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Asked by: Noris Zerrad
personal finance home financingHow much do you have to put down on a house in Indiana?
Rather than the usual 20%, borrowers only need to put down 3.5% of a home's value at the time of purchase if they have credit scores of 528 or higher . In fact, it's one of the easiest mortgages to qualify for. If your credit score is closer to 500, you may need to make a down payment of up to 10%.
Thereof, what is the average house payment in Indiana?
Indiana mortgage and refinance rates today (APR)
| Loan type | Average rate | Change 1 year |
|---|---|---|
| 30-year fixed | 3.998% | 0.482% |
| 15-year fixed | 3.276% | 0.734% |
| 5/1 ARM | 3.523% | 1.417% |
- Step 1: Evaluate Your Current Financial Situation.
- Step 2: Find a Great Indiana Real Estate Agent.
- Step 3: Read Up on Local Real Estate Market Trends.
- Step 4: Get Pre-Approved for a Mortgage.
- Step 5: Start House Hunting.
- Step 6: Make an Offer.
Thereof, how much down do you need for a house?
The minimum down payment you need to buy a home is 3.5% down with an FHA loan on a 30-year fixed-rate mortgage. This 3.5% down payment is a factor of the home price on a loan size up to the high-balance FHA county loan limit – which in most places is $417,000.
Down payment chart for a 600,000 property
| Percent Down | Down Payment | Loan Amount |
|---|---|---|
| 5% down for a $600,000 home | $30,000 | $570,000 |
| 10% down for a $600,000 home | $60,000 | $540,000 |
| 15% down for a $600,000 home | $90,000 | $510,000 |
| 20% down for a $600,000 home | $120,000 | $480,000 |