If you are looking to buy a home in the donut counties surrounding Indianapolis, there is a chance that you might qualify for zero down payment with an Indianapolis USDA Rural Housing Loan. As the name implies, this is a program which benefits homebuyers shopping for property in rural areas. This includes eligible areas of each county sharing a border to Marion County (Hamilton, Boone, Hendricks, Morgan, Johnson, Shelby, Hancock) and beyond. You might even be able to get a USDA loan if you are buying a home in the suburbs or exurbs, so long as it falls within an eligible area.
Formally known as the “USDA Rural Development Guaranteed Housing Loan Program,” USDA home loans are insured through the U.S. Department of Agriculture.
The program has been in existence for several years now. Indeed, billions of dollars in government funds have gone toward helping hundreds of thousands of homebuyers to purchase rural houses around Indianapolis and across the country.
Many Indianapolis homebuyers have no idea this great program even exists. While government-backed FHA and VA loans (which we can also help you with) receive plenty of press, USDA loans are often overlooked. But with a USDA loan, the rural home of your dreams could be within your reach.
If you do qualify for an Indianapolis USDA loan, you could look forward to the following benefits:
We partner with our clients, walking shoulder to shoulder with them through the financial maze that mortgage lending has become.
These are all strong advantages over a standard conventional loan. You can use your USDA loan for any of the following purposes:
If you are interested in a USDA loan in Indianapolis, it is important to know that there are two diverse types of USDA loans:
Here are the requirements you need to meet to obtain this type of USDA loan.
There are a few other specific requirements regarding the home itself that you wish to buy. It cannot be designed for business, must not have an in-ground swimming pool, and must measure no more than 2,000 square feet.
Wondering what an “eligible area” is for a USDA loan? So long as the population of an area is 35,000 or less, it will usually be considered “eligible” according to USDA’s guidelines. If you have any questions about a specific area, just let us know—we are here to assist.
Because the USDA Rural Housing Loan program is not as well known as other government-insured home loan programs, many homebuyers in the donut counties surrounding Indianapolis have questions during the application process.
We can walk you through every step, answering your questions along the way. Educating homebuyers is an important part of our job, and we want you to feel comfortable with any borrowing decisions you make.
If you do qualify for a USDA home loan, you could save a lot of money on an amazing rural property. If you do not, there are other programs like FHA or VA which you might be eligible for. Either way, we will help you save money and move into a beautiful Indianapolis home fast. Please call us today at 317.255.0062 to see if you can save money through a USDA home loan.