| One of the programs I would like to make home | | | | Indiana Housing, a home inspection will need to be |
| buyers in the Fort Wayne area aware of is the | | | | completed. The inspector used must be registered |
| Indiana Market Stabilization Program. Previously, Fort | | | | with the department of Housing and use the Indiana |
| Wayne home buyers were able to use local funds | | | | Home inspection form. The items that fail the |
| through the Fort Wayne Market Stabilization program. | | | | inspection and require repairs with Indiana Housing |
| Unfortunately, these funds are no longer available, | | | | funds will require the home buyer to get 3 repair |
| but the good news is that the state of Indiana | | | | quotes from licensed contractors for each repair. |
| offers a very similar program and it has yet to | | | | Once these items and necessary documents are |
| exhaust its funds. Developed by the Indiana Housing | | | | completed, then the lender can submit the file to |
| and Community Development Authority, this program | | | | Indiana Housing for approval. |
| offers qualified first time home buyers with up to | | | | Once received, it can take 7-21 days for the file to |
| $15,000 for down payment, rehabilitation or closing | | | | be viewed and approved. If items are missing, the |
| expenses. These funds will be in the form of a | | | | lender will be notified and, until the incomplete items |
| zero-interest, non-amortizing, second mortgage loan | | | | are corrected, the file will be put on hold. When the |
| that if occupied longer then 10 years will not have to | | | | file is approved Indiana Housing requires a settlement |
| be repaid. | | | | statement prior to funding. Once a Hud-1 has been |
| Does this sound too good to be true? Well, the | | | | submitted, funding will take an additional 7-14 days. |
| home does have to reside in an area that the state | | | | As you can imagine, these transactions require |
| of Indiana deems unstable and the home must be a | | | | patience and understanding in order to close |
| foreclosure. Thankfully, the MSP map is very | | | | successfully. Fort Wayne home buyers can breathe |
| accommodating and covers virtually all of Fort | | | | easy as most of the area meets the state's |
| Wayne. Neighborhoods such as, Southwood Park, | | | | requirements as being unstable. |
| Avalon, North Highlands, Forrest Park, Bellshire and | | | | For more information, and to verify if a foreclosed |
| Lofton Park are all considered unstable by the state. | | | | home is within the stabilization designated area, |
| Potential home buyers must also meet income | | | | please contact me or another licensed Realtor in the |
| eligibility based upon the standard of living for their | | | | Fort Wayne area. You can also visit Indiana Housing |
| county. Fort Wayne home buyers should choose a | | | | Now for more details on the program and information |
| participating lender who is trained and has working | | | | on additional state programs for Fort Wayne home |
| knowledge of the requirements for the Market | | | | buyers. |
| Stabilization program. Prior to submitting your file to | | | | |