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

Table of Contents

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

How do you purchase a home in Clark County

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

  • FHA Loan Limit $333,500 (Single family residence) / $426,950 (Duplex) / $516,050 (Triplex) / $641,350 (Fourplex)
  • USDA Loan Limit $266,800
  • 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 Clark County are eligible for USDA Loans?

  • Clark County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 47104, 47106, 47111, 47126, 47141, 47143, 47147, 47162, 47163, 47172.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Clark County, there are flood hazard areas located all around low elevation areas next to bodies of water which range from rivers to creeks and even lakes.

How do I learn about Property Taxes in Clark County?

  • Lewis “Butch” Love is the Clark County tax assessor. His office is located at 501 East Court Avenue #131, Jeffersonville, Indiana 47130, and can also be reached by calling (812) 285-6225.
  • 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 Clark County?

Currently, the median home value for Clark County is $168,335. Also, the median household income for residents of the County is $54,240.

How many people live in Clark County?

As of 2019, Clark County’s population is 118,302, which has grown by about 7% in the last decade. Moreover, demographically speaking, 82% of the population is White, with 8% Black, and 5% Hispanic.

What are the major cities?

The County has two cities and four towns, including the city of Jeffersonville, which serves as the county seat. The other city in the county is Charlestown and the other towns are Borden, Clarksville, Sellersburg, and Utica.

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

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

Located in the eastern edge of the state of Indiana, the County was established in 1801. It was named in honor of General George Rogers Clark, the highest-ranking American patriot in the military during the American Revolutionary War.

The early economy of the County saw economic growth after the construction of the railroad was finished. The County’s economy saw another growth spurt with the building of the Ford Plate Glass Company in 1876. Today the County’s economy depends on its biggest employment industries, which are healthcare, manufacturing, and retail trade. Therefore, office administrative, sales, and management occupations are amongst the most common for residents.

When it comes to education, the County is served by three school districts that offer education ranging from kindergarten to 12th grade. However, when it comes to higher education. There is Ottawa University-Jeffersonville and Ivy Tech State College which offer four-year degree programs.

The County is also home to several recreational areas like Fall of the Ohio State Park, Charlestown State Park, and Clark State Forest. All of which give people the ability to enjoy the outdoors while hiking terrain that includes fossil outcrops and parts of karst sinkhole topography.

Additionally, the County is also home to some annual events every winter, which are a Christmas Parade, Breakfast with Santa, and Light up Charlestown. The combination of these events makes the County a fun place to visit and live in.

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 Clark County

Condo
Name
Condo ID /
Submission
AddressCountyApproval
Method
Composition
of Project
CommentsDocument
Status
Manufactured
Housing
FHA
Concentration
StatusStatus
Date
Expiration
Date
CHERRY CREEKA005676 0013108 WOODED WAY
JEFFERSONVILLE, IN 47130
CLARKHRAP137 2-story , contained in 15 buildingsNoneRecorded/
Not Uploaded
No5.83%Approved11/13/201911/13/2022
THE HARBOURSA010343 001RIVERPOINTE PLAZA
JEFFERSONVILLE, IN 47130
CLARKHRAPHigh-Rise, 11 story buildingNoneRecorded/
Not Uploaded
No1.60%Approved10/18/201810/18/2020

Find Your Perfect Home in Clark County

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

Submit a home loan application with FedHome Loan Centers today!