IFA Loan
IFA Loan
First Merchants Bank and the Indiana Finance Authority has teamed up to offer a special loan program with a reduced rate and low cost financing option to help Indiana Residence convert existing Septic Tank Systems into public utility sewers.
Repayment of a home equity loan requires that the borrower makes a monthly payment to the lender. That monthly payment includes repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases.
Loan Program Details:
- Max Loan Amount - $15,000
- Amortization Term - 10 year (120 months)*
- Property Location - State of Indiana Only
- Primary residence only
- Qualifying Properties - Single Family Dwelling - Primary Residence, Owner Occupied Only
- 2% Fixed Rate
* HELOC Payment Example
| Loan Example | Balance | APR** | Payment | Term |
| $15,000 | 2.27% | $139.86 | 10 Years | |
| Total Payment Over Life of Loan | $16,783.20 |
** Annual Percentage Rate. The $139.86 monthly payment is based on $15,000 financed for 120 months with a fixed rate of 2.00% and a loan fee of $199. Property insurance required, must meet underwriting criteria to qualify for loan. Payment example only and rates are subject to change at any time.
BEFORE YOU APPLY CHECKLIST
You may be asked to provide some or all of the items listed below to decision your credit request. In order to expedite the process, please provide all required information at the time of application.
Personal Information for Applicant and Co-Applicant:
- Full legal name, Social Security number, Date of Birth
- Current address and previous, if less than one year
- Current employer and previous, if less than one year
- Government issued photo ID (Driver’s license, US passport or state-issued ID)
- Required Income Documentation for Applicant and Co-Applicant
- Check Stubs, W2, or Tax Documents
You may fall into one or more of these categories. Please submit all documents that apply.
If you are an EMPLOYED WAGE EARNER / COMMISSIONED:
- Most recent 2 paystubs showing last 30 days YTD income
- Most recent 2 consecutive years W-2s
- For Commission Income: All items indicated above AND most recent 2 consecutive years Personal Federal tax returns, Signed & Dated
If you are SELF-EMPLOYED
- Most recent 2 consecutive years W-2s (if you are receiving income as an employee of the business)
- Most recent 2 consecutive years Personal Federal tax returns (with all schedules), Signed & Dated
Other Ways to Apply
Email:
[email protected] with your contact information and a banker will reach out to you to.
Please Provide:
- First and Last Name
- Phone Number
- Preferred Time of Day to be reached M-F 8-5
If you have immediate questions, please contact Colton Cooley - Consumer Lending Sales Director at 317.813.0971.
