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2023 FHA Loan Limits in Indiana
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Loans backed by the Federal Housing Administration (FHA) make homebuying more accessible with lower down payment and more lenient credit score requirements than conventional mortgages. Indiana homebuyers may qualify for an FHA loan amount up to $472,030 in 2023 for a mortgage on a single-family home, with higher limits available for multifamily homes.
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Indiana FHA loan limits by county
| County name | One unit | Two unit | Three unit | Four unit | Median sale price |
|---|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 | $173,000 |
| ALLEN | $472,030 | $604,400 | $730,525 | $907,900 | $202,000 |
| BARTHOLOMEW | $472,030 | $604,400 | $730,525 | $907,900 | $225,000 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| BLACKFORD | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 | $119,000 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 | $356,000 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 | $161,000 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 | $143,000 |
| DAVIESS | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| DEARBORN | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| DECATUR | $472,030 | $604,400 | $730,525 | $907,900 | $177,000 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 | $179,000 |
| DELAWARE | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| DUBOIS | $472,030 | $604,400 | $730,525 | $907,900 | $197,000 |
| ELKHART | $472,030 | $604,400 | $730,525 | $907,900 | $210,000 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 | $96,000 |
| FLOYD | $472,030 | $604,400 | $730,525 | $907,900 | $356,000 |
| FOUNTAIN | $472,030 | $604,400 | $730,525 | $907,900 | $155,000 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 | $141,000 |
| GIBSON | $472,030 | $604,400 | $730,525 | $907,900 | $129,000 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 | $110,000 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $143,000 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| HARRISON | $472,030 | $604,400 | $730,525 | $907,900 | $356,000 |
| HENDRICKS | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 | $134,000 |
| HOWARD | $472,030 | $604,400 | $730,525 | $907,900 | $144,000 |
| HUNTINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $147,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| JAY | $472,030 | $604,400 | $730,525 | $907,900 | $107,000 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $161,000 |
| JENNINGS | $472,030 | $604,400 | $730,525 | $907,900 | $157,000 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 | $121,000 |
| KOSCIUSKO | $472,030 | $604,400 | $730,525 | $907,900 | $215,000 |
| LAGRANGE | $472,030 | $604,400 | $730,525 | $907,900 | $235,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| LAPORTE | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 | $148,000 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 | $182,000 |
| MARTIN | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| MIAMI | $472,030 | $604,400 | $730,525 | $907,900 | $119,000 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 | $293,000 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $158,000 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| NEWTON | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| NOBLE | $472,030 | $604,400 | $730,525 | $907,900 | $169,000 |
| OHIO | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| ORANGE | $472,030 | $604,400 | $730,525 | $907,900 | $88,000 |
| OWEN | $472,030 | $604,400 | $730,525 | $907,900 | $293,000 |
| PARKE | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 | $139,000 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 | $197,000 |
| PORTER | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| POSEY | $472,030 | $604,400 | $730,525 | $907,900 | $244,000 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 | $109,000 |
| RIPLEY | $472,030 | $604,400 | $730,525 | $907,900 | $176,000 |
| RUSH | $472,030 | $604,400 | $730,525 | $907,900 | $149,000 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 | $155,000 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 | $390,000 |
| SPENCER | $472,030 | $604,400 | $730,525 | $907,900 | $160,000 |
| ST. JOSEPH | $472,030 | $604,400 | $730,525 | $907,900 | $179,000 |
| STARKE | $472,030 | $604,400 | $730,525 | $907,900 | $156,000 |
| STEUBEN | $472,030 | $604,400 | $730,525 | $907,900 | $190,000 |
| SULLIVAN | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| SWITZERLAND | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| TIPPECANOE | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| TIPTON | $472,030 | $604,400 | $730,525 | $907,900 | $146,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $320,000 |
| VANDERBURGH | $472,030 | $604,400 | $730,525 | $907,900 | $244,000 |
| VERMILLION | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| VIGO | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| WABASH | $472,030 | $604,400 | $730,525 | $907,900 | $131,000 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| WARRICK | $472,030 | $604,400 | $730,525 | $907,900 | $244,000 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $356,000 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 | $125,000 |
| WELLS | $472,030 | $604,400 | $730,525 | $907,900 | $173,000 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| WHITLEY | $472,030 | $604,400 | $730,525 | $907,900 | $202,000 |
How are FHA loan limits determined?
Each year, the U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on a percentage of the conforming loan limits the Federal Housing Finance Agency (FHFA) publishes for conventional loans.
A “floor” and “ceiling” are established based on median sales prices in counties in every state in the country. The floor is set at 65% of the conforming loan limit and is called the “low-cost limit.” The ceiling is calculated at a maximum of 150% of the conforming limit with a cap of $1,089,300 for a single-family in “high-cost” areas where homes are more expensive.
Indiana has no high-cost counties in 2023, so the maximum loan amount for all counties in the state is $472,030 for a one-unit home. The limit is higher than 2022’s $420,680 maximum, which increased due to higher median home prices in the state the past year.
How to qualify for an FHA loan in Indiana
Indiana FHA loans offer homebuyers with lower credit scores and a low down payment with an alternative to stricter conventional loan requirements. With median house prices capping out at $390,000 in the most expensive areas of Indiana the past 12 months, you won’t have to worry about exceeding the $472,030 FHA loan limit for a single-family home.
To qualify for an FHA mortgage, you’ll need to meet the following FHA loan requirements:
Down payment and credit scores: The 3.5% down payment applies if you have a 580 credit score or higher. The down payment percentage increases with lower credit scores.
You may still be able to qualify with a 500 to 579 credit score if you put at least 10% down.
Debt-to-income (DTI) ratio: Your DTI ratio compares how much you spend monthly to how much you make. Typically, lenders require a DTI at or below 43%, although exceptions are possible with high credit scores and cash reserves.
Mortgage insurance: FHA loans require two types of mortgage insurance. The first is an annual mortgage insurance premium (MIP) equal to 0.45% to 1.05% of your loan amount, which is divided by 12 and added to your monthly mortgage payment. The second is an upfront mortgage insurance premium (UFMIP) of 1.75% of your loan amount, typically added to your loan amount.
Occupancy: If you buy a home and finance it with an FHA loan, you have to live in the home for at least a year. The program does not permit financing on second homes or rental properties.
FHA home appraisal. FHA-approved lenders will order an FHA appraisal to estimate your home’s value and make sure it meets FHA standards.
Buying a multifamily property with an FHA loan
FHA guidelines allow you to buy a multifamily home with a 3.5% down payment and use the rental income to qualify in most cases. Properties with up to four separate living units are allowed as long as you live in one of the units for at least a year. An added bonus: FHA loan limits are higher with each extra unit up to four units total. See the multifamily FHA limits for Indiana below:
| Number of units | 2023 FHA multifamily loan limit |
|---|---|
| Two | $604,400 |
| Three | $730,525 |
| Four | $907,900 |
FHA lenders in Indiana
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Truist Mortgage | 4 stars | 580 |
| Fairway Independent Mortgage | 3 stars | 580 |
| PennyMac Mortgage | 5 stars | 580 |
| Homebridge Financial Services | 3 stars | Not published |
| Caliber Home Loans | 3 stars | 620 |