If you’re thinking of purchasing a home in the Hoosier State, you’re in good company. Indiana has 2.9 million housing units and a homeownership rate of 69%, according to the U.S. Census Bureau’s 2018 American Community Survey.
The state’s median housing value is $147,300, which falls below the national average of $229,700. Home values in the state can vary by region, providing a variety of options for Indiana’s 6.7 million residents.
What Are the Mortgage Rates in Indiana?
Home interest rates range from 2.5% to 5.38% in Indiana.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-year fixed-rate mortgage | 2.87% | 2.9% |
| 15-year fixed-rate mortgage | 2.34% | 2.38% |
| 30-year fixed-rate jumbo mortgage | 2.89% | 2.93% |
| 5/1 ARM | 2.99% | 3.03% |
| 5/1 jumbo ARM | 2.86% | 2.85% |
*Rates as of Jan. 1, 2021
U.S. News’ Best Indiana Mortgage Lenders
U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.
Best for VA loans
Before You Apply
- Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
- Minimum FICO credit score: 660
- Maximum loan amount: $1.5 million
- Better Business Bureau rating: A+
Best Features
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Requires no military service
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Sets no minimum loan amount
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Best for large loan amounts
Lender Highlights
- Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
- Minimum FICO credit score: 600
- Maximum loan amount: $5 million
- Better Business Bureau rating: A+
Best Features
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Wide variety of mortgages
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Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual, balance transfer and cash advance fees for HELOCs
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Best for low costs
Before You Apply
- Mortgage types offered: ARMs, conventional, FHA, jumbo, refinance and VA
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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Accepts down payments as low as 3%
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Receives high marks from the Better Business Bureau
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Best for product selection
Before You Apply
- Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
- Minimum FICO credit score: 600
- Maximum loan amount: varies
- Better Business Bureau rating: A+
Best Features
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Receives strong customer service ratings from the Better Business Bureau
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Offers a broad range of mortgage products
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Provides special mortgage programs for first-time buyers and manufactured homebuyers
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Best for online service
Highlights:
- Loan types: conventional, FHA, VA, USDA, ARM, refinancing
- Minimum FICO Score: 600
- Maximum loan-to-value ratio: not disclosed
- Maximum debt-to-income ratio: 43%
- Total closing costs: 2% to 6% of loan amount
- Equity required: not disclosed
- J.D. Power Satisfaction rating: not rated
Best Features
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Offers a wide variety of mortgage loans.
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Provides mortgage loans nationwide.
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Helps with closing costs.
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Best for online service
Before You Apply
- Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
- Minimum FICO credit score: 580
- Maximum loan amount: $3 million
- Better Business Bureau rating: A
Best Features
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Offers a first-time homebuyer program
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Accepts mortgage applicants with FICO credit scores as low as 580
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Best for customer service
Highlights:
- Mortgage types offered: conventional, FHA, VA, ARM, home equity loans
- Minimum FICO score: not disclosed
- Maximum loan-to-value ratio: not disclosed
- Maximum debt-to-income ratio: not disclosed
- Loan amounts: up to $3 million
- Total closing costs: not disclosed
- J.D. Power overall satisfaction rating: 3 out of 5
Best Features
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Income and profession-based loan programs.
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Down payment assistance program available.
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Best for customer service
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
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Best for product availability
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
See full profile
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Indiana Homebuyer Programs?
Indiana homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers and qualified veterans.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: A forgivable second mortgage of 4% of the loan amount can be used for down payment and closing costs. The second mortgage will be forgiven if the borrower stays in the home and loan for 10 years.
- Available to: First-time homebuyers and qualified veterans who do not need down payment or closing cost assistance.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Qualified homebuyers may get a lower interest rate.
- Available to: First-time homebuyers.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: Yes.
- Benefit: Qualified borrowers get a non-refundable federal tax credit of 25% of the total amount of mortgage interest they pay each year.
- Available to: Borrowers who have owned homes before but who lack sufficient equity or funds for down payment to purchase their new home can get a lower interest rate. It also allows first-time buyers who fall outside the income limits for Cash Assistance Loans and Non Cash Assistance Loans to achieve homeownership.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Down payment and closing cost assistance is available as a forgivable second mortgage of 4% of the loan amount. The mortgage is forgiven if the borrower stays in the home and loan for 10 years.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
