![]() Find the best first-time home buyer loan for you. ![]() If you’re a first-time home buyer in Indiana with a 20% down payment, you can get a conventional loan with a low interest rate and no private mortgage insurance (PMI). If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the U.S Department of Agriculture), you may not need any down payment at all. “Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. IHCDA forgivable loan of up to 6% of the sale priceĭown payment amounts are based on the state's most recently available average home sale price. Indiana home buyer stats Average Home Sale Price in IN 1 So keep reading for information on down payment assistance (DPA) programs that, if you qualify, may provide financial assistance. Start hereĮven so, high home prices can make it difficult to save enough for a down payment. Verify your home buying eligibility in Indiana. That price decreased by 3.8% over the previous 12 months. Start hereĪccording to the Indiana Association of Realtors, the median home sale price in Indiana in July of 2023 was $258,700. If you qualify, you may be able to get down payment assistance, putting you in a new home sooner than you thought. ![]() Indiana also provides substantial assistance to first-time home buyers. That’s because home prices are lower in the Hoosier State than the national average. If you’re an Indiana first-time home buyer, you should consider yourself lucky. Septem8 min read What to know about buying a house in Indiana
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