IHCDA COVID-19 update: A message from Jake
While the focus on many of my weekly notes has been related to COVID-19 housing assistance, I wanted to talk with you this week about buying a home. At IHCDA we continue to make the dream of owning a home possible through our homebuyer programs. We are currently offering one of the lowest interest rates in the history of our agency.
While many lenders are offering low rates, our record low interest rate comes with another significant benefit to borrowers: down payment assistance.
One of the biggest challenges facing first-time homebuyers is the requirement of a down payment. Many people still believe that a 20% down payment is required to purchase a home. At IHCDA, we have nearly eliminated the down payment requirement and are reducing barriers to homeownership by:
- Offering up to 6% of the purchase price of the home in down payment assistance and/or closing costs
- Our minimum credit score requirement is 640
- Our internal review process to complete necessary paperwork in 48 hours or less
I encourage anyone that is in the market to purchase their first or next home to visit our website to find more information and to get started. Our network of participating lenders are eager to help guide you through the homebuying process.
I want to take a moment an acknowledge not only our Homeownership Department, but mortgage professionals throughout Indiana. September is National Mortgage Professionals (NMP) Month. This is a time to honor all the mortgage professionals who play a role in helping people finance the dream of owning a home.
This industry is defined by going beyond what is expected of them. This includes spending time on their computer in the evening or putting in extra hours on the weekends to enable homebuyers to close on their dream home. And certainly COVID-19 has meant a change in how homes are being bought and sold.
However, adaptability and flexibility are a given for mortgage professionals who are almost always working on inflexible deadlines as they guide borrowers through the complexities of the mortgage process.
Few people outside of the mortgage lending industry understand all the hard work that must happen behind the scenes for the magical day to come when the borrower receives the keys to their new home.
Thank you to all the mortgage professionals who work tirelessly to make the dream of owning a home a reality. I also want to give a shootout to IHCDA's amazing homeownership team:
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Kim Harris - Homeownership Director
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Tom Pearson - Operations Manager
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Mark Doud - Account Manager
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Brienn White - Account Manager
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Marianne Fraps - Tax Compliance Underwriter
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Katryna Rice-Krause - Tax Compliance Underwriter
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Dolores Scisney - Tax Compliance Underwriter
Please continue to follow CDC, ISDH, and local health department guidelines throughout your homebuying journey. #MaskUp. We are #INthistogether.
 J. Jacob Sipe
Executive Director
 
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