An Indiana Mortgage Company

Indiana Home Loans: An Indiana Mortgage Company

Indiana, home to Hoosiers basketball, countless minor league baseball teams, and the Indy 500 is a wonderful state to call home. Indiana is also in the top ten least expensive states to live in the U.S., making it a great place to get a home loan.

The mortgages being offered by Indiana mortgage companies are some of the most competitive in the nation, and if you are a veteran, first responder, or teacher, you may qualify for even lower rates.

Buying a Home in Indiana

Indiana Real Estate

The real estate prices in the Hoosier State continue to rise due to the laws of supply and demand. Estimates show that housing prices have risen 17.5% from 2021. Even though the cost of homeownership in Indiana is on the rise, you can still purchase a home in Indiana for around $3,000 less than the national average.

According to Zillow, the median price for a home in Indiana is $141,700, just slightly higher than in a neighboring state like Kentucky. Even though that is up from the previous year, it is still much cheaper than many other places in the country. 

Best Home Loan Mortgage Options in Indiana

Mortgage loans are available in a variety of forms, and each home loan has different qualification requirements and interest rates.

When you’re getting ready to purchase your first home in Indiana with the support of a homebuyers program or refinance your current mortgage, it’s important to understand how you can get the best home loan for your needs.

You should also understand what kinds of options are available for each type of mortgage before making any decisions about which one is right for you.

• ARM (adjustable rate mortgages): Also known as variable-rate mortgages, they have an interest rate that may change occasionally depending on changes in a corresponding financial index that may be associated with the loan. This means that your monthly payment can increase or decrease in correlation with the index rate going up or down. 
• FHA, VA, and USDA-backed mortgages (government-insured mortgages) : These loans are government-sponsored mortgages that are intended to help families become homeowners with little to no down payment. 
• Fixed-rate mortgages: A fixed-rate mortgage has the same rate throughout the entire term of the loan. This means that if interest rates rise while you are still paying your loan, your rate and payment will remain locked in the entirety of your loan term. 
• Conventional mortgages: Conventional mortgages aren’t issued or guaranteed by the federal government. Conventional mortgages are popular among homeowners because they offer lower costs comparative to other loan types.  

If you aren’t sure which of these or other available loans is best for you, then check out a full list of home loan options available to those in Indiana.

Indiana Mortgage Assistance

Several different mortgage assistance programs are available in Indiana. Mortgage assistance programs are offered through various state and local governments. These programs provide services for local homebuyers according to state laws which include assistance in refinancing, mediation services, financial aid, foreclosure postponement as well as legal counseling. 

Available mortgage assistance programs in Indiana are:

• IHAF (Indiana Foreclosure Prevention Network): a mortgage payment assistance program for eligible Indiana homeowners in all 92 counties that have been hit by COVID-19 hardships. 
• IHCDA ( Indiana Housing and Community Development Authority): IHCDA’s driving mission is to provide the opportunity for individuals to live in safe, affordable homes within economically stable communities. Eligibility to their various programs are determined by a combination of credit score, income and debt-to-income ratio and will vary by county. IHCDA has a First Place, Next Home, and a Mortgage Credit Certificate program available for homebuyers. 

Additional mortgage assistance programs in Indiana can be found on the U.S Department of Housing and Urban Development page.

Best Mortgage Lenders in Indiana

The Home Loan Expert 

If you’re looking to get a home loan in Indiana, then The Home Loan Expert has got you covered. We’re one of the fastest-growing lenders in the nation, but our loan officers all live within the communities they serve—meaning you’ll get the resources of a big-time lender with the service you’d expect from a local!

We understand that the process can be a little bit overwhelming so we strive to keep things as easy and stress-free as possible. Getting your application approved is a breeze when you get started with their 5-Minute Loan Approval* application. Ensuring that the process is as personal as it is professional, we always work to put the customer and the community first. 

Loans & Services:

• Adjustable-Rate Mortgages
• Bank Statement Mortgages
• Cash-Out Refinance
• Conventional Loans
• Debt Consolidation
• FHA Loans
• First Responder Loan Program
• Fixed-Rate Loans
• Home Purchase Loan
• Jumbo Home Loans
• No Income Verification Loans
• Union Loans
• USDA Loans
• VA Loans
• Zero Dollar

Pros: 

• Personalized and hands-on service. 
• It’s like working with a friend who’s also a home loan expert.
• Best in class closing costs
• Variety of loan and mortgage options
• Robust down payment assistance options

Cons: 

• Given the number of loan choices available, some prior homework might be necessary in order to zero in on the best loan for you. But, we can help you with that!

