First Internet Bank Launches Rural Development Lending in IndianaReleased on May 21, 2015
First Internet Bank of Indiana, a premier provider of online retail and business banking services nationwide, today announced the expansion of its residential mortgage lending capabilities within the State of Indiana. Backed by a loan guarantee from the United States Department of Agriculture (USDA), First Internet Bank creates the opportunity for low- and moderate-income households to own decent, safe and sanitary dwellings as their primary residence. Homebuyers can finance up to 100% of the purchase price — no down payment required — with a low upfront funding fee and low monthly USDA fee. Properties must be in eligible rural areas, and applicants must meet eligibility requirements.
“I’m proud to expand our residential loan program within our home state,” said David Becker, President and CEO of First Internet Bank. “As a native Hoosier, I am gratified to see our team leverage our skills and technology to help strengthen rural communities and foster homeownership.”
The USDA program complements the Bank’s other government-backed home loan programs, FHA and VA, for homebuyers seeking a low down payment option. First Internet Bank also offers fixed and variable rate conventional loans as well as jumbo mortgages and home equity loans. The Bank currently originates loans in all 50 states through its award-winning online platform, backed by experienced loan officers.
For more information about the USDA Rural Development program, visit www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program/in.
About First Internet Bank
First Internet Bank of Indiana opened for business in 1999 as the first state-chartered, FDIC-insured institution to operate solely via the Internet. With customers in all 50 states, First Internet Bank offers consumers services including checking, savings, money market, certificates of deposit and IRA accounts as well as consumer loans, residential mortgages, residential construction loans and home equity products. For commercial clients, it provides commercial real estate loans, commercial and industrial loans, asset-based lending and treasury management services. First Internet Bank has been recognized as one of the “Best Banks to Work For” by American Banker Magazine as well as a “Top Workplace” by The Indianapolis Star. For more information about the bank, please visit www.firstib.com. The bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).