2020 Madison County Government Home Loan Limits
FHA Loan Limit $355,350 (Single family residence) / $454,900 (Duplex) / $549,850 (Triplex) / $683,350 (Fourplex)
USDA Loan Limit $275,080
VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $510,400 *(Call 888-573-4496 for details).
Madison County is located directly northeast of Indianapolis. Even though it is more of a stretch than other suburbs of Indianapolis, the county is often associated with the Indianapolis-Carmel-Anderson metropolitan area.
Madison County has a population of nearly 131,000 people based on recent estimates from 2018. Growth in the county is up from the 2010 census in which the county reported a population of only 129,640. The total area of the county is 453 square miles. The county seat and largest city is Anderson.
The county was established in 1823 and takes its name after James Madison, co-author of “The Federalist Papers” and former President of the United States. Madison County shares borders with six other counties in central Indiana. These include Grant and Tipton counties to the north, Delaware County to the east, Hamilton County to the west and Hancock and Henry counties to the south.
Anderson is the principal city in Madison County. It was named after Chief William “Adam” Anderson who was of Delaware Indian and Swedish descent. Natural gas was discovered in the region in the late 19th century and contributed to the Indiana Gas Boom. The city eventually contributed heavily to the production of equipment and weapons used during World War II. The War-Stilson Company has also produced uniforms, regalia, props and furniture reportedly used by fraternal organizations such as the Freemasons and Odd Fellows. Nearly 20 different types of automobiles were manufactured in Anderson.
The population of Anderson was 56,130 based on the 2010 census, a stark decline in terms of population since 1970 when the census reported the population at 70,000. Like many communities associated with the “Rust Belt” in the Midwest, it has suffered some consequences of the outsourcing of manufacturing industries. Today, Community Hospital Anderson, St. Vincent Health, Nestle, Carter Express and Hoosier Park serve as the primary employers in the county.
Anderson is well known for serving as the headquarters for the Church of God. It is also home to Anderson University, a smaller private Christian institution of higher learning. The liberal arts university is a member of the Council for Christian Colleges and Universities and features more than 60 undergraduate programs. Its graduate programs for theology, business and music are also popular.
The Paramount Theatre and Gruenewald House are two of its more historical features in Madison County. There is an entire downtown district dedicated to buildings located on the National Register of Historic Places.
Mounds State Park is one of the more popular places for leisure. The state park is situated just outside Anderson and features ten ceremonial mounds built by prehistoric indigenous people. Not to be confused with Mounds State Recreation Area which is in Franklin County, the mounds date back to 160 BC. Canoeing is a popular recreational activity for locals on the nearby White River.
The Hoosier Park Racing and Casino also operates in Madison County. The establishment offers a standard-bred racetrack, traditional casino games, restaurants and other forms of entertainment. In addition to gambling at the casino, Hoosier Park also features off-track betting. The Beach Boys and Billy Currington have also performed there.
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