FHA Loan Calculator for Indiana

FHA Loans in Indiana

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Indiana's median home of $230,000, that's a minimum down payment of $8,100.

FHA Loan Limits in Indiana

FHA loan limits vary by county and are tied to conforming limits. In most Indiana counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Indiana counties are at the standard conforming limit.

FHA vs Conventional in Indiana

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Indiana's median home at $230,000, buyers who can put down $46,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Indiana closing costs average $2,400. Indiana has very low closing costs with minimal transfer taxes and recording fees. The state does not impose a mortgage recording tax. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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