RATE OPTIMIZER
A loan program that uses a non-traditional way to create a fixed, affordable interest rate and an optimal monthly payment.
PROGRAM DETAILS
HOW DOES IT WORK?
Because INHP bases its interest rate on a different system than most lenders, the Rate Optimizer's fixed-interest rate may be up to 2% lower than traditional mortgage programs.
PROGRAM ELIGIBILITY
Must be a first-time homebuyer or buying a home in a low- or moderate-income census tract
Must be buyer's primary residence in Marion County
Minimum 580 credit score (if below 680, a positive rental history required)
$500 minimum required cash investment
Household income cannot exceed 120% AMI (contact for more details)
Successfully complete INHP's Homebuyer Education class
Example: Estimated loan terms of a traditional mortgage compared to a Rate Optimizer mortgage:
- *Traditional mortgage based on a $175,000 Purchase Price: $169,750 Loan Amount (or 3% down), 6.750% interest rate (6.955% APR), 640 credit score, $1,101.00 monthly principal and interest payment for 360 months.
- **Rate Optimizer mortgage for first-time homebuyers with 580 credit score and below 80% AMI: $175,000 Loan Amount (or 0% down), 4.750% interest rate (4.926% APR), and $912.88 monthly principal and interest payment for 360 months.
- ***Rate Optimizer for borrowers with 81% AMI or greater and 580 credit score: $175,000 Loan Amount (or 0% down), 5.750% interest rate (5.937% APR), $1021.55 monthly principal and interest payment for 360 months.
Income and eligibility restrictions apply. Rates and availability subject to change without notice.
READY TO BEGIN?