Minimum down payment: Ranging from 3% to 0% (for VA members)

Start the approval process at The Home Loan Expert today!

Hero Loan

Hero Loan–one of the fastest growing lending platforms in the country–serves active- duty military, veterans, and their families. As a direct-endorsed VA Lender, Hero Loan can close VA loans in as little as 14 days–compared to most lenders that take up to 60 days. They underwrite all VA loans in house, meaning lower mortgage rates and no upfront or out of pocket costs—that includes the appraisal. 

Hero Loan has an enticing roster of loans and services that they offer. Apart from the standard VA loan, some of these also include: 

• VA Streamline Refinancing
• Conventional Loan Refinancing
• VA Cash-Out Refinancing 
• FHA Loans

After you’ve made your choice, you can use their website to fill out a few preliminary details and apply for the loan or service that you have chosen. From there, a loan officer will be assigned to you who will take you through the minutiae and explain the details of the loan that you are about to borrow.

In addition, they will also help you get the all-important VA Loan Certificate of Eligibility and fill out all the VA paperwork for you. After you’ve sorted out the necessary details, all that remains for you to do is wait till the loan is closed. But don’t worry–with Hero Loan that takes as little as 14 days (compared to the standard two months)!

Pros: 

• Complete all VA paperwork for clients 
• Underwrite all VA loans in-house
• Can close VA Loans in as little as 14 days
• No appraisal fees or out-of-pocket fees

Cons: 

• Services are for active-duty military, veterans, and their families only

Minimum down payment: 

$0 down payment 

AmeriSave 

AmeriSave has been around since 2002 and has financed over 390,000 homes in its twenty-year journey. It is also an approved Fannie Mae lender. AmeriSave’s methodology is largely online and hands-free. 

This might not appeal to borrowers who are looking for a more hands-on experience and personalized when it comes to tackling their dreams of getting a dream home of their choice. However, AmeriSave has a decent selection of loans on offer and a low minimum down payment.

Loans & Services:

• Fixed-Rate Loans
• Adjustable-Rate Loans
• Cash-Out Refinancing
• Jumbo Loans
• FHA Loans
• VA Loans
• USDA Loans

Pros: 

• Short prequalification time
• Great customer service

Cons:

• Fewer loan options
• Very hands-off process 

Minimum down payment: 

Ranging from 2.8% down to 0% (for VA members)

Chase Bank

Chase Bank is a giant when it comes to financial services in the United States. This bank has its fingers in all sorts of services, ranging from auto loans and personal banking to mortgages. 

Borrowers have the option of beginning their mortgage applications online and can choose from a variety of mortgage types through the bank. Chase also offers a DreaMaker program for those seeking a low down payment, but it does come with special eligibility rules.

Loans & Services:

• Purchase Loans
• Refinance Loans
• Conventional Loans
• FHA Loans
• VA Loans
• Jumbo Loans
• DreaMaker Loan
• Fixed-Rate Mortgages
• Adjustable-Rate Mortgages

Pros: 

• Private clients can get discounts
• DreaMaker program for lower down payments 

Cons: 

• Drawn-out refinancing process
• Only 35 states have home lending advisory licenses
• Larger organization, so can have a less personalized and customized process 

Minimum down payment: 

Ranging from 3.5% down to 0% (for VA members)

For a full review of the best mortgage mortgage lenders in Indiana, head here!

Best Indiana Mortgage Lenders for First-time Buyers

IHCDA First Place Program  

First-time homebuyers or Indiana residents purchasing property in targeted areas can apply for The Indiana Housing and Community Development Authority’s (IHCDA) First Place Program. The program’s most notable feature is its generous down payment assistance of 6% of the purchase price, seen as a forgivable second mortgage after nine years. 

Here are some eligibility requirements for the IHCDA First Place Program: 

• A credit score of at least 640, along with a debt-to-income ratio less than 45%, or a credit score of at least 680, with a debt-to-income ratio between 45-50%. 
• You must be a first-time homebuyer, or a homebuyer seeking a property in a targeted area
• The buyer intends to live on the property.

