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Indiana FHA Loan

What are Indiana FHA Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Indiana?
To be eligible for FHA Mortgage Loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in Indiana: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in Indiana. The highest maximum FHA Home Loan right now in Indiana is $365,700. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the IN FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Indiana, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Indiana FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Indiana?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Indiana?
There are three main types of FHA Refinance loans available in IN.

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Indiana?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in Indiana
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in Indiana. The highest maximum FHA Home Refinance amount right now in Indiana is $365,700. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the Indiana FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Indiana, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Indiana is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in IN, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

Complete Online Application

Indiana FHA Mortgage Limits by County

MSA Name County Name
One-Family
Two-Family
Three-Family
Four-Family
DECATUR, IN (MICRO) ADAMS $271,050 $347,000 $419,425 $521,250
FORT WAYNE, IN (MSA) ALLEN $271,050 $347,000 $419,425 $521,250
COLUMBUS, IN (MSA) BARTHOLOMEW $271,050 $347,000 $419,425 $521,250
LAFAYETTE, IN (MSA) BENTON $271,050 $347,000 $419,425 $521,250
NON-METRO BLACKFORD $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) BOONE $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) BROWN $271,050 $347,000 $419,425 $521,250
LAFAYETTE, IN (MSA) CARROLL $271,050 $347,000 $419,425 $521,250
LOGANSPORT, IN (MICRO) CASS $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) CLARK $271,050 $347,000 $419,425 $521,250
TERRE HAUTE, IN (MSA) CLAY $271,050 $347,000 $419,425 $521,250
FRANKFORT, IN (MICRO) CLINTON $271,050 $347,000 $419,425 $521,250
NON-METRO CRAWFORD $271,050 $347,000 $419,425 $521,250
WASHINGTON, IN (MICRO) DAVIESS $271,050 $347,000 $419,425 $521,250
AUBURN, IN (MICRO) DE KALB $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) DEARBORN $271,050 $347,000 $419,425 $521,250
GREENSBURG, IN (MICRO) DECATUR $271,050 $347,000 $419,425 $521,250
MUNCIE, IN (MSA) DELAWARE $271,050 $347,000 $419,425 $521,250
JASPER, IN (MICRO) DUBOIS $271,050 $347,000 $419,425 $521,250
ELKHART-GOSHEN, IN (MSA) ELKHART $271,050 $347,000 $419,425 $521,250
CONNERSVILLE, IN (MICRO) FAYETTE $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) FLOYD $271,050 $347,000 $419,425 $521,250
NON-METRO FOUNTAIN $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) FRANKLIN $271,050 $347,000 $419,425 $521,250
NON-METRO FULTON $271,050 $347,000 $419,425 $521,250
EVANSVILLE, IN-KY (MSA) GIBSON $271,050 $347,000 $419,425 $521,250
MARION, IN (MICRO) GRANT $271,050 $347,000 $419,425 $521,250
BLOOMINGTON, IN (MSA) GREENE $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) HAMILTON $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) HANCOCK $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) HARRISON $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) HENDRICKS $271,050 $347,000 $419,425 $521,250
NEW CASTLE, IN (MICRO) HENRY $271,050 $347,000 $419,425 $521,250
KOKOMO, IN (MSA) HOWARD $271,050 $347,000 $419,425 $521,250
HUNTINGTON, IN (MICRO) HUNTINGTON $271,050 $347,000 $419,425 $521,250
SEYMOUR, IN (MICRO) JACKSON $271,050 $347,000 $419,425 $521,250
GARY, IN METROPOLITAN DIVISION JASPER $365,700 $468,150 $565,900 $703,250
NON-METRO JAY $271,050 $347,000 $419,425 $521,250
MADISON, IN (MICRO) JEFFERSON $271,050 $347,000 $419,425 $521,250
NORTH VERNON, IN (MICRO) JENNINGS $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) JOHNSON $271,050 $347,000 $419,425 $521,250
VINCENNES, IN (MICRO) KNOX $271,050 $347,000 $419,425 $521,250
WARSAW, IN (MICRO) KOSCIUSKO $271,050 $347,000 $419,425 $521,250
MICHIGAN CITY-LA PORTE, IN (MSA) LA PORTE $271,050 $347,000 $419,425 $521,250
NON-METRO LAGRANGE $271,050 $347,000 $419,425 $521,250
GARY, IN METROPOLITAN DIVISION LAKE $365,700 $468,150 $565,900 $703,250
BEDFORD, IN (MICRO) LAWRENCE $271,050 $347,000 $419,425 $521,250
ANDERSON, IN (MSA) MADISON $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) MARION $271,050 $347,000 $419,425 $521,250
PLYMOUTH, IN (MICRO) MARSHALL $271,050 $347,000 $419,425 $521,250
NON-METRO MARTIN $271,050 $347,000 $419,425 $521,250
PERU, IN (MICRO) MIAMI $271,050 $347,000 $419,425 $521,250
BLOOMINGTON, IN (MSA) MONROE $271,050 $347,000 $419,425 $521,250
CRAWFORDSVILLE, IN (MICRO) MONTGOMERY $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) MORGAN $271,050 $347,000 $419,425 $521,250
GARY, IN METROPOLITAN DIVISION NEWTON $365,700 $468,150 $565,900 $703,250
KENDALLVILLE, IN (MICRO) NOBLE $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) OHIO $271,050 $347,000 $419,425 $521,250
NON-METRO ORANGE $271,050 $347,000 $419,425 $521,250
BLOOMINGTON, IN (MSA) OWEN $271,050 $347,000 $419,425 $521,250
NON-METRO PARKE $271,050 $347,000 $419,425 $521,250
NON-METRO PERRY $271,050 $347,000 $419,425 $521,250
JASPER, IN (MICRO) PIKE $271,050 $347,000 $419,425 $521,250
GARY, IN METROPOLITAN DIVISION PORTER $365,700 $468,150 $565,900 $703,250
EVANSVILLE, IN-KY (MSA) POSEY $271,050 $347,000 $419,425 $521,250
NON-METRO PULASKI $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) PUTNAM $271,050 $347,000 $419,425 $521,250
NON-METRO RANDOLPH $271,050 $347,000 $419,425 $521,250
NON-METRO RIPLEY $271,050 $347,000 $419,425 $521,250
NON-METRO RUSH $271,050 $347,000 $419,425 $521,250
SCOTTSBURG, IN (MICRO) SCOTT $271,050 $347,000 $419,425 $521,250
INDIANAPOLIS-CARMEL, IN (MSA) SHELBY $271,050 $347,000 $419,425 $521,250
NON-METRO SPENCER $271,050 $347,000 $419,425 $521,250
SOUTH BEND-MISHAWAKA, IN-MI (MSA) ST. JOSEPH $271,050 $347,000 $419,425 $521,250
NON-METRO STARKE $271,050 $347,000 $419,425 $521,250
ANGOLA, IN (MICRO) STEUBEN $271,050 $347,000 $419,425 $521,250
TERRE HAUTE, IN (MSA) SULLIVAN $271,050 $347,000 $419,425 $521,250
NON-METRO SWITZERLAND $271,050 $347,000 $419,425 $521,250
LAFAYETTE, IN (MSA) TIPPECANOE $271,050 $347,000 $419,425 $521,250
KOKOMO, IN (MSA) TIPTON $271,050 $347,000 $419,425 $521,250
NON-METRO UNION $271,050 $347,000 $419,425 $521,250
EVANSVILLE, IN-KY (MSA) VANDERBURGH $271,050 $347,000 $419,425 $521,250
TERRE HAUTE, IN (MSA) VERMILLION $271,050 $347,000 $419,425 $521,250
TERRE HAUTE, IN (MSA) VIGO $271,050 $347,000 $419,425 $521,250
WABASH, IN (MICRO) WABASH $271,050 $347,000 $419,425 $521,250
NON-METRO WARREN $271,050 $347,000 $419,425 $521,250
EVANSVILLE, IN-KY (MSA) WARRICK $271,050 $347,000 $419,425 $521,250
LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA) WASHINGTON $271,050 $347,000 $419,425 $521,250
RICHMOND, IN (MICRO) WAYNE $271,050 $347,000 $419,425 $521,250
FORT WAYNE, IN (MSA) WELLS $271,050 $347,000 $419,425 $521,250
NON-METRO WHITE $271,050 $347,000 $419,425 $521,250
FORT WAYNE, IN (MSA) WHITLEY $271,050 $347,000 $419,425 $521,250

