purchase with 3.5% down payment
  • 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 although FHA minimum credit score requirements is 580
  • This Indiana bank has a lender overlay on credit scores which is 640 and higher than the minimum FHA requirements
  • FHA does not require for unpaid collection and charge off accounts to be paid in order to qualify for a Indiana FHA Loan
  • FHA Borrowers can have unpaid collection and charge off 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 borrowers to pay it off before they will accept you or else they will not even accept a mortgage loan application
  • Indiana home buyers looking for a home loan with bad credit in Indiana have come to the right website.

Indiana Mortgage Bankers With No Overlays

The Gustan Cho Team at USA Mortgage is a national direct mortgage lender with no lender overlays and licensed in the State of Indiana.

  • Our team of loan officers has helped countless of home buyers in Indiana
  • Our specialty is helping home buyers seeking a home loan with bad credit in Indiana
  • Our expertise is FHA loans , VA Loans, FHA 203k Loans, USDA Loans, and Conventional Loans with no lender overlays
  • Over 75% of our mortgage loan borrowers are borrowers with credit scores under 620 FICO
  • Our team of loan officers are also experts on the FHA Loans During and After Chapter 13 Bankruptcy and manual underwriting
  • The Gustan Cho Team at USA Mortgage also handles many mortgage loan applicants who need manual underwriting and borrowers with poor credit and low credit scores

Indiana Home Buyers who need to qualify for mortgage with a direct lender with no overlays, please contact The Gustan Cho Team at USA Mortgage at 262-716-8151 or email us at gcho@usa-mortgage.com. We are available 7 days a week, evenings, weekends, and holidays.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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