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

Table of Contents

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

How to purchase a home in Marion County

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

  • FHA Loan Limit $355,350 (Single family residence) / $454,900 (Duplex) / $549,850 (Triplex) / $683,350 (Fourplex)
  • 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 Marion County are eligible for USDA Loans?

Marion County is not eligible for the USDA Rural Development home loan.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • Marion County has flood hazard areas located around Fall Creek, White River, Eagle Creek, and Pleasant Run. Although most flood hazard areas are limited, there are still a few active flood areas in the County.     

How do I learn about Property Taxes in Marion County?

  • Joseph P. O’Connor is the Marion County tax assessor. He is located at 200 East Washington Street 1360 Indianapolis, Indiana 46204, and can also be reached by calling (317) 327-4907.
  • 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 Marion County?

The median home value for Marion County is $153,255. Also, the median household income for residents of the County is $46,692.

How many people live in Marion County?

As of 2019, Marion County’s population is 954,582, which has increased by about 6.8%. Demographically speaking, the population in the County is 54% White, 29% Black, and 10% Hispanic.

What are the major cities?

The County is home to sixteen cities, including Indianapolis, which serves as the county seat and is also the state capital. The fifteen other cities in the are Beech Grove, Clermont, Crows Nest, Cumberland, Homecroft, Lawrence, Meridian Hills, North Crows Nest, Rocky Ripple, Southport, Speedway, Spring hill, Warren Park, Williams Creek, and Wynnedale.   

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

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

Founded in 1822, on land that was home to the Lenape people for more than a hundred years. The land became part of the United States as part of the Treaty of St. Mary’s of 1818, which was part of a series of treaties signed in the purchase of Indian lands. Once Marion County, Indiana was established, it was named in honor of Francis Marion, a Brigadier General who was a part of the Continental Army during the American Revolutionary War.

Today, the County is home to Indianapolis, which is ranked as one of the fastest high tech job growth markets in the country. There are also many shopping malls located throughout the County. As a result, the most common occupations for residents of the County are office & administrative support, sales & related, management occupations.

When it comes to education, the County is served by 13 school districts that offer instruction to about 131,000 students ranging from kindergarten to 12th grade. Higher educational opportunities are also available within the County with five private universities and Indiana University-Purdue University and Ivy Tech Community College. The latter of which serves a total of 77,600 students every year.

In addition to its schools and workforce, the County is also home to rich cultural and historical institutions. These include the Indianapolis Museum of Art at Newfields, the Ruoff Music Center, and the Indianapolis Symphony Orchestra. The County is also home to the Children’s Museum of Indianapolis, which holds about 120,000 artifacts, making it one of the most popular attractions in the County.

People who enjoy the outside can enjoy riding their bikes in Southwestway Park, Monon Rail Trail, and Central Canal Towpath. Other parks located within the County are the Indianapolis Zoo, Eagle Creek Park, and Fort Harrison State Park. All of these places offer fun activities for the whole family to enjoy.

Every year, the County hosts several events that are not only fun but also create a sense of community and celebrate the history of the County. These events include the Arts Market on the Circle, the Chalk Walk, and the Groovin’ Back Downtown.

    