FHA loans in Indiana's top cities:

Anderson Indiana FHA Loans Bloomington Indiana FHA Loans Elkhart Indiana FHA Loans
Evansville Indiana FHA Loans Fort Wayne Indiana FHA Loans Gary Indiana FHA Loans
Hammond Indiana FHA Loans Indianapolis Indiana FHA Loans Lafayette Indiana FHA Loans
Muncie Indiana FHA Loans South Bend Indiana FHA Loans Terre Haute Indiana FHA Loans
                                                                                                                             

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 Why choose an FHA Mortgage?

  • Indiana FHA Loan Programs require a Low 3.5% down payment.
  • Non-occupant, co-borrower are permitted to qualify for an FHA Home Loan.
  • Indiana FHA Loan Income requirements use expanded qualifying ratios.
  • There are no prepayment penalties for FHA Mortgage Home Loans.
  • An Indiana FHA Loan is fully assumable.
  • FHA Mortgage Insurance has lower premiums.
  • FHA Loan Requirements allow for non-income qualifying, streamline refinance.
  • An FHA Home Mortgage is available in all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
  • An FHA Home Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas, including manufactured homes on permanent foundations.
  • Indiana FHA Loan Terms are offered at periods of 15 or 30 years.

 FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate HUD FHA Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be either 98.75% or 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA Refinance Loans do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new HUD FHA Mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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