IHCDA runs several programs that are geared toward assisting Hoosiers in purchasing their own houses. The state of Indiana offers a variety of programs, some of which provide financial aid with the down payment and closing expenses. In contrast, others provide lower interest rates or fees for mortgage insurance. Borrowers don't necessarily need to be green: It is possible to get out of the need to be a first-time home buyer if you are a veteran of the armed forces, a resident of a target region that is economically disadvantaged or has a low income.

New American Funding

Beneficial for: Borrowers purchasing their first home as well as other borrowers searching for a diverse selection of financing options

Pros

• Provides a broad range of mortgage options for purchase and refinancing, with the primary goal of assisting underprivileged populations.
• It is possible to utilize either an owner-occupied or a second home as collateral for its home equity line of credit.
• Provides potential purchasers with a program that enables them to make cash bids.

Cons

• According to the most recent statistics from the federal government, mortgage origination costs tend to be on the higher end.

Guaranteed Rate

Beneficial for borrowers looking for a comprehensive selection of loan kinds, including interest-only and jumbo alternatives, as well as a completely online application and approval process.

Pros

• Detailed rate examples are included for a variety of the company's loan products.
• Provides access to various loan options, including interest-only and jumbo options.
• According to the most recent statistics from the federal government, the company provides competitively low-interest rates compared to other lenders.

Cons

• Does not provide loans against home equity.

Fairway Independent Mortgage

Borrowers who desire access to a broad array of mortgages, such as ITIN loans and remodelling loans, are the ideal candidates for this product.

Pros

• Provides a wide variety of lending options, such as Individual Taxpayer Identification Number (ITIN) loans for borrowers who do not have Social Security numbers, loans for home renovations, loans for self-employed borrowers, and mortgages guaranteed by the government.
• According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.

Cons

• The interest rates on mortgage loans for the various kinds of loans are not available online.
• According to the most recent statistics from the federal government, origination costs are on the higher end of the spectrum than those charged by other lenders.

PrimeLending

Beneficial for borrowers looking for help with closing costs, as well as those planning to either construct a new home or remodel an existing one.

Pros

• The complete online application allows for the uploading of documents and automatic loan updates.
• Provides a lock for an interest rate that might "float down."
• Provides choices for mortgages and refinancing supported by the government, including FHA, USDA, and VA loans.

Cons

• No mortgage rates are available online; you will need to contact the lender for this information.
• Does not provide items related to home equity.

Caliber

Beneficial for those who are purchasing their first home, military veterans, and those who have or may have difficulties overcoming credit concerns.

Pros

• Provides access to a wide variety of educational materials for borrowers in the military.
• Takes part in several programs that help first-time home buyers and down payment assistance.

Cons

• There is no online display of mortgage rates.
• Home equity loans and lines of credit are not available via this lender.

loanDepot

Borrowers who want to complete their applications online and have access to a wide range of loan options may benefit from this lender.

Pros

• Customers who want face-to-face assistance may visit one of the many locations located around the nation.
• According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.
• According to the most recent statistics from the federal government, interest rates for mortgages are typically on the lower end of the spectrum.

Cons

• You will need to speak with a loan officer to get mortgage rates since they are not accessible online.
• Home equity loans and lines of credit are not available via this lender.

Homebridge

Beneficial for borrowers who want the assistance of a loan officer, either in person or over the phone, while choosing from the extensive variety of available mortgage alternatives, which may include loans to purchase and modify homes.

Pros

• Provides various mortgage options, including those offered by the government and loans for home improvements.
• Borrowers are updated on the status of their loan applications using an online site.
• The company provides what are known as home equity lines of credit, or HELOCs.

Cons

• Does not provide interest rates on its website.
• According to the most recent statistics from the federal government, the fees charged by lenders are rather high.