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Miami County, Indiana FHA, VA, USDA Loan Information

Table of Contents

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

How to purchase a home in Miami County

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

  • Miami County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 46911, 46914, 46919, 46926, 46951, 46958, 46959, 46970.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Miami County, there are flood hazard areas located around the Wabash River, the Eel River, and Pipe Creek. With the most significant one being the Wabash River because it crosses through the city of Peru.

How do I learn about Property Taxes in Miami County?

  • Karen LeMaster is the Miami county tax assessor. Her office is located at 25 North Broadway, Room 200, Peru, Indiana 46970, and she can also be reached by calling (765) 472-2230.
  • 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 Miami County?

Currently, the median home value for Miami County is $88,113. Also, the median household income for residents of the county is $47,460.

How many people live in Miami County?

As of 2019, Miami County’s population is 35,516, which includes about 3,013. Demographically speaking, the county’s population is 88% White, 5.1% Black, and 3% Hispanic.

What are the major cities?

The county has one city and five towns, with Peru serving as the county seat. The five towns in the county are Amboy, Bunker Hill, Converse, Denver, and Macy.

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

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

Miami County is situated in north-central Indiana approximately halfway between Fort Wayne (to the northeast) and Lafayette (to the southwest). The county has a unique history as it combines thorough Native American heritage with U.S. military operations.

The County has a population of 37,000 based on the most recent census from 2010. The population, like most parts of the country, has grown so more recent estimates are higher. The total land size of Miami County is 377 square miles and the county seat is the City of Peru.

As the name of the county implies the territory is heavily influenced by Native American culture. Long before white settlers arrived the area was primarily inhabited by local tribes like Miami. It was only after Indiana officially designated itself as a state in 1816, that widespread development began here in present-day Miami County. The county was officially established in 1832 when the land was divided from Cass County. 

Today, Miami County shares borders with five other counties in the state. Fulton County exists to the north. In the south is Howard County. The western border of Miami County is shared with Cass County. Meanwhile, Grant and Howard counties are situated in the south. Peru, the county seat, is approximately 60 miles from Fort Wayne, IN, and nearly the same to Lafayette, IN. 

Peru is the largest city in Miami County with a population of 11,500. The small city is located along the Wabash River and divides the city in half. The Mississinewa River also flows into the Wabash River from the south of the town. Peru was historically ripped apart by a legendary 1913 flood that delivered over six inches of rain in three days. Prior to the flood, Peru had transitioned into a dominating city in the area with more residents, factories, and other structures than in the years since the devastating flood. The flood even wiped out many of the animals used for the local circus and key performers.

Though Peru is far from a ghost town, it is still attempting to capture old glory. Miami County was once home to several iconic circuses, including winter stops for Ringling Brothers, Buffalo Bill’s Wild West Show, and Hagenbeck-Wallace. Though as the circus has cumulatively lost interest over the decades, the county is still very proud of this tradition.

The International Circus Hall of Fame is in Peru and every July the county plays host to the Peru Amateur Circus. The Circus City Festival and parade related to the events is arguably the most popular. The circus is strictly reserved for amateur performers ranging from 7 to 21 years of age.

A little off the beaten path compared to surrounding communities, Miami County is a very nice place to live. Some of the primary employers in Miami today are Ferrellgas, Schneider Electric Square D, Dukes Memorial Hospital, as well as the correctional facilities in Bunker Hill.

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 Miami County, Indiana

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

Make Miami County your Home

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

Contact us and learn more about what programs we offer.