A minimum credit score of 640 with a debt-to-income ratio (DTI) less than 45 percent or.
#Average mortgage payment in indiana full#
The down payment assistance is an interest-free second mortgage, with no monthly mortgage payments, and forgivable if the homeowner stays in the home for nine full years from the date of closing. The FP program helps buyers with up to 6 percent in down payment assistance through a 30-year, fixed-rate FHA loan. First Place (FP) ProgramĪdministered by the Indiana Housing & Community Development Authority (IHCDA), the First Place (FP) program is aimed at first-time homebuyers, and also veterans and repeat buyers purchasing in a targeted area. This article originally appeared on GOBankingRates.Qualifying individuals and families in Indiana may have access to a variety of national first-time homebuyer programs and educational opportunities to help them navigate the homebuying process - but there are also first-time homebuyer programs available specifically to residents of Indiana. States were ranked by factor (2) with the lowest payment being best. Louis and (3) annual mortgage payment calculated by multiplying factor (2) by twelve. 3, 2020, sourced from the Federal Reserve Bank of St. states along the following criteria: (1) average home value for a three-bedroom home, sourced from Zillow’s July 2020 index (2) monthly mortgage payment, using Zillow’s mortgage calculator and based on the July 2020 average home value for a three-bedroom home, 20% down payment, the average state effective property tax sourced from the Tax Foundation and a 2.93% 30-year fixed mortgage, which is the current national average mortgage rate as of Sept.
Methodology: GOBankingRates determined the cost to own a three-bedroom home in every state by analyzing all 50 U.S. How Long $1 Million in Savings Will Last in Every State UtahĤ4 Ways To Trim Your Living Expenses During the Coronavirus Quarantineĩ4 Money-Making Skills You Can Learn in Less Than a YearĢ4 Ways To Maximize Your Paycheck This Year Read More: In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities 37. Pennsylvaniaīeware: 50 Housing Markets That Are Turning Ugly 25. OhioĬheck Out: 45 Great Cities With Shockingly Cheap Real Estate 19. Good To Know: Where Is the Best Neighborhood To Buy a Home in Your State? 13. West Virginiaįind Out: 50 Cities With the Most Overpriced Homes 6. The end result is a clearer picture of which states offer a friendly market for those shopping for a modest family home and which will price most people out of the market before they start looking.
For additional context, GOBankingRates included a variety of other important factors that affect overall affordability, like the average size of a 20% down payment and the average effective property tax rate. The states are ranked based on the average monthly mortgage payment for three-bedroom homes - from least to most expensive. That’s why GOBankingRates compiled a study to track the affordability of the three-bedroom house across America. Depending on the state you call home, the typical three-bedroom house can list at anywhere from $91,000 to over $646,000. If you want enough space for your family but don’t want to buy too much house, three bedrooms can be that simple compromise that splits the difference.īut a three-bedroom home is not the same everywhere you go. They’re a great fit for a family of four, but those bedrooms can just as easily become home offices, gyms, art studios or whatever else you can imagine should you live alone or choose not to have kids.
The three-bedroom house is something of a standard for many American families.
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