Are you a first-time homebuyer looking for a first-time homebuyer mortgage in Indiana? Here are ten options.
Caliber Home Loans
Caliber Home Loans offers a comprehensive first-time homebuyer program that includes down payments as low as 3% on conventional loans. They provide specialized FHA loans and work closely with the Indiana Housing and Community Development Authority (IHCDA) programs. Their loan officers are known for taking extra time to educate first-time buyers about the mortgage process. They also offer a user-friendly mobile app for document submission and loan tracking.
Visit: www.caliberhomeloans.com
Fifth Third Bank
With strong roots in the Midwest, Fifth Third Bank offers several first-time homebuyer programs, including their Community Mortgage with 3% down payment and no mortgage insurance requirement. They participate in the Good Neighbor Next Door program and offer closing cost assistance. Their “Extra Time” program allows buyers to lock in rates for up to 90 days while shopping for homes. Visit.
First Internet Bank
This Indianapolis-based online bank offers competitive rates for first-time buyers and a streamlined digital application process. Their Portfolio Mortgage program allows for down payments as low as 3% without PMI, and they offer special programs for medical professionals. Their entirely online process often results in faster closings than traditional banks.
Visit: www.firstib.com
Flagstar Bank
Flagstar specializes in first-time homebuyer programs and offers both conventional and government-backed loans. They provide the Professional Loan Program with special terms for qualified borrowers and participate in Indiana’s First Place program. Their Zero Down program is particularly popular among qualified first-time buyers.
Visit: www.flagstar.com
Huntington Bank
Huntington’s Community Access Mortgage program is designed specifically for first-time buyers, offering low down payments and flexible credit requirements. They provide closing cost assistance and participate in various Indiana housing assistance programs. Their rate lock program allows buyers to lock in rates for up to 90 days.
Visit: www.huntington.com
Indiana Housing & Community Development Authority (IHCDA)
While not a direct lender, IHCDA partners with approved lenders to offer the First Place program, providing down payment assistance and competitive rates for first-time buyers. They also offer the Mortgage Credit Certificate program, which can provide significant tax savings for qualified buyers.
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Visit: www.in.gov/ihcda
Lake City Bank
This Indiana-based bank offers several first-time homebuyer programs, including their Smart Start Mortgage with down payments as low as 3%. They provide personalized service and local decision-making, often resulting in faster approvals. Their loan officers are particularly knowledgeable about local market conditions and Indiana assistance programs.
Visit: www.lakecitybank.com
Old National Bank
With deep Indiana roots, Old National Bank offers their Home Manager program specifically designed for first-time buyers. They provide down payment assistance options and participate in FHA and VA loan programs. Their Community Champion program offers special benefits for public service employees.
Visit: www.oldnational.com
PNC Bank
PNC’s first-time homebuyer program includes their PNC Community Loan, offering down payments as low as 3% and flexible credit guidelines. They provide closing cost assistance and participate in various state housing programs. Their digital pre-approval process can be completed in minutes.
Visit: www.pnc.com
Teachers Credit Union (TCU)
Though originally focused on educators, TCU now serves all Indiana residents with special programs for first-time buyers. They offer competitive rates, low down payment options, and participation in Indiana housing assistance programs. Their HomeReady program is particularly popular among first-time buyers with limited down payment funds.
Visit: www.everwisecu.com
Note: Rates, terms, and program availability may vary and are subject to change. It’s recommended to contact multiple lenders to compare offerings and find the best fit for your specific situation. Additionally, all lenders listed are licensed to operate in Indiana and are in good standing with regulatory authorities as of 2024. First-time homebuyer program eligibility requirements vary by lender and program.
Finding the right mortgage lender can feel overwhelming, but it’s great to see so many options in Indiana! Have you checked out Quicken Loans or the USDA program? They seem awesome!