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

Table of Contents

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

How to buy a home in Morgan County

Are you interested in buying a home in Morgan 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 Morgan 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 Morgan 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 Morgan 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 Morgan County?

  • FHA Loan Limit $355,350 (Single family residence) / $454,900 (Duplex) / $549,850 (Triplex) / $683,350 (Fourplex)
  • USDA Loan Limit $ 284,200
  • 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 Morgan County are eligible for USDA Loans?

  • Most of Morgan County is eligible for a USDA Rural Development home loan.
  • The Eligible Zip Codes are: 46111, 46113, 46151, 46157, 46158, 46160, 46166.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Morgan County, there are some minimal flood hazard areas on the North East side, especially around the Highland Creek, which emerges from the West Fork White River where the county borders.

How do I learn about Property Taxes in Morgan County?

  • Julie Minton is the Morgan County tax assessor. Her office is located at 180 S Main, Suite 218, Martinsville, Indiana 46151, and can be reached by calling at (765) 342-1065 Monday through Friday, from 8:00 AM to 4:00 PM.
  • For homeowners in the state of Indiana, there are several types of tax benefits. For example, there are tax exemptions when a person is buying under a contract that requires him to pay property taxes. Furthermore, throughout the state of Indiana, a tax credit program allows an individual who invests in a startup to claim a tax credit worth 20% of the investment.

What is the Median Home Price in Morgan County?

As of August 31st, 2020, the median home value for Morgan County is $189,158. Also, the median household income for residents of the county is $62,462.

How many people live in Morgan County?

As of 2019, Morgan County’s population is 70,489, which has seen a 2.3% increase in the last decade. Moreover, demographically speaking, 97% of the population is white, with 1.7% of Hispanics or Latinos, and the rest 1% is made up of other races.

What are the major cities?

The county has 8 cities and/or communities, including Martinsville, which serves as the county seat. Some of the important cities and towns that make up this county are Mooresville, Monrovia, Morgantown, Brooklyn, Paragon, Painted Hills, Indiana, and Bethany. Moreover, the sites that are mostly visited in this region are Morgan State Forest, Cedar Creek Winery, Goethe Link Observatory, and Fred & Dorothy Meyer Nature Preserve.

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

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

Right in the heart of the state of Indiana, Morgan County is widely recognized to be a business and job growth-oriented county that provides connections across the country. In 1822, the first residents arrived in the county, coming mainly from states in the south.

Morgan County’s workforce has been steeped in a long tradition of agriculture, manufacturing, and industries where hard work is highly valued and esteemed. Currently, Morgan County is home to various companies from the automotive and aircraft sector, farm machinery, health care, medical devices, mining, and forestry. The extraordinary workforce of Morgan County is made up of more than 1.2 million workers.

Morgan County offers fantastic incentives and programs to small and large companies, starting with an excellent atmosphere and health finances to encourage economic growth, beginning with healthy local and regional economic climates.

The cost of living and doing business is quite affordable. The state of Indiana is known as a tax-friendly state, meaning that businesses and their workers can keep more of what they earn. Thus, helping the community and its residents remain have financial security.

Furthermore, Morgan County is home to districts that are part of the Tax Increment Financing (TIF) program. Such a program offers property tax reliefs along with remarkably low county taxes. Companies can receive assistance from the County’s Economic Development Corporation to identify and obtain both state and local incentives. 

When it comes to education, school districts in the county work in partnership with companies to make sure that the right skills are available, in part by providing training and credits. As a result, students have a head start after finishing high school.

Plus, Indiana is home to some of the most respected colleges and universities globally, such as the Rose-Hulman Institute of Technology, Indiana University, Purdue University, and, of course, the Notre Dame Colledge.

Of course, Morgan County is an excellent place to do business. Yet, it is an even better place to live, offering a peaceful and slower-paced lifestyle in an area with outstanding natural beauty.

The local communities share a small-town, family-centered atmosphere. Besides, since the county is so close to Indianapolis and Bloomington, residents and visitors can also enjoy the excitement and entertaining activities of a big city, including sports, premium museums and arts and plays, plenty of shopping options, and delicious dining experiences.

On the other hand, for someone who prefers the outdoors’ beauty, they can enjoy natural treasures like Brown County, the massive Morgan-Monroe State Forest, and several other state parks.

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 Morgan County, Indiana

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

Don’t Wait Any Longer and buy your home in Morgan County

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