Asked by: Noris Zerrad
personal finance home financing

How much do you have to put down on a house in Indiana?

Last Updated: 4th March, 2020

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%.

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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%

Subsequently, question is, what do you need to buy a house in Indiana? Here's what you need to know about buying a house in Indiana.

  • 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.

How much is a downpayment on a 600 000 House?

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

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How can I get a house with no money?

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