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 Marion County, Indiana

Condo
Name
Condo ID /
Submission
AddressCountyApproval
Method
Composition
of Project
CommentsDocument
Status
Manufactured
Housing
FHA
Concentration
StatusStatus
Date
Expiration
Date
AMBASSADOR PARK NORTHA005646 001W. 79TH STREET
INDIANAPOLIS, IN 46260
MARIONHRAP64 UNITS
FORMERLY KNOWN AS FOUNDERS SQUARE NORTH
NoneRecorded/
Not Uploaded
No18.75%Approved09/12/201909/12/2021
BAYSHORE VILLAS HORIZONTAL**A005555 0015846-BEACON WAY
INDIANAPOLIS, IN 46237
MARIONHRAP18 buildings / 144 residential units
** Bayshore Villas Horizontal Property Regime
ExistsRecorded/
Not Uploaded
No33.33%Approved12/05/201912/05/2022
BOARDWALK OF BROAD RIPPLEA010597 001N COLLEGE AVENUE
INDIANAPOLIS, IN 46220
MARIONHRAP18 unitsNoneRecorded/
Not Uploaded
No0.00%Approved03/06/202003/06/2023
COBBLESTONE II HORIZONTALA005652 0014665 CHATTERTON DR
INDIANAPOLIS, IN 46254
MARIONHRAP159 UNITS.*LEGAL NAME: COBBLESTONE II HORIZONTAL PROPERTY REGIME.ExistsRecorded/
Not Uploaded
No8.17%Approved11/22/201911/22/2022
HARBOUR CLUBA005641 0017760 HARBOUR ISLE
INDIANAPOLIS, IN 46240
MARIONHRAP43 BUILDINGS; 320 UNITSNoneRecorded/
Not Uploaded
No10.00%Approved09/12/201909/12/2021
HERITAGE COMMONSA005672 0012047 HERITAGE COMMONS LANE
INDIANAPOLIS, IN 46219
MARIONHRAP10 duplexs and 13 free standing units for a total of 23 homesNoneRecorded/
Not Uploaded
No26.08%Approved11/28/201811/28/2020
HIDDEN CREEK CONDOMINIUMA005688 0018104-208 GLENWILLOW LANE
INDIANAPOLIS, IN 46278
MARIONHRAP176 RESIDENTIAL UNITSExistsRecorded/
Not Uploaded
No11.93%Approved01/31/201901/31/2021
HILLSIDE VILLAS CONDOMINIUMA005578 0018311 PINE BRANCH LN
INDIANAPOLIS, IN 46234
MARIONHRAPBUILDINGS 1,2,3,4,5,7,8&9=42 RESIDENTIAL CONDO UNITS.ExistsRecorded/
Not Uploaded
No6.25%Approved04/10/201904/10/2021
HILLSIDE VILLAS CONDOMINIUMA005578 0028311 PINE BRANCH LN
INDIANAPOLIS, IN 46234
MARIONHRAPbuilding 6, 6 units, 8324, 8322, 8320, 8318, 8316, 8314NoneRecorded/
Not Uploaded
No6.25%Approved12/11/201404/10/2021
KESSLER PLACEA005588 0015666 BROWNSTONE DR
INDIANAPOLIS, IN 46220
MARIONDELRAP24 town-home style units located within 4 separate buildings. Project was planned for total of 50, only 24 built, remaining were de-annexed, that land was then sold to new developer, who then declared Kessler Place Patio HomesExistsRecorded/
Uploaded
No4.16%Approved10/07/201910/07/2021
LAKES AT THE CROSSINGA007078 0018430 SHOREWAY DRIVE
INDIANAPOLIS, IN 46240
MARIONHRAPMultiple buildings. Total 77 units.NoneRecorded/
Not Uploaded
No6.49%Approved06/19/201906/19/2021
MERIDIAN AT 21A010572 0012105 N MERIDIAN ST
INDIANAPOLIS, IN 46202
MARIONHRAP2 phases- 18 unitsExistsRecorded/
Not Uploaded
No5.55%Approved10/03/201910/03/2021
NORTH WILLOW WAYA005620 001NORTH WILLOW WAY
INDIANAPOLIS, IN 46268
MARIONHRAPALL PHASES – 64 UNITSExistsRecorded/
Not Uploaded
No7.81%Approved06/16/202006/16/2023
PARKSIDE AT GEORGETOWNA005571 001TUSCANY LANE
INDIANAPOLIS, IN 46254
MARIONHRAPBLDGS 3,4,18 AND 20, PH 6, BLDGS 1 & 21, PH 2, BLDG 19 PH3 BLDG 14 13 AND 2, PH 4, BLDG 11, PH 5, BLDG 10, PH 7. BLDG 12, PH 8, BLDG 15,PH9, 5-9,17, 16.NoneRecorded/
Not Uploaded
No30.20%Approved03/30/202003/30/2023
REFLECTIONS AT WATERWOODA005615 0013704 REFLECTIONS DRIVE
INDIANAPOLIS, IN 46214
MARIONHRAP22 Buildings, 100 Units.NoneRecorded/
Not Uploaded
No14.00%Approved02/19/202002/19/2023
SCHOOL 80 CONDOMINIUMSA009338 001920 E 62ND ST
INDIANAPOLIS, IN 46220
MARIONHRAP32 UNIT RESIDENTIAL CONDO PROJECT IN 3 STORY BLDG**

