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Saturday, June 25, 2022

Want to lower your mortgage payment? Learn about the IndyAMP COVID-19 Refinance Program

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Have you been negatively affected by COVID-19? Are you looking for mortgage relief? IndyAMP is here to help! Run as a partnership between Renew Indianapolis, the Kheprw Institute, Merchants Bank of Indiana, and Stock Yards Bank and Trust, the Indy Affordable Modification Program (IndyAMP) allows homeowners negatively affected by COVID-19 to refinance mortgage debt at a below-market interest rate for up to 30-years. IndyAMP allows owners to remain in their homes, become current with their mortgages, and lower their monthly payment.

IndyAMP is open to existing Marion County homeowners who have been negatively impacted by COVID-19, are looking to refinance a home they currently reside in, and owe between $20,000-$200,000 on the property. Borrowers must have no late payments in the 12 months (30 days or more late) prior to March 2020, but the program is open to those still struggling to pay their mortgage because of COVID-19.

Our program offers the following features. A low 3% Fixed Interest Rate for up to 30-Years. Flexible 10-, 20-, and 30-year loan options. 90-day deferral of your first payment. And no formal appraisal – your home value must be at or below 95% of comparable home values based on a REALTORS® Property Resource Report. Closing costs may be included in the new loan.
Applicants have a coordinator working with them throughout the entire process, who are available to assist with any aspect of the application. If applicants are unsure of their eligibility, they can simply call or email and a coordinator will work with them to better understand their situation and assess if IndyAMP is a good fit. Applicants who have been through the program have saved an average of $420 monthly on their mortgage payment. For more information please click on the button below, call 317.932.3777, or email info@indyamp.org.

IndyAMP is made possible through a grant from the City of Indianapolis.

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