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Adams County, Indiana FHA, VA, and USDA Loan Information

Table of Contents

-How do you buy your dream home in Adams County
-What are the government loan limits in Adams County, IN?
-What parts of Adams County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Adams County
-What is the median home price in Adams County, IN?
-How many people live in Adams County?
-What are the major cities?
-How do I see FHA- and VA-Approved homes for sale?
-Is there a cost to have a real estate agent represent me?
-What closing costs do I need?
-How can I get assistance with closing costs?
-About Adams County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Adams County

How do you buy your dream home in Adams County

Are you interested in buying a home in Adams County? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Adams County.

  1. Get in touch with a loan officer – give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.
  2. Compare loan offers. Either call us or fill out the form by filling up the form at the top right of this page.
  3. Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinances:
    • Your ID
    • Previous two years of W2s
    • Most recent 30 days paystubs
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
      For a refinance loan, you will also need information on the loan you want to refinance.
  4. Contact our Loan officers to compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.
  5. Find a home Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Adams County. Now you’re ready to preview properties and start touring homes.
  6. Make an offer and negotiate the terms of the sale
  7. Get the necessary and recommended inspections Required Inspections:
    • Termite Inspection
    • Well or septic inspections, if applicable
    • We can help you check if your home is in one of the Adams County flood hazard areas.
      Recommended Inspections:
      Home Inspection, Roof Inspection, Sewer Inspection
  8. Get the home appraised Construction loans require a construction appraisal and permit approval
  9. Lock in your interest rate Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.
  10. Close the deal and get packing! You’re ready to go!


What are the Loan Limits for Adams County?

  • FHA Loan Limit $331,760 (Single family residence) / $424,800 (Duplex) / $513,450 (Triplex) / $638,100 (Fourplex)
  • USDA Loan Limit $265,400
  • VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $510,400 *(Call 877-432-5626 for details).

What Parts of Adams County are eligible for USDA Loans?

  • Most of Adams County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes are: 46711, 46733, 46740, 46772

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Adams County, there are flood hazard areas located in low elevation areas around Saint Mary’s River, which cuts through the east side of the city of Decatur. Also, the town of Geneva sees flooding to the east due to the Wabash River.

How do I learn about Property Taxes in Adams County?

  • Don Kuhn is the Adams county tax assessor. His office is located at 313 West Jefferson Street, Suite 230 Decatur, Indiana 46733, and his office can also be reached by calling (260) 724-5301.
  • The state of Indiana offers several tax incentives to promote the state’s economic development. These include a decreasing corporate tax rate, which in 2021 will drop from 6.5% to 4.9% to incentivize the creation of new businesses in the state. Additionally, the state has no gross receipts tax or inventory tax. Programs like the Economic Development for a Growing Economy offer tax credits for the creation of new jobs and improve the living standard for residents of the state.

What is the Median Home Price in Adams County?

The median home value for Adams County is $148,232. Also, the median household income for residents of the county is $51,713.

How many people live in Adams County?

As of 2019, Adams County’s population is 35,777, which includes about 1,541 veterans. Moreover, demographically speaking, 93% of the population is White, and 4% Hispanic.

What are the major cities?

The county has four cities, including the city of Decatur, which serves as the county seat. The three other cities in the county are Berne, Geneva, and Monroe which combined have a population of 6,000 residents.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Adams County through our Multiple Listing Service. In addition, you can see approved condos at the bottom of this page.

Is there a cost to have a real estate agent represent me?

The seller must pay the real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process. For more information about real estate agents, click here.

What closing costs do I need?

For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.

How can I get assistance with closing costs?

There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment.

About Adams County

The county was established in 1836, on land that was once home to American Indians who lived in Indiana for hundreds of years before European arrival. The county was named in honor of John Quincy Adams, the son of President John Adams and the sixth President of the United States. Initially, the county’s most significant resource was timber, which was abundant in the county at the time.

Today, the county’s economy is more dependent on its biggest employment industries, which are manufacturing, healthcare, and retail trade. Therefore, the most common occupations in the county are in the production, office administrative, and sales occupations.

When it comes to education, the county is served by three school districts, which are all rated as above average for their quality of education. With a total of nine schools, the county provides quality education for students ranging from kindergarten to 12th grade. The county also has several private schools like St. Joseph School, Zion Lutheran School, and St. Peter Immanuel Lutheran School, among others.

In addition to its workforce and educational institutions, the county is home to several recreational areas like Kekionga Park and American Legion Park. These parks are perfect for birthday parties, picnics, and family gatherings. The county is also home to trails that provide beautiful natural scenery. These trails include the Rivergreen way trail and St. Mary’s Nature Preserve.

Furthermore, the county is hosts several annual events that are fun for the whole family. These events are the Adams County 4-H Fair, Swiss Days, Callithumpian Festival, and the Festival of Kekionga. These events take place throughout the year and make the county a great place to call home and have some fun.         

How much of a loan can I qualify for, based on my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation.

Approved condos for Adams County, Indiana

There are currently no FHA or VA approved condos in Adams County. However, if you’re still interested in buying a condo in the county give us a call at (877) 432-5626, we can help you through the approval process. 

Your Perfect Home is Waiting in Adams County

Complete a quick and easy home loan application with FedHome Loan Centers today!

FedHome Loan Centers can help you find and finance the perfect home in the county. We’re dedicated to making the process smooth and stress-free! Contact us today!