Indiana’s Market Stabilization Program is an Option For Fort Wayne Home Buyers

One of the programs I would like to make home buyers in the Fort Wayne area aware of is the Indiana Market Stabilization Program. Previously, Fort Wayne home buyers were able to use local funds through the Fort Wayne Market Stabilization program. Unfortunately, these funds are no longer available, but the good news is that the state of Indiana offers a very similar program and it has yet to exhaust its funds. Developed by the Indiana Housing and Community Development Authority, this program offers qualified first time home buyers with up to $15,000 for down payment, rehabilitation or closing expenses. These funds will be in the form of a zero-interest, non-amortizing, second mortgage loan that if occupied longer then 10 years will not have to be repaid.

Does this sound too good to be true? Well, the home does have to reside in an area that the state of Indiana deems unstable and the home must be a foreclosure. Thankfully, the MSP map is very accommodating and covers virtually all of Fort Wayne. Neighborhoods such as, Southwood Park, Avalon, North Highlands, Forrest Park, Bellshire and Lofton Park are all considered unstable by the state. Potential home buyers must also meet income eligibility based upon the standard of living for their county. Fort Wayne home buyers should choose a participating lender who is trained and has working knowledge of the requirements for the Market Stabilization program. Prior to submitting your file to Indiana Housing, a home inspection will need to be completed. The inspector used must be registered with the department of Housing and use the Indiana Home inspection form. The items that fail the inspection and require repairs with Indiana Housing funds will require the home buyer to get 3 repair quotes from licensed contractors for each repair. Once these items and necessary documents are completed, then the lender can submit the file to Indiana Housing for approval.

Once received, it can take 7-21 days for the file to be viewed and approved. If items are missing, the lender will be notified and, until the incomplete items are corrected, the file will be put on hold. When the file is approved Indiana Housing requires a settlement statement prior to funding. Once a Hud-1 has been submitted, funding will take an additional 7-14 days. As you can imagine, these transactions require patience and understanding in order to close successfully. Fort Wayne home buyers can breathe easy as most of the area meets the state’s requirements as being unstable.

For more information, and to verify if a foreclosed home is within the stabilization designated area, please contact me or another licensed Realtor in the Fort Wayne area. You can also visit Indiana Housing Now for more details on the program and information on additional state programs for Fort Wayne home buyers.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Courtney Bontempo

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