INHP breaks down myths about qualifying for a home loan

Indy Style

“Knowledge is power!”

April is Financial Literacy Month, and Laurie Jones, Director Homeowner Development, breaks down two major myths about finances and how your income, debts and credit affects your ability to qualify for a home loan.

ABOUT INHP and Financial Literacy Month: (as told by INHP)

o   INHP celebrates this month because we believe that when you understand your finances, you gain purchasing power. 
o   Put simply, you have more choices about where you want to live. 
 
•      How can INHP can help with financial literacy?
o   We help people understand their finances through a series of online or in-person education classes. Most classes are free. 

•      There are two major myths about money and how things like income, debt or credit impact your ability to choose where you want to live. 

•      Myth #1: Some people think that if they have student loans, they can’t qualify to buy a home. That’s not true! Owning a home is possible with student loan debt. 
•      Before you apply for a home loan, INHP.org encourages you to understand 
o   How a lender might view your monthly student loan payment. 
o   How much you qualify for vs. how much you can comfortably afford. 
o   How your student loan payment is calculated.
o   How changes in your income may affect your student loan payment.
o   How changes to your student loan payment affect your ability to comfortably own a home. 
 
•      INHP can help you gain this understanding.
o   We offer unbiased help to understand how student loan debt may impact your homeownership goal. 
o   Give us a call and talk our trusted experts about your situation
o   Take the first step at INHP.org where we have online resources and ways for you to get connected to our advisors. 

•      Myth #2: Most people think they need to save a large down payment before they can buy a home. That’s not true! Some lenders require as little as three percent down. INHP can help with your down payment savings plan.

For more financial literacy and homeownership education, including budgeting, steps to improve credit and how to save for home, go to INHP.org and sign up for a class or an advising session.

SEGMENT IS SPONSORED BY INHP 
 

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