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

Table of Contents

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

How do you purchase a home in Daviess County

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

  • All of Daviess County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes are: 47501, 47519, 47529, 47558, 47562, 47568.

Do I need Flood Insurance?

The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.

How do I learn about Property Taxes in Daviess County?

  • Dennis Eaton is the Daviess county tax assessor. The assessor’s office is located at 200 East Walnut Street, Washington, Indiana 47501, and can also be reached by calling (812) 254-8660.
  • 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 Daviess County?

The median home value for Daviess County is $136,286. In addition, the median household income for residents of the county is $51,032.

How many people live in Daviess County?

As of 2019, Daviess County’s population is 33,351 which includes about 2,002 veterans. Demographically speaking, 91% of the population is White, with 5% Hispanic, and 2% Black.

What are the major cities?

The county has one city and six towns, with the city of Washington which serves as the county seat. The county’s six towns are Alfordsville, Cannelburg, Elnora, Montgomery, Odon, and Plainville.

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

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

Named in honor of Joseph Hamilton Daviess, a U.S. district attorney who died during the Battle of Tippecanoe in 1811, the county was established in 1818. For the first half of the 19th century, the most significant industry in Daviess County, Indiana was its lumber industry due to the area being mostly covered with trees.

Today the biggest employment industries in the county are in the manufacturing, healthcare, and retail trade industries. Therefore, the most common is in the production, office, and sales sectors.

When it comes to education, the county is served by three school districts that provide education to students ranging from kindergarten to 12th grade. As far as higher education is concerned, the county is served by Caldwell Community College and Technical Institute which offers two-year degree programs.

Daviess County is home to the Glendale Fish & Wildlife Area which provides a great escape for people who enjoy the outdoors. Visitors can take part in events like fishing, golfing, swimming, camping, and even hiking. The area is sure to provide fun activities for the whole family to enjoy.

Every year the county is host to annual events that celebrate the local history of the county and serve in strengthening the community. The events include the Corning Irish Heritage Center Events, the German American Bank Sponsored Wine & Brew Fest, the Old Settlers Festival, and the Gasthof Holiday Bazaar.   

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 Daviess County, Indiana

Currently, there are no FHA or VA approved condos available in Daviess county. If you’re still interested in finding a condo in the county we can help you with the condo approval process so call us at (877) 432-5626.

Find Your Perfect Home in Daviess County

FedHome Loan Centers can help you find and finance the perfect home in Daviess County. Apply Now!

Reach out today to speak to our knowledgeable team!