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01 First time buyers
Buying your first home in Central Indiana
02 The short answer
Buying your first home in Central Indiana
You do not need twenty percent down to buy your first home. Conventional loans go as low as three percent down, FHA sits at three and a half, and USDA and VA loans can require nothing down if you qualify. Indiana also runs down payment assistance programs for buyers who meet income limits. The first job is finding out which of these you actually qualify for.
The reason first time buying feels overwhelming is that the whole process is conducted in a vocabulary nobody teaches you. Escrow, earnest money, PMI, points, contingency, title commitment. None of it is complicated once somebody stops and explains it, and almost nobody stops.
So that is the part of this job I care most about. You will not sign a document I have not walked you through, and there is no such thing as a question that is too basic. If you feel embarrassed asking me something, I have failed at the only part of my job that matters here.
03 Step by step
What happens, in order
Find out what you qualify for
A lender pulls your credit and income and tells you your programs and your real monthly payment. This is free and it does not commit you to anything. Ask specifically about down payment assistance and about what the payment looks like including taxes and insurance, not just principal and interest.
Decide what you are comfortable paying
The approval number and the comfortable number are different. The approval does not know about your car payment plans, your childcare, or your appetite for risk. Pick the second number and hold it.
Tour with a list
Write down what you actually need before you start looking, because model homes and good staging are extremely persuasive in the moment.
Write the offer
We discuss price, earnest money, inspection period, financing and appraisal contingencies, and closing cost assistance, which is often available to first time buyers and often unasked for.
Inspection, appraisal, close
You hire an inspector. The lender orders an appraisal. Underwriting asks for documents, sometimes twice. Then you sign for about forty minutes and you own a house.
04 Worth knowing
Closing costs are the surprise, not the down payment
Most first time buyers budget the down payment and forget that closing costs run roughly two to five percent of the purchase price on top of it. Lender fees, title, appraisal, recording, and prepaid taxes and insurance. Some of it can be negotiated onto the seller. We ask for that in the offer.
Placeholder photoHow much do I need saved to buy a first home?
Enough for the down payment on whichever program you qualify for, plus two to five percent of the price for closing costs, plus a cushion for moving and the first repairs. On a $250,000 home with three percent down that is roughly $7,500 down and $5,000 to $12,500 in closing costs, some of which can sometimes be shifted to the seller. Down payment assistance can lower the first figure considerably if you qualify.
Does a first time buyer really mean my first ever home?
Usually not. Most programs define a first time buyer as someone who has not owned a primary residence in the last three years. People are frequently eligible again without realising it.
06 Get started
Book a buyer call
No pressure and no obligation. The first conversation is about your numbers, not about a house.
Trae reads every one of these himself. If you would rather talk now, call 317 478 0124.
07 Common questions
Questions people actually ask
What credit score do I need?
It varies by program. FHA reaches lower scores than conventional. Rather than guess, have a lender pull it. Some buyers are closer than they assume and some need three months of specific, fixable work first.
Is renting really throwing money away?
No, and anyone who tells you it always is has something to sell you. Renting is the right answer when you may move within a couple of years or when your income is unsettled. Buying builds equity and fixes your housing cost when you plan to stay.
What is PMI?
Private mortgage insurance. On a conventional loan with less than twenty percent down, it protects the lender and it is added to your monthly payment. On a conventional loan it can usually be removed once you reach sufficient equity. On FHA loans the equivalent charge often stays for the life of the loan, which is worth knowing before you choose a program.