To not be prejudice, we refer to them as In-Law Suites in Bloomington, IN
When is the baby due? This is going to be a big adjustment in your lives as it is. I'd suggest maybe start looking around so you know what it is you like and don't like. I'd be glad to sell you a house right now but from personal experience, I'd wait until you're settled in with your new lifestyle before you take on a major move like this.
My answer is always the sooner the better! Wish I'd taken my own advice many years ago. Hate to think about all the money I threw away on rent. First thing to do is contact a lender to get pre-qualified. I suggest you go to whoever you currently bank with. I'd be glad to recommend some local lenders in the Bloomington, IN area if you need further assistance.
It most likely means it may be eligible for a USDA loan. Your lender can verify this for you. It is 100% financing - meaning no down payment is required. But, don't forget you still will have costs for inspection, appraisal, and closing costs. Once again, your lender can give you a "good faith estimate" on what your actual costs would be. Many times you can also ask a seller to pay X amount of dollars toward closing costs if you're short of funds.
I specialize in this type of purchase option in Monroe County, Indiana. Give me a call if you'd like to discuss details on how this option might work for you.
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