HomeReady Mortgage

HOME OWNERSHIP MADE AFFORDABLE

HOMEREADY MORTGAGE

 

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A HOMEREADY MORTGAGE is an affordable low down payment mortgage product designed for creditworthy low- to moderate-income borrowers, with expanded eligibility when financing homes in low-income communities.*

Borrower Benefits

  • Down payment as low as 3%** with up to 97% Loan to Value financing for home purchase or refinance
  • Flexible sources for down payment with no minimum contribution requirement from borrower’s own funds
  • Homeownership education and advising options empower borrowers to become successful homeowners
  • Local processing and underwriting
  • Low Lender closing costs

Favorable Pricing

green barCompetitive rate and payment*

No mortgage insurance cost to borrower/buyer

3% Down Payment

Apply Online

Call us at 317-805-4336 for assistance with the online application.

 

First Time Homebuyers

The Homeownership Opportunity Program (HOP) grant from FHLBank Indianapolis helps first-time homebuyers with downpayment and closing cost assistance.  Funds are available on a first-come, first-served basis.

Qualifying households could receive up to

$8,000 in assistance with a Merchants Mortgage

To qualify for a HOP grant you must:

  • be a first-time homebuyer * at or below 80% area median income;

  • purchase a single-family home, condominium, duplexes, or modular unit;

  • contribute a minimum of $1,000 towards the purchase of the home;

  • complete a required state, HUD, or FHLBank Indianapolis-approved homebuyer counseling course;

    – up to $150 of HOP funds can be used to cover the cost of counseling

  • not allow total housing debt to exceed 35% of total household gross income

* Definition of first-time homebuyer can be found in the AHP implementation plan on the fhlbi website.

 

*Borrowers’ income must be at or below 100% of the annual HUD Area Median Income (AMI) for the property location. No income limits apply if the property is located in an underserved area. For a sample loan amount of $150,000 for purchase or refinancing of a single-family primary residence with an estimated property value of $154,500 at 4.125% interest rate, the APR is 4.178%. The monthly payment schedule would be 359 payments of $726.97 and 1 payment of $724.48 excluding applicable real estate taxes and homeowner’s insurance premiums. NMLS#: 554119.

**97% Loan To Value (LTV) financing available for 10, 15, 20 or 30 year fixed rate term.

 

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