Mortgages still available

Indiana Foreclosure & Real Estate News

Contrary to what you may have read or heard lately, there are tens of millions of dollars available for home purchase, new home construction and refinancing for Hoosiers across the state of Indiana! The Indiana Mortgage Bankers Association (IMBA) and its members want you to know that we are taking residential mortgage applications, processing, approving and closing them every day and that if you are in need of one, please pick up the phone and you may be pleasantly surprised.

While it is clear that guidelines for approvals have changed, becoming more restrictive due to the increases in mortgage delinquencies and foreclosures, loans are still available with 0 down in some cases, borrower credit that is less than perfect, and,down payment assistance. What is no longer available are the loans that required no money down (or equity), along with no requirements for providing documentation of income or assets, at very low credit scores and payment options that don’t even cover the interest charges.

Indiana is fortunate today that we did not experience, throughout the state or in large pockets, the ‘boom’ in home prices that has now become a ‘bust’ in other states. As recently as 2007, Indiana ranked 44th in housing appreciation (2.49 percent) of all 50 states, according to a survey done by the Office of Federal Enterprise Oversight (OFHEO). However, as of 6/30/08, that same OFHEO survey has Indiana ranked 19th in housing appreciation, yes, appreciation (1.77 percent), in the United States.

As noted above, IMBA and its members, encourage you to proactively inquire as to your ability to obtain a! important; text-decoration: underline ! important; padding-bottom: 1px residential mortgage loan for new home purchase or construction, as well as refinance and investment opportunities. With loan products available from our members that include conventional, FHA, VA, Rural Housing and their own internal mortgage loan programs, there is a good chance that the mortgage money that you need today is available.

For assistance in answering questions that you have, please visit our Web site, www.indianamba.org, for a listing of our members or contact our Association office at (317) 773-7344.

 

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