Home Mortgages

Conventional Fixed-Rate mortgages are loans in which the interest rate never changes. It is effectively "locked in" for the entire length of the mortgage, typically 15 or 30 years. As a result of this, the monthly payments for the mortgage never change, unless other things such as property taxes or home insurance costs go up.

Conventional Adjustable-Rate mortgages (ARM) are loans in which the interest rate fluctuates. In other words, the minimum mortgage payment will not always be the same every month. How often it changes depends on the types of indexes the lender applies. The indexes are used to determine the interest rate.

FHA mortgages are loans in which the Federal Housing Administration provides mortgage insurance for the loan. The FHA loan allows for the purchase of a home with a low down payment, low closing costs and easy credit qualification. Fixed-Rate mortgages are loans in which the interest rate never changes. Adjustable-Rate mortgages (ARM) are loans in which the interest rate fluctuates.

VA mortgage loans are a guaranteed by the U.S. Department of Veterans Affairs (VA). The loan was created to supply home financing to eligible veterans in areas where private financing is not generally available. Fixed-Rate mortgages are loans in which the interest rate never changes. Adjustable-Rate mortgages (ARM) are loans in which the interest rate fluctuates.

Jumbo mortgages, because of their size, are used to buy expensive homes. Luxury properties are often harder to re-sell at the original purchase price if a loan default occurs. A jumbo loan requires a bigger down payment and higher interest rates. Interest rates can vary depending on the type of real property and the amount of the loan. Multiple appraisals are often needed before a jumbo loan can be approved. Fixed-Rate mortgages are loans in which the interest rate never changes. Adjustable-Rate mortgages (ARM) are loans in which the interest rate fluctuates.

These programs combine the construction and permanent financing of your project. You qualify for the loan once, lock in the permanent rate, sign one set of loan documents and have up to 12 months to complete the construction. During the construction period, interest is charged only on the funds that have been disbursed. When the project is completed, the permanent loan period begins. Fixed-Rate mortgages are loans in which the interest rate never changes. Adjustable-Rate mortgages (ARM) are loans in which the interest rate fluctuates.

A loan made for the purpose of purchasing land only.

A loan made for the purpose of purchasing second and vacation homes only.

A loan for the first-time homebuyer program sponsored by the State of Indiana. The IHCDA offers programs that assist Hoosiers with making down payments, getting low interest rate loans and even special programs for families that live in rural areas.

Visit our Neighborhood Loan page for more information.

Read more about the Physician Loan Program here.