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Last updated: Jun 20, 2024
6.119% APR 30 Year Fixed
$1,487 / month
Rate: 5.920%
Fees: $625
Points: 1.908
Pts amt: $4,770
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Indiana Mortgage Overview

If you live in the Hoosier State, you're among 6.7 million people. The median home price in Indiana is an affordable $141,000 and almost 70 percent of the homes are owner-occupied. Indiana offers many first-time homebuyer programs, making it easy to go from renting to homeownership with support.

Indiana FHA loans

The Indiana FHA loan is a low down payment program for borrowers with less than perfect credit. You need just a 580 credit score and a 3.5 percent down payment to qualify. If you have a credit score between 500 - 579, you can still get a loan, but with a 10 percent down payment. The FHA underwriting guidelines are flexible and easy for first-time homebuyers.

Indiana VA loans

Veterans of the military enjoy the benefits of a 100 percent loan program from the VA. With no down payment and only 620 credit score requirements, it's easy for veterans to secure the financing they need to become homeowners.

Indiana USDA loans

Borrowers who don't qualify for either of the above government loans may be eligible for an Indiana USDA loan. The program doesn't require a down payment and has flexible underwriting guidelines. All you need is a 640 credit score and income that's less than 115 percent of the average for the area to be eligible.

Indiana conventional loans

If you have good credit and at least 3 percent to put down on a home, you may qualify for a conventional loan. You need a 660 credit score and a decent debt-to-income ratio. Conventional loans have tougher guidelines, but if you qualify, you only pay PMI until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Indiana

First Place Program

Eligible applicants receive down payment assistance of up to 6 percent of the sales price and an FHA 30-year fixed-rate loan. You need at least a credit score of 640 if your debt ratio is less than 45 percent or 680 credit score with a debt ratio of 50 percent.

Next Home

Eligible applicants receive down payment assistance of up to 3.5 percent and an FHA 30-year fixed-rate loan. Like the First Place Program, you need a minimum 640 credit score with a 45 percent debt ratio and 680 credit score with a 50 percent debt ratio.

Mortgage Credit Certificate

The Mortgage Credit Certificate gives first-time homebuyers a tax credit for the interest they pay on their mortgage (up to $2,000) per year.

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