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Guide to Indiana Mortgages
Maybe you are buying your first home in Indiana, or perhaps you're relocating to Indiana from another state. Then again, you may be a long-time Indiana resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Indiana home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Indiana:
The median price of a home in Indiana is $211,500. Recently, homes in Indiana have been appreciating at rates well above the national average. As a result, income levels in many parts of Indiana are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Indiana are below the national average, Indiana has one of the lowest levels of home affordability in the nation.
In Indiana, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Indiana's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Indiana law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Indiana law enacted a set of anti-predatory lending laws in order to help protect Indiana homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Indiana, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Indiana FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Indiana's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Indiana also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Indiana's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Indiana Housing Finance Agency.
Last Updated: Saturday, May 10, 2008
Indiana Real Estate Market View
updated Saturday, May 10, 2008
| Housing & Social Facts |
Indiana |
United States |
| Total housing units |
2,724,429 |
n/a |
| Owner-occupied housing units |
72.0% |
66.9% |
| Renter-occupied housing units |
28.0% |
33.1% |
| Vacant housing units |
10.3% |
10.8% |
| Average Home Value |
$114,400 |
$167,500 |
| Average Mortgage Payment |
$1,031.00 |
$1,295.00 |
| Average Rental Payment |
$332 .00 |
$388.00 |
| Total Population |
6,093,372 |
n/a |
| Percentage Male |
49.1% |
49.0% |
| Percentage Female |
50.9% |
51.0% |
| Median Age |
36.1 |
36.4 |
| Under 5 years |
7.1% |
7.0% |
| 18 years and over |
73.9% |
74.6% |
| 65 years and over |
11.9% |
12.1% |
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1 Year Market Value Change for Indiana |
| 1yr | 5yr | 10yr |
 |
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Popular Indiana Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Anderson |
59,734 |
$32,577 |
| Bloomington |
69,291 |
$25,377 |
| Carmel |
37,733 |
$81,583 |
| Columbus |
39,059 |
$41,723 |
| Elkhart |
51,874 |
$34,863 |
| Evansville |
121,582 |
$31,963 |
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| American Acceptance Mortgage |
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Since 1989, American Acceptance Mortgage has been helping Indiana mortgage consumers with their mortgage needs. We specialize in Indiana home purchase loans and refinance/consolidation loans, equipped with our staff that has over 100 years of combined experience. Your satisfaction will always be our number one priority. Whether you need a conventional, FHA, VA or any of our A- programs, you will always receive the best value and industry leading service when you work with American Acceptance Mortgage. American Acceptance Mortgage is dedicated to providing affordable loans for customers with various types of credit records. The qualified staff at American Acceptance Mortgage is intent on doing nothing less than satisfying our customers' needs. We have a reputation for attentive, responsive service that makes the entire loan process pleasant and enjoyable. Our outstanding staff is also well experienced in meeting deadlines. We make sure that communication is a top priority by always keeping the customer informed with the loan process, every step of the way. Customer feedback has indicated that American Acceptance Mortgage excels in these areas of dependable and friendly customer service. We guarantee satisfaction with the entire loan process. Give us a call today at 317-243-3007 for a free, personalized consultation. You can also apply online. It is fast, secure and easy. Why wait? Let us go to work for you! American Acceptance Mortgage
6333 Hollister Drive.
Indianapolis, Indiana 46224
Phone: 317-243-3007
Fax: 317-243-3026
Get a no-obligation Indiana mortgage quote today!
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| Carteret Mortgage Corporation |
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Are you tired of all the run around? Want straight forward, honest answers to your questions, than call me or go to my personal web site for information to purchase or refinance your home. Reverse Mortgage Specialist! Call for details and to see if this would be the best option for you. A reverse mortgage allows you, a senior homeowner, to access the equity in your home without having to meet income and credit requirements and without having to make regular monthly payments. Based on your age (all borrowers must be 62 or older) and the value of your home, a certain dollar amount is available to you. These funds are available in several ways. You can choose a line of credit, a lump sum distribution, a monthly payment sent to you that will continue as long as you reside in your home, or a combination of these options. You can use this extra cash for any purpose and do not have to repay the loan as long as the property continues to be your primary residence. You might choose to improve monthly cash flow, pay for medical expenses, or pay off other obligations such as an existing mortgage, auto loans or credit card balances. Many seniors are able to eliminate all of their loan payments with a reverse mortgage, greatly improving the quality of their lives. Other seniors have used their reverse mortgage funds to purchase long-term home health care insurance, fund their grandchildren's college tuition, take care of home improvements, go on that long-postponed cruise or purchase that much needed new car, all without any increase in monthly loan payments. Customer Service Center
950 Herndon Parkway Suite 230
Herndon, VA 20170
Call Toll Free!
(877) 392-4800
Hours of Operation M-F 9:00 am - 5:00 pm PST
Get a no-obligation Indiana mortgage quote today!
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| Peoples Bank |
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Our mission is to provide the best possible banking, lending, and wealth management experience to our customers as we pave the way for economic expansion in our community. Peoples Bank recognizes its continued success and longevity are determined by its ability to carry out the mission. We have created a culture, environment, and organizational structure that are conducive to high achievement and facilitate accomplishment of the Bank's mission. Our philosophy is driven by a commitment to maximize shareholder value through delivering the best possible banking, lending, and investing experience by: Meeting the expectations of our stakeholders, Increasing the quality of our customers' total banking experience and Developing a motivated knowledgeable workforce. Our customers are not numbers in a computer; we are committed to individual, customized responses to their needs. Our customers do not want to deal with bureaucracy and we are committed to empowering our employees with decision-making authority. Our customers want consistent and accurate service and we expect our employees to deliver this commitment each and every day. Our customers want stability in their financial institution and as a public company we are committed to high performance results that preserve our independence as a community bank. Whether you are ready to buy a new home, new car, or begin a new business, Peoples Bank is proud to serve Northwest Indiana with the most innovative products and cost effective services around. As a locally owned, community bank, Peoples Bank has experienced lending specialists who offer local decision-making authority. Corporate Center
9204 Columbia Avenue
Munster, IN 46321
(219) 853-7500
Loan Center (219) 853-7500
Operations Center (219) 853-7600
Administration (219) 853-7575
Human Resources (219) 853-7580
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