Home Point Financial is pleased to announce that we now have Indiana USDA (United States Department of Agriculture) financing. USDA Loans are intended to provide lower-income homeowners with 100% financing (with no down payment). These loans, once known as farm loans, are now available to Indiana residents in almost every IN county outside of major metropolitan areas.

USDA Loan Requirements and Guidelines (Indiana)

There are a number of requirements to quality for Indiana USDA Loans:

  1. Monthly Indiana housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
  2. Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Indiana.
  3. Indiana borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
  4. Income can be up to 115% of the median income for the area.
  5. Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
  6. Indiana property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.

Indiana families must be able to afford the mortgage payments, including taxes and insurance.

Indiana USDA Mortgage Rates

IN USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Indiana property being financed, etc. In general, IN USDA rates are better than average compared to other options for qualifying individuals.

Indiana USDA Lender

Apply now or contact the Indiana USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Indiana, eligibility and more.