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

Table of Contents

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

How to buy a home in Gibson County

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

  • Gibson County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Code: 47639, 47640, 47647, 47648, 47649, 47660, 47665, 47666, 47670.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • The most significant potential flood hazard areas in the county are low elevation areas and wetlands. Especially ones located alongside the Patoka River, the Wabash River, and the White River.

How do I learn about Property Taxes in Gibson County?

  • Kim Beadle is the Gibson County tax assessor. Her office is located at 101 North Main Street, Princeton, Indiana 47670, or can also be reached by calling (812) 385-5286.
  • 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 Gibson County?

Currently the median home value for Gibson County sits at $122,501. In addition, the median household income for residents of the county is $52,620.

How many people live in Gibson County?

As of 2019, Gibson County’s population is 33,659 including about 2,127 veterans. Demographically speaking the county’s population if 92% White, 2.7% Black, and 2.0% Mixed Race.

What are the major cities?

The county has two cities and nine towns, including the city of Princeton which serves as the county seat. The other city in the county is Oakland City, and the nine towns are Buckskin, Fort Branch, Francisco, Haubstadt, Hazleton, Mackey, Owensville, Patoka, and Somerville.

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

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

Established in the year 1813, Gibson County, Indiana was named after John Gibson, a veteran of the French Indian War, American Revolutionary War, and the War of 1812. The city of Princeton was established a year after the county. It was named in honor of William Prince, a U.S. Representative for the state of Louisiana.

Today the county is home to three educational institutions that offer education ranging from kindergarten to senior year in high school. The county is also home to a higher education institution with Oakland City University, a four-year private university. The most common concentrations for students who attend the University are criminal justice, health and physical education, and business administration.

In addition to its educational opportunities, the county is also home to a healthy workforce. The biggest employer in the county is currently Toyota Motor Manufacturing, Indiana. Therefore, the most significant employment industries in the county are manufacturing, health care, and retail trade.  

The county is also home to several outside recreational areas with Hemmer Woods Nature Preserve, New Lake Campground, and Fish & Wildlife Conservation Club. The beautiful vistas provided by these locations make them the perfect place to go camping, fishing, and nature watching.

Every year the county is also host to several events and festivals which provide fun activities for the whole community as well as visitors. Events like the Gibson County Fair, Oakland City Sweet Corn Festival, and the Golden Heritage Days Festival celebrate the community and strengthen communal bonds.   

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 Gibson County, Indiana

Condo
Name
Condo ID /
Submission
AddressCountyApproval
Method
Composition
of Project
CommentsDocument
Status
Manufactured
Housing
FHA
Concentration
StatusStatus
Date
Expiration
Date
ALTE DEUTSCHE STADT CONDOMIN**A009120 001502 S 9TH STREET
HAUBSTADT, IN 47639
GIBSONDELRAP36 Duplexes = 72 Units **Alte Deutsche Stadt Condominium
all units legally declared.
ExistsRecorded/
Uploaded
No2.77%Approved08/25/202008/25/2023

Find the Perfect Home in Gibson County  

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We can help you find and finance the perfect home. Reach out today to speak to our knowledgeable team!