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

Table of Contents

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

Purchasing a home in Jasper County

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

  • FHA Loan Limit $368,000 (Single family residence) / $471,100 (Duplex) / $569,450 (Triplex) / $707,700 (Fourplex)
  • USDA Loan Limit $294,400
  • 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 Jasper County are eligible for USDA Loans?

  • All of Jasper County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46310, 46392, 47943, 47977, 47978.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Jasper County, there are flood hazard areas located around the Iroquois River, Slough Creek, and Carpenter Creek. These rivers and creeks pass through Rensselaer, Egypt, and Fountain Park.

How do I learn about Property Taxes in Jasper County?

  • Dawn Hoffman is the Jasper County tax assessor, and her office is located at 115 West Washington Street, Suite 104, Rensselaer, Indiana 47978, or can be reached by calling (219) 866-4914.
  • 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 Jasper County?

Currently, the median home value for Jasper County is $179,761. Also, the median household income for residents of the county is $59,574.

How many people live in Jasper County?

As of 2019, Jasper County’s population is 33,562, which includes about 2,208 veterans. Demographically residents if the county is 91% White, 6% Hispanic, and 1% Mixed Race.

What are the major cities?

The county has one city and three towns, which include the city of Rensselaer, which serves as the county seat. The three towns in the county are De Motte, Remington, and Wheatfield.

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

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

Originally the county was home to the Miami Confederation of Indians. The first European to arrive in the area was French explorer Robert de LaSalle, who is often credited as the first European to traverse the Ohio River. Eventually, Jasper County, Indiana was established in 1838 and was named after General William Jasper, who served in the American Revolutionary War.

Currently, the county enjoys an economy where the biggest employment industries are in the manufacturing, retail trade, and health care sectors. Therefore, the most common jobs in the county are in the office, production, and construction occupations.

The county is also home to two school districts that offer education to about 4,990 students every year. These students range from kindergarten to twelfth grade. Higher education opportunities in the county are meant to resume in the Fall of 2021 on the Campus of the now-closed Saint Joseph’s College.

Recreational opportunities are also available in the county, with places like the Fair Oaks Farms Adventure Center, the Fenwick Farms Brewing Company, and the Carpenter Creek Cellars. However, people who want to take part in outside activities can visit the Jasper-Pulaski Fish and Wildlife Area, the Caboose Lake Campground, and the Sandy Pines Golf Club.

The county is also home to events such as the Little Cousin Jasper Festival and the Rensselaer Farmers’ Market. All of these make the county a great and exciting place to call home.

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 Jasper County, Indiana

FHA and VA approved condos are not currently located within Jasper County, Indiana. However, it is still possible to get a condo approved by calling (877) 432-5626, where a team of real estate professionals can help you through the approval process. 

Find Your Dream Home in Jasper County

Find and finance the perfect home in Jasper County with FedHome Loan Centers 

Reach out to us and learn more about government loans by clicking here.