FHA mortgages are becoming increasingly popular in our market. These are the important facts you should know about this type of home loan if you're looking to buy a home in our market.
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Do you know if you qualify for an FHA mortgage?
You may already know that the Indianapolis market is a super hot seller's market right now. Inventory is low and buyers are scrambling for properties, and the largest majority of buyers today are FHA buyers. However, FHA mortgages aren't just for first-time homebuyers. That's a common misconception.
FHA mortgages are government loans, not just first-time buyer loans. So how do you qualify?
For starters, you can't have more than one FHA loan at a time. If you currently own a property with an FHA mortgage, you'll need to refinance it to a conventional mortgage or sell the property if you want to buy another home with an FHA loan.
There are a few rare exceptions, however. For example, you might be able to get a second if you got one as a single buyer and then got married, had kids, and no longer fit in the home anymore but wanted to rent it out instead of selling it.
FHA loan amounts are now all the way up to $308,200.
Here's the kicker: FHA loan amounts are all the way up to $308,200.
We're seeing a lot of our sellers pleasantly surprised to find out that even though they're not first-time buyers, they can still qualify for an FHA mortgage for their next home. In fact, we recently helped a couple meet with a builder about a beautiful new $200,000 home that they're buying with an FHA loan.
If you have any questions about buying a home with an FHA loan or you're thinking about selling your house in the Indianapolis area, give me a call or send me an email soon. I'd love to help you out!