Best for: Low-income individuals that need focused support with the down payment.

IHCDA Next Home Program 

The IHCDA also offers the Next Home Program to Indiana residents seeking to purchase a single-family home. Like the First Place Program, the Next Home Program offers down payment assistance, albeit a lower amount (3.5% of the purchase price), depending on the appraisal. 

You’re still eligible for this program if you’re a second-time homebuyer!  But, you may not be able to combine it with other IHCDA programs. Here are a few other requirements: 

• A credit score of at least 640, along with a debt-to-income ratio less than 45%, or a credit score of at least 680, with a debt-to-income ratio between 45-50%. 
• The buyer intends to live on the property
• Buyer must meet specific income requirements as determined by the IHCDA

Best for: Second-time homebuyers looking for down payment assistance or first-time homebuyers that would like to combine multiple program benefits.

IHCDA Next Home Conventional Program

The IHCDA offers the Next Home Conventional Program is similar in assistance (3.5% of purchase price or appraised value for down payment assistance) and eligibility requirements to the plain Next Home Program. The main difference is in the property eligibility criteria. 

While the Next Home Program allows for manufactured homes, the Next Home Conventional disqualifies manufactured homes from eligibility. 

Here’s a quick recap of the Next Home requirements, which are identical for the Next Home Conventional Program: 

• A credit score of at least 640, along with a debt-to-income ratio less than 45%, or a credit score of at least 680, with a debt-to-income ratio between 45-50%. 
• The buyer intends to live on the property
• Buyer must meet specific income requirements as determined by the IHCDA

Best for: Individual looking for support in purchasing a manufactured home. 

For a full review of the best first-time homebuyers programs in Indiana, head here!

Refinancing in Indiana

There are countless benefits to refinancing your home loan. Refinancing is the process of taking out a new loan to pay off an existing one. Refinancing can be used to lower monthly payments and get a lower interest rate, or it can allow you to get a longer loan term and make monthly payments more affordable.

Some situations in which homeowners might choose to refinance include:

• you want to lower your monthly payment by extending the length of your loan maturity
• your credit score has improved since you applied for your mortgage, but now you qualify for better terms than the ones offered at that time; or
• you need cash from refinancing so that you can invest in home improvements or pay off other debts

Indiana Mortgage Calculators

If you’re interested in getting a mortgage, one of the first steps is to get pre-approved for financing. This will help narrow down your choices and make it easier to find the best loan for your needs. However, there are several types of loans available and it’s important to understand which type of Indiana mortgage loan is right for you before applying.

Mortgage calculators can help determine your mortgage payment and break down that payment into individual expenses such as taxes, insurance, and HOA fees. Calculate your monthly mortgage payment for a home in Indiana by inputting your loan term, home price, and down payment into the corresponding box on the mortgage calculator.

In addition to the mortgage calculator, we offer a loan comparison calculator, rent vs. buy calculator, and refinance calculator, among others. Our goal is to provide clients with a full suite of tools so that they may make the most informed decision possible about their home loans.

The Home Loan Expert in Indiana

The Home Loan Expert offers Indiana residents the most competitive mortgage rates in the state. 

We provide Indiana mortgage services in: 

• Indianapolis
• Carmel
• Fishers
• Noblesville
• Greenwood
• Lawrence
• Westfield
• Plainfield
• Zionville
• Franklin

Our home loan options in Indiana include: 

• Adjustable-Rate Mortgages
• Bank Statement Mortgages
• Cash-Out Refinance
• Conventional Loans
• Debt Consolidation
• FHA Loans
• First Responder Loan Program
• Fixed-Rate Loans
• Home Purchase Loan
• Jumbo Home Loans
• Union Loans
• USDA Loans
• VA Loans
• Zero Dollar
• No Income Verification Loans

There are many excellent opportunities for home buyers in Indiana with a number of great mortgage options. Indiana homebuyers don’t need to feel overwhelmed about finding the right home. At The Home Loan Expert, we offer valuable educational resources as well outstanding customer service to ensure your home buying dreams come true.  
To learn more about how we can help you get the home of your dreams, get started with your 5-Minute Loan Approval* application today!