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First-Time Buyer loans in Indiana

Quick answer

First-time buyers in Indiana can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from Indiana Housing and Community Development Authority (IHCDA). On a $201,600 home, 3% down is about $6,048.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for Indiana

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical IN home value$201,600
3.5% down on typical home$7,056
20% down on typical home$40,320
Avg. effective property tax0.74%/yr (~$125/mo)
Income for typical home (31% rule)$62,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Indiana programs pair with First-Time Buyer loans?

  • First Home: A fixed-rate first mortgage for first-time buyers with optional down payment assistance.
  • Next Home: A first mortgage with down payment assistance available to first-time and repeat buyers.

Details and current limits: Indiana Housing and Community Development Authority (IHCDA).

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in Indiana cities

First-Time Buyer in IndianapolisFirst-Time Buyer in Fort WayneFirst-Time Buyer in EvansvilleFirst-Time Buyer in South BendFirst-Time Buyer in FishersFirst-Time Buyer in CarmelFirst-Time Buyer in BloomingtonFirst-Time Buyer in HammondFirst-Time Buyer in NoblesvilleFirst-Time Buyer in LafayetteFirst-Time Buyer in GaryFirst-Time Buyer in MuncieFirst-Time Buyer in GreenwoodFirst-Time Buyer in KokomoFirst-Time Buyer in Terre HauteFirst-Time Buyer in AndersonFirst-Time Buyer in ElkhartFirst-Time Buyer in WestfieldFirst-Time Buyer in ColumbusFirst-Time Buyer in MishawakaFirst-Time Buyer in JeffersonvilleFirst-Time Buyer in LawrenceFirst-Time Buyer in West LafayetteFirst-Time Buyer in PortageFirst-Time Buyer in New AlbanyFirst-Time Buyer in MerrillvilleFirst-Time Buyer in PlainfieldFirst-Time Buyer in RichmondFirst-Time Buyer in ValparaisoFirst-Time Buyer in GoshenFirst-Time Buyer in Crown PointFirst-Time Buyer in Michigan CityFirst-Time Buyer in ZionsvilleFirst-Time Buyer in BrownsburgFirst-Time Buyer in GrangerFirst-Time Buyer in HobartFirst-Time Buyer in ScherervilleFirst-Time Buyer in MarionFirst-Time Buyer in East ChicagoFirst-Time Buyer in FranklinFirst-Time Buyer in GreenfieldFirst-Time Buyer in HighlandFirst-Time Buyer in MunsterFirst-Time Buyer in AvonFirst-Time Buyer in La PorteFirst-Time Buyer in ClarksvilleFirst-Time Buyer in St. JohnFirst-Time Buyer in SeymourFirst-Time Buyer in ShelbyvilleFirst-Time Buyer in LogansportFirst-Time Buyer in LebanonFirst-Time Buyer in New CastleFirst-Time Buyer in HuntingtonFirst-Time Buyer in VincennesFirst-Time Buyer in WarsawFirst-Time Buyer in JasperFirst-Time Buyer in CrawfordsvilleFirst-Time Buyer in DyerFirst-Time Buyer in GriffithFirst-Time Buyer in Frankfort

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in Indiana through approved lenders, subject to county loan limits where they apply.

Often yes. Indiana Housing and Community Development Authority (IHCDA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Indiana.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.