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Total Properties Listed: 15,162
Month / Month Chng: 5.50%
Avg Days on Market: 122
New Listings Today: 84
Median List Price: $200,000
Month / Month Chng: 0.76%
 

Financing Home Loan Repairs

I was reading an article in Fast Track MIBOR SPOTLIGHT about Niche Mortgage Product for home buyers in Indianapolis.  As a note, the article is a second of a quarterly series from the Indianapolis Neighborhood Housing Partnership. 

Here is the situation, someone is trying to sell a home that is in okay conditions but during the appraisal or inspection, some issues are identified such as needing paint, possibly a new furnace, roof issues, electrical problems, or a host of other than desirable problems that could break the deal.  Now, the seller is confronted with the problems identified in the appraisal or inspection but can not afford to make the repairs without taking a major loss.

Now comes in the Indianapolis Neighborhood Partnership to step in and utilize the Revive Indy mortgage loan.  The repairs that have been identified in either the appraisal or inspection can be rolled into the first mortgage if the buyer is financially approved and willing to use this mechanism of financing as well as do some of the work themselves.  This program gives buyers the control they would not have with the government rehab programs.

Loan details as given in the article:.....Inspection is required.  180 days max of loan closing for any health and safety hazards.  Marion County Property ONLY.  Property must appraise for the full loan amount and the buyer will need to qualify for the acquisition and rehab cost.  Buyer income limits apply.

For more information you may visit inhp.org


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