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

Table of Contents

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

How do you buy a home in Brown County

Are you interested in buying a home in Brown 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 Brown 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 Brown 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 Brown 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 Brown 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 Brown County are eligible for USDA Loans?

  • Brown County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Code: 47448.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Brown County, the most significant flood hazard areas are in the valley and low elevation areas around North Fork Salt Creek, Owl Creek, Gnaw Bone Creek, and Greasy Creek.

How do I learn about Property Taxes in Brown County?

  • Mari H. Miller is the Brown county tax assessor. Her office is located at 201 Locust Lane 1st floor, Nashville, Indiana 47448, and can be reached by calling (812)988-5466.
  • 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 Brown County?

Currently, the median home value for Brown County is $210,914. Also, the median household income for residents of the county is $61,455, which is slightly higher than the national average.

How many people live in Brown County?

As of 2019, Brown County’s population is 15,092, which includes about 1,517 veterans. Moreover, demographically speaking, 95% of the population is White, and 1% Hispanic.

What are the major cities?

The county has only one town, the town of Nashville, which serves as the county seat and also has a population of about 1,349.

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

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

Established in 1836, Brown County, Indiana was named in honor of General Jacob Brown. He defeated the British at the Battle of Sackett’s Harbor during the War of 1812. Originally the area where the county is located was home to Native Americans who lived in complete autonomy for hundreds of years. They also did not allow any white settlers in the area until 1820.

Today, the county has a lower unemployment rate than the national average and an economy that is steadily growing. Its most significant employment industries in the county are manufacturing, healthcare, and retail trade. Hence, the most common jobs for residents are office administration, sales, and management.

As far as education is concerned, the county is served by one school district named Brown County School Corporation. This county offers education to about 1,904 students annually, which range from kindergarten to 12th-grade students.

The county is also home to parks and recreational activities that provide fun outside activities to both visitors and residents alike. One such park is Deer Run Park, which has amenities like walking trails, fishing areas, playgrounds, canoeing, and kayaking areas. The park also hosts several events like the Cavin Fever 5K, Daddy Daughter Dance, the Fall-O-Ween Party, and the Fear Run at Deer Run.

Outside of Deer Run Park, the county also hosts events like the annual Bill Monroe bean Blossom Bluegrass Festival, the Morel Mushroom Festival, and the Annual Fall fare. All of these events make the small-town culture in the county a fun one.         

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 Brown County, Indiana

Brown County, Indiana currently does not have any FHA or VA approved condos. However, condos can still get approved and we can help with the approval process, call us at (877) 432-5626.

Find Your Perfect Home in Brown County

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

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