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

Table of Contents

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

Buying a home in Kosciusko County

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

  • Most of Kosciusko County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46508, 46510, 46524, 46538, 46539, 46542, 46555, 46562, 46567, 46580, 46582, 46590, 46982.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas. In Kosciusko County, there are flood hazard areas located all over the county. These are mostly in areas immediately surrounding bodies of water.
  • These include the Tippecanoe River, Walnut River, and its various lakes. However, the most significant ones are located in bodies of water immediately around the cities of Warsaw, North Webster, Syracuse, Milford, and Silver Lake.

How do I learn about Property Taxes in Kosciusko County?

  • Susan Engelberth is the Kosciusko County tax assessor. Her office is located at 100 West Center Street, Warsaw, Indiana, 46580, or can be reached by calling (574) 372-2310.
  • 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 Kosciusko County?

Currently, the median home value for Kosciusko County is $183,940. In addition, the median household income for residents of the county is $58,402.

How many people live in Kosciusko County?

As of 2019, Kosciusko County’s population is 79,456, which includes about 4,774. Demographically speaking, the population in the county is 87% White, 8% Hispanic, and 1.4% Mixed Race.

What are the major cities?

The county has twelve towns and one city, the city of Warsaw, which serves as the county seat. The twelve towns in the county are Burket, Claypool, Etna Green, Leesburg, Mentone, Milford, North Webster, Pierceton, Sidney, Silver Lake, Syracuse, and Winona Lake.

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

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

Kosciusko County, Indiana was established in 1835 as part of the Omnibus County Bill passed by the Indiana State Legislature. It covered a total of 541 square miles. It was also named in honor of Thaddeus Kosciuszko, a Polish noble who fought in the Revolutionary War under the command of General George Washington.

Today the county has an economy that takes advantage of its natural resources, and its county seat has earned the nickname of the “Orthopedic Manufacturing Capital of the World.” The biggest employment industries in the county are in the manufacturing, healthcare, and retail industries. Hence, the most common occupations in the county are in the production, office, and sales sectors.

The county is also home to three school districts, which encompass a total of 20 schools that educate about 11,000 students every year. All three of these districts have a rating of above average in their quality of education. Higher education opportunities are also available within the county with the Grace College and Theological Seminary, a private higher education institution.

In addition to its schools and work industries, the county is also home to several parks that offer recreational opportunities. Places like Center Lake Beach, Spring Fountain Park, and Waubee Lake Park and Beach allow visitors to enjoy the outside and have some fun with family and friends.

Furthermore, the county is also host to several annual events like the Northern Indiana Lakes Festival, the Village Art Fair, the Mermaid Festival, and the Heirloom Tomato Festival. These festivals and events are an excellent reason for visitors to come into the area. With live music, fun water games, and local artworks, these events have something to offer everybody.         

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 Kosciusko County, Indiana

There are no approved condos in Kosciusko County, Indiana. 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 a Great Home in Kosciusko County

FedHome Loan Centers can help you find and finance the perfect home in Kosciusko County. 

Contact us and learn more about what programs we offer.