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

Table of Contents

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

How to buy a home in Montgomery County

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

  • All of Montgomery County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Code: 47933, 47940, 47954, 47955, 47965, 47967, 47968, 47989, 47990, 47994.

Do I need Flood Insurance?

  •  The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Montgomery County, there are flood hazard areas located around low elevation areas surrounding bodies of water like Sugar Creek, which crosses through the northern part of Crawfordsville.

How do I learn about Property Taxes in Montgomery County?

  • Sherri Bentley is the Montgomery County tax assessor. Her office is located at 100 East Main Street Crawfordsville, Indiana 47933, and she can be reached by calling (765) 364-6420.
  • 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 Montgomery County?

Currently, the median home value for Montgomery County is $132,682. The median household income for residents of the county is $53,610.

How many people live in Montgomery County?

As of 2019, Montgomery County’s population is 38,338, which has about 2,365 Veterans. Moreover, demographically, 91% of the population is White, 4.9% Hispanic, and 1.1% Black.

What are the major cities?

The county has ten towns and one city, Crawfordsville, which serves as the county seat. The ten towns in the county include Alamo, Darlington, Ladoga, Linden, New Market, New Richmond, New Ross, Waveland, Waynetown, and Wingate.

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

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

The area where Montogomery County, Indiana is located was originally home to the Kickapoo People. Who, through archeological data, has been proven to have inhabited the area for hundreds of years before European migrants started landing on the continent. Eventually, the county was established in 1822 and organized in 1823. It was named in honor of Richard Montgomery, a Major General for the Continental Army.

Today, the county’s most significant employment industries are manufacturing, educational services, and retail trade. Hence, the most common are in the production, office & administration, and sales-related sectors.

When it comes to education, the county is home to the South Montgomery Community School Corporation, Crawfordsville Community Schools, and the North Montgomery Community School Corporation. With a total of 16 school districts and about 6,142 students attending them every year. The county is also home to Wabash College. This private four-year institution offers 25 academic majors and 32 accompanying minors.

The county has several arts and entertainment areas with the Vanity Theatre, Green Street Gallery, and the Mary Bishop Memorial Art Gallery. In addition, there are several museums located all over the county with the Carnegie Museum, the Linden Depot Museum, and the Midtown Museum of Native Cultures.

For those who enjoy being outside and taking part in recreational activities, there are many options. Play some golf at Crawfordsville Municipal Golf Course, go swimming at Lake Waveland, and enjoy some beautiful sights like the Pine Hills Nature Preserve.

Several annual events take place within the county with the Harvest Festival and the Annual Golf Scramble. Additionally, several other events that offer musicals, plays, music, and family entertainment.         

 

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 Montgomery County, Indiana

No FHA or VA approved condos currently exist in Montgomery County. However, if you’re still interested in a condo call us at (877) 432-5626, we can help you through the condo approval process

Make Your Dream Home a Reality

Find and finance your dream home in Montgomery County with help from FedHome Loan Centers

Reach out today to speak to out knowledgeable team!