Table of Contents
-How to buy a home in Monroe County
-What are the government loan limits in Monroe 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 Monroe County
-What is the median home price in Monroe County, IN?
-How many people live in Monroe 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 Monroe County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Monroe County
How to buy a home in Monroe County
Are you interested in buying a home in Monroe 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 Monroe County.
- 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.
- Compare loan offers. Either call us or fill out the form by filling up the form at the top right of this page.
- 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.
- 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.
- 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 Monroe County. Now you’re ready to preview properties and start touring homes.
- Make an offer and negotiate the terms of the sale
- 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 Monroe County flood hazard areas.
Home Inspection, Roof Inspection, Sewer Inspection
- Get the home appraised Construction loans require a construction appraisal and permit approval
- 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.
- Close the deal and get packing! You’re ready to go!
What are the Loan Limits for Monroe 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 Monroe County are eligible for USDA Loans?
- Some parts of Monroe County are eligible for a USDA Rural Development home loan.
- Eligible Zip Codes: 47408, 47429, 47464, 47468.
Do I need Flood Insurance?
The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas. There are no significant flood hazard areas located within the county as any potential flood area is regulated.
How do I learn about Property Taxes in Monroe County?
- Judy Sharp is the Monroe County tax assessor. Her office is located at 100 West Kirkwood Avenue, Bloomington, Indiana 47404, and she can also be reached by calling (812) 349-2502.
- 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 Monroe County?
Currently, the median home value for Monroe County is $218,294. In addition, the median household income for residents of the county is $47,075.
How many people live in Monroe County?
As of 2019, Monroe County’s population is 148,431, which has grown by about 7.6% over the last decade. Demographically speaking, the population is about 83% White, with 7% Asian and 3% Black.
What are the major cities?
The county has one city and two towns, including Bloomington, which serves as the county seat. The two other towns in the county are Ellettsville and Stinesville with a combined population of approximately 6,500.
How do I see FHA- and VA-Approved homes for sale?
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 Monroe County
Established in 1818, as part of an Act of the Indiana General Assembly, Monroe County, Indiana was named after the fifth President of the United States, James Monroe. The county’s borders were not established until 1836, where they currently are.
Today the county is mostly covered in agricultural areas with its biggest employment industries being educational, healthcare, and accommodations. Therefore, the most common occupations are in the office administration, education instruction, and sales-related trades.
Educationally speaking, the county is served by two school districts, the Monroe County Community School Corporation and the Richland-Bean Blossom Community School Corporation. Both of these districts encompass 30 schools that offer education ranging from kindergarten to twelfth grade. Also, there are higher educational opportunities provided by Indiana University-Bloomington.
Besides school and work, the county is also an excellent place for people who enjoy art and cultural attractions, which are not only fun but also educational. This is provided by several art galleries, museums, historical landmarks, and cultural centers. With the Eskenazi Museum of Art at Indiana University exhibiting over 45,000 objects dating back to ancient Greece to paintings from Pablo Picasso.
Outdoor opportunities are also available with 200 miles worth of trails, beautiful camping grounds, and expansive lakes. These are located within places like the Charles C. Deam Wilderness, the Hardin Ridge Recreation Area, and Clear Creek Trail.
Every year the county hosts several events like the Freezefest, the Bloomington Craft Beer Festival, and the Hoosier Half Marathon and 5k, among many others. These events and everything else that is possible within the county makes it a great place to raise a family and call home.
How much of a loan can I qualify for, based on my income?
|Monthly Income||Purchase Price|
Purchase Price subject to credit and income evaluation.
Approved Condos in Monroe County, Indiana
At the moment there are no FHA or VA approved condos in Monroe 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.
Find the perfect Home
Find and finance the perfect home in Monroe County with FedHome Loan Centers.
Contact us and learn more about what programs we have to offer.