**SCHOOL 80-HORIZONTAL PROPERTY REGIME**
ExistsRecorded/
Not Uploaded
No6.25%Approved06/30/202006/30/2023
ST. MARY’S COMMONS III***A005598 0011014 N. NEW JERSEY AVE
INDIANAPOLIS, IN 46202
MARIONHRAP17 residential units
***LEGAL NAME: ST. MARY’S COMMONS III HORIZONTAL PROPERTY REGIME***
ExistsRecorded/
Not Uploaded
No0.00%Approved03/05/202003/05/2023
STONEBRIDGEA010107 0017950 KING POST DRIVE
INDIANAPOLIS, IN 46237
MARIONHRAP63 Units. 62 o/o, 1 model unit.ExistsRecorded/
Not Uploaded
No3.17%Approved06/20/201906/20/2021
TARKINGTON TOWER CONDO*A005623 0014000 NORTH MERIDIAN STREET
INDIANAPOLIS, IN 46208
MARIONHRAP93 units,1 building
*FULL NAME FOR PROJECT: TARKINGTON TOWER CONDOMINIUM ASSOCIATION
NoneRecorded/
Not Uploaded
No4.30%Approved05/15/201905/15/2021
THE 6500 GEORGETOWN HORIZONTALA005613 0014985 POTOMAC SQUARE WAY
INDIANAPOLIS, IN 46268
MARIONHRAP133 CONDO UNITS

**THE 6500 GEORGETOWN HORIZONTAL PROPERTY REGIME**
NoneRecorded/
Not Uploaded
No2.25%Approved11/28/201811/28/2020
THE ARBORSA005660 0015501 VINTAGE DRIVE
INDIANAPOLIS, IN 46226
MARIONHRAP92 UNITSNoneRecorded/
Not Uploaded
No11.95%Approved08/14/201908/14/2021
THE LOCKERBIE GLOVE COMPANY*A005682 001430 NORTH PARK AVENUE
INDIANAPOLIS, IN 46202
MARIONHRAP1 BUILDING; 62 UNITS
*FULL NAME OF PROJECT: THE LOCKERBIE GLOVE COMPANY CONDOMINIUM
NoneRecorded/
Not Uploaded
No6.45%Approved03/20/201903/20/2021
THE VILLAGE AT EAGLE CREEKA005626 0017225 VILLAGE PARKWAY DR
INDIANAPOLIS, IN 46254
MARIONHRAP24 Buildings, 216 Units.NoneRecorded/
Not Uploaded
No9.25%Approved02/07/201902/07/2021
THE VILLAGES OF LONGWOOD HOR**A005690 0011031 LONGWELL PLACE
INDIANAPOLIS, IN 46240
MARIONHRAP70 Units
**The Villages of Longwood Horizontal Property Regime
ExistsRecorded/
Not Uploaded
No18.57%Approved06/14/201906/14/2021
THE VILLAS OF OAKBROOK HORIZ**A005655 001RFC
INDIANAPOLIS, IN 46254
MARIONHRAP152 UNITS
**The Villas Of Oakbrook Horizontal Property Regime
NoneRecorded/
Not Uploaded
No20.39%Approved03/17/202003/17/2023

Find Your Dream Home in Marion County

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

Contact us and learn more about what programs we offer.