Common questions
Buying a home in Indianapolis
How much do I need for a down payment in Indiana?
Conventional loans can go as low as 3% down for qualifying first-time buyers, FHA loans start at 3.5%, and VA and USDA loans can require nothing down for eligible buyers and properties. Closing costs are separate, and a seller can often help cover them.
What is a 2-1 buydown?
Money paid up front, often by the seller, lowers your rate by 2% in year one and 1% in year two. From year three on you pay the full note rate. It gives you a lower payment while you settle into the home.
Is a buydown better than a price reduction?
For your monthly payment, often yes. The same dollars from a seller usually lower the payment more as a buydown than as a price cut. I'll run both side by side for the home you're looking at.
What do I need to get pre-approved?
Recent pay stubs, W-2s or tax returns, bank statements, a photo ID, and permission to check your credit. Self-employed buyers usually need two years of returns.
Can I get a mortgage if I'm self-employed or buying a rental?
Yes. Bank statement loans use your deposits instead of tax returns to show income, and DSCR loans qualify an investment property on its rental income. Both work for a purchase or a refinance, and both usually need a larger down payment than a standard loan.
Do you only work in Fishers?
No. My office is in Fishers, and I help buyers and homeowners throughout Indianapolis, Carmel, Noblesville, Westfield, Zionsville and the rest of central Indiana. I'm also licensed in all 50 states, so I can help if you're buying out of state or relocating.
