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Indiana Mortgage Rates

Indiana Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-08-06T11:06:35

Comparing Indiana Mortgage Rates with National Rates

In order to help you see how Indiana mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Indiana

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Indiana

In order to qualify for the best mortgage rates in Indiana it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Indiana

IIndiana is the seventeenth most populous US state. According to the US census, as of 2017, there is an estimated population of over 6.6 million residents, which represents 2.1% of the US population. According to Wikipedia, Indiana is home to the international headquarters and research facilities of pharmaceutical company Eli Lilly in Indianapolis, the state's largest corporation, as well as the world headquarters of Mead Johnson Nutritionals in Evansville.

Here are some outside resources that can help you understand the Indiana mortgage environment:

  1. FHA loan amounts in Indiana: (note:set the table to Indiana). There are 92 counties in the state of Indiana of which none of the single family units meet the Highest loan limit, currently at $636,150. 78% of the counties are at the Standard loan limit, currently at $275,665. The remaining 32% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Indiana and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 100% of the counties that fit this category.
  3. Indiana First Home Buyer Programs: The http://www.in.gov/ihcda/ Indiana Housing & Community Development Authority(IHCDA) offers various down payment assistance, mortgage credit and housing loan programs, including the following programs: HELPING TO OWN (H2O) MORTGAGE CREDIT CERTIFICATE (MCC) NEXT HOME (NH) MY HOME (MH) . There are income, credit, and property value restrictions.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Indiana

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Indiana:

  • Mortgage Rates for Conventional Loans in One MSA in Indiana
  • Mortgage Fees in One MSA in Indiana
  • Loan Amount in Indiana for One MSA
  • LTV over 90% in One MSA in Indiana

Mortgage Rates for Conventional Loans in One MSA in Indiana

Mortgage Fees in One MSA in Indiana

Loan Amount in Indiana for One MSA

LTV over 90% in One MSA in Indiana for One MSA