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

Table of Contents

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

How to buy a home in Newton County

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

  • FHA Loan Limit $ 368,000 (Single family residence) / $ 471,100 (Duplex) / $ 569,450 (Triplex) / $ 707,700 (Fourplex)
  • USDA Loan Limit $ 294,400
  • 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 Newton County are eligible for USDA Loans?

  • Part of Newton County is eligible for a USDA Rural Development home loan.
  • The Eligible Zip Codes are 47922, 47948, 47951, 47963.

Do I need Flood Insurance?

The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.

How do I learn about Property Taxes in Newton County?

  • The county tax assessor‘s office is located at 201 N 3rd St Kentland, IN 47951. In addition, the tax assessor’s office can also be reached by calling at (219) 474-6081.
  • Indiana offers a deduction of 25 to 35% of the homestead assessed value. Besides, the State of Indiana has earned a reputation as a pro-business, low-tax state. Therefore, companies that are starting operations, relocating, or expanding operations can take advantage of generous performance-based incentive programs. Such incentives are based upon various criteria, such as job creation, fixed-asset investment commitment, and payroll figures.

What is the Median Home Price in Newton County?

As of August 31st, 2020, the median home value for Newton County is $135,834. Besides, the median household income for residents of the county is $53,146.

How many people live in Newton County?

As of 2019, Newton’s County’s population is 13,984, which is a decline of 1.8% over the last 10 years. Moreover, demographically speaking, 90.4% of the population is white, 6.9% are Hispanic, and 1% are African American.

What are the major cities?

The county has five cities, including the city of Kentland, which serves as the county seat. Some other important cities and towns that are an essential part of the county are Morocco, Goodland, Lake Village, Brook, Mount Ayr, and Ade. 

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

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

Newton County, Indiana, is located in the rural and northwest region of Indiana State. The county is part of Indiana to the north, but a portion of it is considered part of Chicago’s metropolitan area.

On February 7th, 1835, Newton County was legally established and originally only had 30 miles on each of its sides. The county received its name in honor of Sargent John Newton, who fought in the American Revolution alongside with General Francis Marion.

The economy of Newton County employs more than 6000 people. The largest industries are Manufacturing, Retail Trade, and Health Care and Social Assistance. Also, the highest paying industries are Mining, Quarrying, Oil and Gas Extraction, Real Estate, and Wholesale Trade.

The rate of homeowners in this pleasant county is 75%, which is significantly higher than the nationwide average of nearly 64%. Residents of Newton have an average commute time of 30.8 minutes, which increases family quality time.

Agriculture plays a large role in this part of the country, and people love to torus Fair Oaks Farms for its interactive exhibits and activities. Many come to shop for top-of-the-world cheeses, baked goods, gifts, or have a fantastic meal at The Farmhouse Restaurant for ingredients taken from their farm.

Besides, once a year, it hosts the Newton County Punkin Vine Fair. This fair has presented a variety of famous country singers, including the Brad Paisley, Oak Ridge Boys, Trace Adkins, Sugarland, Thompson Square, Jason Aldean, Jake Owen, and Luke Bryan.

Newton County has excellent outdoor activities at any time of the year. It is home to two fish and wildlife areas. Granted, you can enjoy hiking, hunting, fishing, bird watching, and many more recreational activities.

The Goodstock Music Festival, which supports veterans in need, is fantastic for music fans. Plus, Newton County can certainly provide it during summertime at the Goodland Grand Prix and county fair and in spring and fall the enduro races for those who love the rush of racing.

Newton country is perfect for all family members for all its family restaurants, shops, outdoor entertainment and activities, and golf courses.

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 Newton County, Indiana

No FHA or VA approved condos currently exist in Newton 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 Newton County with help from FedHome Loan Centers

Reach out today to speak to out knowledgeable team!