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

Table of Contents

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

Steps to buying a home in Boone County

Are you interested in buying a home in Boone 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 Boone 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 Boone 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 Boone 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 Boone County?

  • FHA Loan Limit $355,350 (Single family residence) / $454,900 (Duplex) / $549,850 (Triplex) / $683,350 (Fourplex)
  • USDA Loan Limit $284,200
  • 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 Boone County are eligible for USDA Loans?

  • All of Boone County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46052, 46071, 46075, 46077, 46102, 46147.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Boone County, flood hazard areas are mostly located around Prairie Creek, New Reynolds Ditch, and Browns Wonder Creek.

How do I learn about Property Taxes in Boone County?

  • Lisa Garoffolo is the Boone county tax assessor. Her office is located at 115 Courthouse Square, Lebanon, Indiana 46052, and can also be reached by calling (765) 482-0140.
  • 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 Boone County?

Currently, the median home value in Boone County is $268,622. Also, the median household income for residents of the County is $80,567, which is higher than the national average.

How many people live in Boone County?

As of 2019, Boone County’s population is 67,843, which has increased by about 19% over the last decade. Demographically speaking, 89% of the population is White, with 3% Asian, and 3% Hispanic.

What are the major cities?

The County has seven towns, including the town of Lebanon, which serves as the county seat. When it comes to politics, most of the County’s residents are somewhat conservative, having voted for the Republican candidate in the last five presidential elections.

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

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

Boone County, Indiana was established in 1830 and was named in honor of Daniel Boone, an American pioneer, and frontiersman. He is known as one of the first folk heroes in the United States. Originally the County was home to the Miami Indians, who inhabited the area for hundreds of years before the eventual arrival of white settlers in 1822.

Currently, the County has an economy that has been steadily growing within the last couple of months. The biggest employment industries in the County are in the manufacturing, health care, and retail trade sectors. Hence, the most common occupations are management, office administration, and sales-related occupations.

Educationally speaking, the County is home to three school districts that offer education for about 12,500 students ranging from K to 12th grade. All three of these school districts are ranked as above average regarding the quality of education that they provide.

In addition to its workforce and educational institutions, the County is also a great place to enjoy the outdoors. With parks like Elm Street Green, Lincoln Park, Turkey Foot Park, and Zion Nature Sanctuary, which provide picnic, biking, and fishing areas.

Furthermore, the County hosts several annual events and festivals which offer fun activities within the country. These events include Boone County Chamber Annual Home & Garden Show, Lincoln Park Concert Series, Boone County 4-H Fair, and many more. All of these annual events ensure that the County builds a strong sense of community and brings fun for the whole family.  

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 in Boone County, Indiana

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Find Your Perfect Home in Boone County

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