If you are thinking of buying a home in Hoosier State, then you are in good company. There are 2.9 million in indiana housing units And a homemade rate of 69% according to the US Census Bureau 2018 American Community Survey.
The state’s average housing price is $ 147,300, which falls below the national average of $ 229,700. Offering a wide variety of options for 6.7 million residents in Indiana, home values in the state can vary.
What are the mortgage rates in Indiana?
House interest rates Range from 2.13% Service 5.38% In indiana
What are today’s mortgage rates?
By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan type |
Rate of this week |
Last week rate |
| 30-Year Fixed Rate Mortgage | 3.01% | 3.03% |
| 15-Year Fixed Rate Mortgage | 2.58% | 2.56% |
| 30-Year Fixed-Rate Jumbo Mortgage | 3.03% | 3.09% |
| 5/1 ARM | 3.04% | 3.06% |
| 5/1 Jumbo ARM | 2.86% | 2.87% |
* Rates up to October 28, 2020
US News’ best Indiana mortgage lenders
US News conducted an in-depth review of major direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers were chosen in several key areas.
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
- Minimum FICO Credit Score: 660
- Maximum loan amount: $ 1.5 million
- Better Business Bureau Rating: A +
Lender highlights
- Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: $ 5 million
- Better Business Bureau Rating: A +
Best counter
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Different types of mortgages
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Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual cash balance fees for balance transfers and HELOCs
Before you apply
- Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
- Minimum FICO Credit Score: 620
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: A +
Best counter
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Accepts up to 3% down payment
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Receives high marks from Better Business Bureau
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: Different
- Better Business Bureau Rating: A +
Best counter
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Receives strong customer service rating from Better Business Bureau
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Offers a wide range of mortgage products
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Offers exclusive mortgage programs for first time buyers and manufactured homebuyers
main characteristics:
- Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
- Minimum FICO Score: 600
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: 43%
- Total Closing Cost: 2% to 6% of the loan amount
- Equity required: Not disclosed
- JD Power Satisfaction Rating: Not rated
Best counter
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Offers various types of mortgage loans.
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Nationwide offers mortgage loans.
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Helps with closing costs.
Before you apply
- Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
- Minimum FICO Credit Score: 580
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: a
Best counter
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Homebuyer offers programs for the first time
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FICO accepts mortgage applicants with credit scores as low as 580
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Home Equity Loan
- Minimum FICO Score: Not disclosed
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: Not disclosed
- Loan: till $ 3 million
- Total Closing Cost: Not disclosed
- JD Power Overall Satisfaction Rating: 3 out of 5
Best counter
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Income and profession-based loan programs.
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A down payment assistance program is available.
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
- Minimum FICO Credit Score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined debt-to-value ratio: 90%
- JD Power Satisfaction Rating: Four out of five
Best counter
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The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.
Highlight:
- Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
- Minimum FICO Credit Score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- JD Power Satisfaction Rating: Five out of five
Best counter
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The complete loan procedure is available online.
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Wide variety of mortgage products.
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Good customer service rating.
mortgage calculator
Is your dream home within reach? US News’ mortgage calculator will show you how much home you can buy.
What are some Indiana homebuyer programs?
Indiana homebuyers can obtain mortgage interest tax credits and help with payments and closing costs from these programs.
- available to: Homebuyers and qualified veterans for the first time.
- Income Range: Vary by county (See MHDC Revenue Limit).
- Homebuyers for the first time only ?: No.
- Loan Options: 30-Year Fixed Rate Mortgage.
- Payment and closing cost assistance: An excusable mortgage of 4% of the loan amount can be used for down payment and closing costs. If the borrower stays in the house and takes a loan for 10 years, another mortgage will be forgiven.
- available to: First time homebuyers and qualified veterans who do not require payment or closing cost assistance.
- Income Range: Vary by county (See MHDC Revenue Limit).
- Homebuyers for the first time ?: No.
- Loan option: 30-Year Fixed Rate Mortgage.
- profit: Qualified homebuyers may receive a lower interest rate.
- available to: Homebuyers for the first time.
- Income Range: Vary by county (See MHDC Revenue Limit).
- First time homebuyers ?: Yes.
- profit: Eligible borrowers receive a non-refundable federal tax credit of 25% of the total amount of mortgage interest paid each year.
- available to: Borrowers who already own homes, but who lack sufficient equity or money to make a down payment to buy their new homes, may receive a lower interest rate. It also allows first-time buyers who fall outside the income limits for cash assistance loans and non-cash assistance loans to obtain home assistance.
- Income Range: Different from county (See MHDC Revenue Limit).
- First time homebuyers ?: No.
- Loan Options: 30-Year Fixed Rate Mortgage.
- Payment and closing cost assistance: The down payment and closing cost assistance is available as a second mortgage excluding 4% of the loan amount. If the borrower stays in the house and the loan is taken for 10 years, the mortgage is forgiven.
Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising clients of US News. Advertising ideas can influence offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.