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

Table of Contents

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

How to purchase a home in Elkhart County

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

  • Elkhart County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46528, 46540, 46543, 46550, 46553, 46573.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Elkhart County, the most significant flood hazard areas in the county are around the St. Joseph River and Elkhart River. Both of which cross through the City of Elkhart.

How do I learn about Property Taxes in Elkhart County?

  • The Elkhart County tax assessor’s office is located at 117 North 2nd Street Goshen, Indiana 46526, and can also be reached by calling (574) 535-6700.
  • 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 Elkhart County?

Today, the median home value for Elkhart County is $145,600. In addition, the median household income for residents of the county is $55,399.

How many people live in Elkhart County?

As of 2019, Elkhart County’s population is 206,341 which has increased by about 4% in the last decade and includes about 8,911 veterans. Demographically speaking, 74% of the population is White, with 16% Hispanic, and 6% Black.

What are the major cities?

The county has three cities and five towns, which includes the city of Goshen which serves as the county seat. The other two cities in the county are Elkhart and Nappanee, with the five towns being Bristol, Middlebury, Millersburg, New Paris, and Wakarusa.

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

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

Originally Elkhart County County, Indiana was home to the Potawatomi people, who inhabited the area for hundreds of years before European arrival. European pioneers started arriving in the area in 1829, and the county was eventually established in 1830. Although the exact origin of the county’s name is unknown, one theory states that it was named after Shawnee Indian Chief Elkhart.

Today the county is home to a strong farming and tourism industry, with the most significant employment industries being manufacturing, retail trade, and healthcare. Therefore, the most common occupations are in the production, office & administration, and sales-related sectors.

When it comes to education, the county is served by seven school districts, which together make up a total of 57 schools. These schools offer education for students ranging from pre-K to 12th grade of High School. There are also higher education opportunities through Goshen College, a four-year private college.

The county is also home to several parks and recreational areas like the Bonneyville Mill Park, Ox-Bow Park, and the River Preserve Park. All of these places offer several outside activities for both residents and visitors to take part in. Additionally, the county is also home to several museums that display the county’s local history and culture.

Furthermore, every year the county is host to annual events like the Homecoming Festival, Elkhart Jazz Festival, and the Summer Festival. These events, along with many others, are great for the whole family to enjoy and take part 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 Elkhart County, Indiana

No approved condos in Elkhart County currently exist. However, to put a condo through the approval process call (877) 432-5626, where our team will help you through the condo approval process.

Find Your Dream Home with Elkhart County

Find and finance the perfect home in Elkhart County. Contact us today to speak to our knowledgeable team!

To apply for a Government home loan, click here.