(317) 626-9300 790 City Center Drive Carmel, IN 46032

Mortgage Information

Different Financing Options

Different financing options have different qualifying ratios. Most are based on your gross monthly income. Conventional financing usually has ratios of 28% of your gross monthly income for your new mortgage, which must include taxes and insurance's. (i.e. PITI - principle, interest, taxes and insurance)

If you have other revolving debt (i.e. car payment, credit cards, etc.) then you must take 36% and submit the monthly payment total from your gross monthly income to determine what you can actually qualify for in a monthly mortgage payment. (Example: monthly debt 14% from 36% = 22% for PITI payment) FHA and VA loans use 29/41%.

Non-conforming loans can be as much as 50% and more. Sound Confusing? Call me and I will put you in touch with one of our mortgage teams . It will be worth a few minutes to first see what you can afford!

No matter what your financial standing - we should be able to help you find a home that satisfies your needs.

Financing Options:

Conventional: Jumbo Conventional No Doc Self-employed 100% Conventional Financing (no PMI)
103% Financing: They will take care of financing costs Home to Home: Close on your new home without selling your existing home if you have the needed equity. "I use this a lot!"
FHA: It's not necessary to have perfect credit Can have higher ratios Employment stability, not length, is considered
VA: Eligible veterans can get 100% financing.
First Time Homebuyer Plans: Down payment assistance (if you qualify) Reduced interest rate 100% Financing (with excellent credit) No Credit - not a problem if you now rent and pay on time.
Non-Conforming Programs: Credit problems and the need for higher ratios.
Nehemiah and America Dream Home Programs: Can get you in your new home for as little as 1% total investment and that may not be spent in the final result
Land Contracts: Seller financing Also an option

Call me TODAY! Let me put you in touch with one of my financing specialist. It only takes a few minutes to be qualified.

*Qualifications and financing vary and may not apply
*FHA 41%, Conventional 29% - monthly gross income available for mortgage payment
*FHA 3%, Convientional 5% required for down payment
The BLC® listing information is provided by the Metropolitan Indianapolis Board of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2014 Metropolitan Indianapolis Board of REALTORS® All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.