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

Table of Contents

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

How to buy a home in Marshall County

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

  • Most of Marshall County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46501, 46504, 46506, 46511, 46563, 46570, 46572.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Marshall County, there are flood hazard areas located along with the County’s low elevation areas. These flood areas are next to the Yellow River, Myers ditch, and Schuh Ditch.    

How do I learn about Property Taxes in Marshall County?

  • Debra Dunning is the Marshall County tax assessor. Her office is located at 112 West Jefferson Street, Room 307, Plymouth, Indiana 46563 and she can also be reached by calling (574) 935-8525.
  • 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 Marshall County?

The median home value for Marshall County is $156,895. Also, the median household income for residents of the County is $54,229.

How many people live in Marshall County?

As of 2019, Marshall County’s population is 46,258, which includes about 2,674 veterans. Demographically speaking, the County’s population is 86% White, 10% Hispanic, and 1% Mixed Race.

What are the major cities?

The County has six cities and towns, including Plymouth, which serves as the county seat. The five other cities and towns are Argos, Bourbon, Bremen, Culver, and Lapaz.

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

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

Marshall County, Indiana was created as part of an omnibus bill signed by the Indiana State Legislature in 1835. The County was named in honor of John Marshall, a U.S. Chief Justice from 1801 to 1835. The area where the County is located was originally home to the Potawatomi people until they were relocated in 1838. The county seat was named after Plymouth, Massachusetts, where most settlers migrated from.  

Currently, the County’s biggest employers are manufacturing jobs like Hoosier Racing Tires, Zentis, and Pregis Innovative Packaging. Other significant industries in the County are healthcare and retail trade. Hence, the most common occupations are in the production, office administrative, and sales-related occupations.

When it comes to education, the County is served by five school districts, including 7,419 students k-12. The County also has Ancilla College, a private two-year University which educates around 400 students every year. It offers two-year associate’s degree programs with students transferring to a four-year university after completion. 

The County is also home to parks and recreational opportunities with Centennial Park, River Park Square, and Packard’s Woods. If you’re interested in learning a little bit more about the County’s history while being in the outdoors, you can visit Potawatomi Wildlife Park. Which features an interpretive center that guides visitors through the history of the area, which was once home to the Powataomi people.  

       

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 Marshall County, Indiana

At the moment there are no FHA or VA approved condos in Marshall County. Although if you’re still interested in a condo call us at (877) 432-5626, we can help you through the condo approval process

Make Marshall County your Home

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

Contact us and learn more about what programs we offer.