Indiana FHA Loans | Requirements | 2023 FHA Loan Limits
Trying to find the most simplified way to opt for home loans in Indiana? Emerging as a golden opportunity for the first time home buyers, the FHA (Federal Housing Administration) loans are aimed at making home buying simple and easy for every average American. FHA loans come with several advantages which makes it quite popular. Right from low down payment options as low as 3.5%, this scheme comes with convenient requirements to qualify ranging to a credit score as low as 500. For further detailed consultation, request a free consultation.
Indiana FHA Loan Requirements
Worried about the essential requirements to qualify for an FHA loan in Indiana. Well! We got your covered!
Here is a list of well outlined requisites to qualify for an FHA loan.
- Credit Score– To be eligible and qualify for the FHA loan, the borrower needs to hold a minimum credit score range between 500-579. With this range, one can qualify for a 10% down payment. However, for individuals with a score of 580 or more, they can qualify for 3.5% down payment.
- Job History – An applicant needs to provide an employment proof of 2 years. In case of a job change, you need to show consistent employment/income proof to your lender.
- Financial Statements– The financial statements need to be a compilation of all your most recent bank statements, and other related documents including- the pay stubs, and tax returns.
- Debt-to-Income– In order to qualify for an FHA loan in Indiana, you need to bear a debt-to-income ratio not higher than 43%. However, in case of considerable “compensating factors,” a borrower might qualify for the loan even with a higher debt levels (considering any of the compensating factors including- more money in savings, longer job history, or higher credit score).
- Primary Residence– FHA loans only apply to borrowers for whom the intended property to be purchased is their primary residence. This means the borrower needs to occupy the home, purchased under this loan system. Purchase of an investment property, a second home, or vacation home do not qualify under FHA system.
- Mortgage Insurance– FHA loans, require two types of mortgage insurance- UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium), regardless of the different lenders. FHA MIP works like PMI (Private Mortgage Insurance) on a conventional loan acts. However, you may use this FHA loan calculator to get an estimate of your monthly payment and mortgage insurance costs.
- FHA Loan Limits– FHA loans work on maximum lending limits that are set at the county level. Take a look at the recently updated FHA loan limits for all the counties in Indiana below.
Wish to validate your qualifications for the FHA loan? We can help you with that and get the best offers for FHA loans in Indiana. To get in touch, request a free consultation.
2023 Indiana FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Indiana:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 |
| ALLEN | $472,030 | $604,400 | $730,525 | $907,900 |
| BARTHOLOMEW | $472,030 | $604,400 | $730,525 | $907,900 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 |
| BLACKFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| DAVIESS | $472,030 | $604,400 | $730,525 | $907,900 |
| DEARBORN | $472,030 | $604,400 | $730,525 | $907,900 |
| DECATUR | $472,030 | $604,400 | $730,525 | $907,900 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 |
| DELAWARE | $472,030 | $604,400 | $730,525 | $907,900 |
| DUBOIS | $472,030 | $604,400 | $730,525 | $907,900 |
| ELKHART | $472,030 | $604,400 | $730,525 | $907,900 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| FLOYD | $472,030 | $604,400 | $730,525 | $907,900 |
| FOUNTAIN | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 |
| GIBSON | $472,030 | $604,400 | $730,525 | $907,900 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 |
| HARRISON | $472,030 | $604,400 | $730,525 | $907,900 |
| HENDRICKS | $472,030 | $604,400 | $730,525 | $907,900 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| HOWARD | $472,030 | $604,400 | $730,525 | $907,900 |
| HUNTINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 |
| JAY | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JENNINGS | $472,030 | $604,400 | $730,525 | $907,900 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 |
| KOSCIUSKO | $472,030 | $604,400 | $730,525 | $907,900 |
| LAGRANGE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAPORTE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 |
| MARTIN | $472,030 | $604,400 | $730,525 | $907,900 |
| MIAMI | $472,030 | $604,400 | $730,525 | $907,900 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| NEWTON | $472,030 | $604,400 | $730,525 | $907,900 |
| NOBLE | $472,030 | $604,400 | $730,525 | $907,900 |
| OHIO | $472,030 | $604,400 | $730,525 | $907,900 |
| ORANGE | $472,030 | $604,400 | $730,525 | $907,900 |
| OWEN | $472,030 | $604,400 | $730,525 | $907,900 |
| PARKE | $472,030 | $604,400 | $730,525 | $907,900 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 |
| PORTER | $472,030 | $604,400 | $730,525 | $907,900 |
| POSEY | $472,030 | $604,400 | $730,525 | $907,900 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 |
| RIPLEY | $472,030 | $604,400 | $730,525 | $907,900 |
| RUSH | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. JOSEPH | $472,030 | $604,400 | $730,525 | $907,900 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 |
| SPENCER | $472,030 | $604,400 | $730,525 | $907,900 |
| STARKE | $472,030 | $604,400 | $730,525 | $907,900 |
| STEUBEN | $472,030 | $604,400 | $730,525 | $907,900 |
| SULLIVAN | $472,030 | $604,400 | $730,525 | $907,900 |
| SWITZERLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| TIPPECANOE | $472,030 | $604,400 | $730,525 | $907,900 |
| TIPTON | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| VANDERBURGH | $472,030 | $604,400 | $730,525 | $907,900 |
| VERMILLION | $472,030 | $604,400 | $730,525 | $907,900 |
| VIGO | $472,030 | $604,400 | $730,525 | $907,900 |
| WABASH | $472,030 | $604,400 | $730,525 | $907,900 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WARRICK | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 |
| WELLS | $472,030 | $604,400 | $730,525 | $907,900 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 |
| WHITLEY | $472,030 | $604,400 | $730,525 | $907,900 |