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

Table of Contents

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

How to buy a home in Martin County

Are you interested in buying a home in Martin 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 Martin 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 Martin 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 Martin 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!


What are the Loan Limits for Martin 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 Martin County are eligible for USDA Loans?

  • Martin County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 47522, 47553, 47581.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Martin County, flood hazard areas are located around Beaver Creek and East Fork White River. Both of which cross through the middle of the town of Shoals.    

How do I learn about Property Taxes in Martin County?

  • Carolyn S. McGuire is the Martin county tax assessor. Her office is located at 129 Main Street, PO Box 38, Shoals, Indiana 47581, and she can also be reached by calling (812) 247-2070.
  • 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 government 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 Martin County?

As of March 31st, 2020, the median home value for Martin County is $101,509. Also, the median household income for residents of the county is $51,224.

How many people live in Martin County?

As of 2019, Martin County’s population is 10,255, including about 961 veterans. Demographically speaking, the county’s population is 96% White, 1.2% Hispanic, and 1.1% Mixed Race.

What are the major cities?

The county has three cities and towns, including Shoals, which serves as the county seat. In addition, the two other towns in the county are Crane and Loogootee which combined have a population of about 1000.

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

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

Martin County, Indiana was formed in 1820 from parts of Daviess and Dubois Counties. It was named in honor of Major John T. Martin from Kentucky. The area where the county is currently located was also home to people from the Shawnee Tribe.

Additionally, the county’s biggest employers are the gypsum mines, which employ more than 400 workers. Other major employment industries are manufacturing, public administration, and health care. Therefore, the most common occupations are in the production, office administration, and transportation sectors.

There are two school districts, the Loogootee Community School Corporation and Shoals Community School Corporation. Both counties have six schools and about 1400 students every year who range from kindergarten to 12th grade.

The county is home to several recreational areas like the Bluffs of Beaver Bend, Hindostan Falls, and Lark Valley Ranch. Some of the attractions located in the county can offer great opportunities for education with the Martin County Museum and the Routt House.

Outdoor recreation for people who enjoy going camping is also available within the county. Two major camping areas in the county are Martin State Forest and West Boggs Park, which feature more than 200 campsites.  

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 Martin County, Indiana

Call us at (877) 432-5626, we can help you through the condo approval process for Martin County as there currently aren’t any FHA or VA approved condos within the county. 

Make Your Dream Home a Reality

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

We can help you find the perfect home in the area. Reach out today to speak to our knowledgeable team!