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

Table of Contents

-Steps to buy your dream home in Allen County
-What are the government loan limits in Allen County, IN?
-What parts of Allen County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Allen County
-What is the median home price in Allen County, IN?
-How many people live in Allen 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 Allen County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Allen County

Steps to buy your dream home in Allen County

Are you interested in buying a home in Allen 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 Allen 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 Allen 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 Allen 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!

FAQ

What are the Loan Limits for Allen 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 Allen County are eligible for USDA Loans?

  • Parts of Allen County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes are: 46704, 46741, 46743, 46745, 46748, 46745, 46773, 46788, 46797, 46798, 46799.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Allen County, most flood hazard areas are located around the Maumee River, St. Mary’s River, St. Josephs River, and Spy Run Creek.    

How do I learn about Property Taxes in Allen County?

  • Stacey O’Day is the Allen county tax assessor. Her office is located at 1 East Main Street, Suite 415 Rousseau Centre Fort Wayne, Indiana, and she can also be reached by calling (160) 449-7123.
  • 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 Allen County?

The median home value for Allen County is $152,800. Also, the median household income for residents of the county is $53,402.

How many people live in Allen County?

As of 2019, Allen County’s population is 379,299, which includes about 19,880 veterans, and has increased by about 6.7% in the last decade. Moreover, demographically speaking, 73% of the population is White, with 12% Black and 7% Hispanic.

What are the major cities?

The county has three cities and five towns, including the city of Fort Wayne, which serves as the county seat. Two other major cities in the county are New Haven and Woodburn.  

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

You can view all of the properties available for sale in Allen 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 Allen County

Named after Colonel John Allen, a Kentucky Senator who was killed in the War of 1812, the county was home to the Miami tribe for thousands of years before European arrival. When the county was established in 1824, the initial non-native inhabitants of the area were German and Irish immigrants who arrived in Indiana looking for a new life. 

Currently, the county’s biggest employment industries are manufacturing, healthcare, and retail trade. Hence, the most common occupations are in the office administration, production, and sales sectors. The county economy has grown so much that in 2009, Forbes ranked Fort Wayne as the 67th of 200 “Best Places For Business And Careers.”

Educationally speaking, the county has four school districts that are ranked above average in the quality of education they provide. These school districts offer education for students ranging from kindergarten to 12th grade of high school. When it comes to higher education, the county is home to Indiana Institute of Technology and Indiana University- Purdue University- Fort Wayne.

Allen county also has several parks where visitors can enjoy beautiful natural scenery while taking part in activities like camping, hiking, and nature watching. Additionally, the county is home to artistic institutions like Fort Wayne Museum of Art, Embassy Theatre, and Orchard Gallery-Fine Arts.

Several other attractions also exist within the county with the Fort Wayne Children’s Zoo and the Foellinger-Freimann Botanical Conservatory. The county is also host to annual events like the Greek Festival, Japanese Cherry Blossom Festival, and the Fort Wayne Pride Festival.         

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 Allen County, Indiana

No FHA or VA approved condos currently exist within Allen County, Indiana. However, if you’d like to put a condo through the approval process we can help you. So give us a call at (877) 432-5626 and start your path toward homeownership today. 

Find Your Perfect Home in Allen County, IN 

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 Allen County. We’re dedicated to making the process smooth and stress-free! Contact us today