Indiana Conventional Loan Limits plus Conventional Loan Requirements

What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Indiana conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Indiana conventional loan limits are the same thing as Indiana conforming loan limits.

Indiana Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Indiana are determined by:

Maximum LTV Ratio: The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
Maximum Loan Amount: Conventional loan limits in Indiana are set at the floor amount of $424,100 across the entire state. Metro areas in IN with a conforming limit of $424,100 include Indianapolis, Gary, South Bend and Fort Wayne.

Search all Conventional Loan Limits in Indiana:

County Name	Area	1-Unit	2-Unit	3-Unit	4-Unit
ADAMS	DECATUR, IN	$510,400	$653,550	$789,950	$981,700
ALLEN	FORT WAYNE, IN	$510,400	$653,550	$789,950	$981,700
BARTHOLOMEW	COLUMBUS, IN	$510,400	$653,550	$789,950	$981,700
BENTON	LAFAYETTE-WEST LAFAYETTE, IN	$510,400	$653,550	$789,950	$981,700
BLACKFORD	NON-METRO	$510,400	$653,550	$789,950	$981,700
BOONE	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
BROWN	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
CARROLL	LAFAYETTE-WEST LAFAYETTE, IN	$510,400	$653,550	$789,950	$981,700
CASS	LOGANSPORT, IN	$510,400	$653,550	$789,950	$981,700
CLARK	LOUISVILLE/JEFFERSON COUNTY, KY-IN	$510,400	$653,550	$789,950	$981,700
CLAY	TERRE HAUTE, IN	$510,400	$653,550	$789,950	$981,700
CLINTON	FRANKFORT, IN	$510,400	$653,550	$789,950	$981,700
CRAWFORD	NON-METRO	$510,400	$653,550	$789,950	$981,700
DAVIESS	WASHINGTON, IN	$510,400	$653,550	$789,950	$981,700
DEARBORN	CINCINNATI, OH-KY-IN	$510,400	$653,550	$789,950	$981,700
DECATUR	GREENSBURG, IN	$510,400	$653,550	$789,950	$981,700
DEKALB	AUBURN, IN	$510,400	$653,550	$789,950	$981,700
DELAWARE	MUNCIE, IN	$510,400	$653,550	$789,950	$981,700
DUBOIS	JASPER, IN	$510,400	$653,550	$789,950	$981,700
ELKHART	ELKHART-GOSHEN, IN	$510,400	$653,550	$789,950	$981,700
FAYETTE	CONNERSVILLE, IN	$510,400	$653,550	$789,950	$981,700
FLOYD	LOUISVILLE/JEFFERSON COUNTY, KY-IN	$510,400	$653,550	$789,950	$981,700
FOUNTAIN	NON-METRO	$510,400	$653,550	$789,950	$981,700
FRANKLIN	CINCINNATI, OH-KY-IN	$510,400	$653,550	$789,950	$981,700
FULTON	NON-METRO	$510,400	$653,550	$789,950	$981,700
GIBSON	NON-METRO	$510,400	$653,550	$789,950	$981,700
GRANT	MARION, IN	$510,400	$653,550	$789,950	$981,700
GREENE	NON-METRO	$510,400	$653,550	$789,950	$981,700
HAMILTON	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
HANCOCK	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
HARRISON	LOUISVILLE/JEFFERSON COUNTY, KY-IN	$510,400	$653,550	$789,950	$981,700
HENDRICKS	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
HENRY	NEW CASTLE, IN	$510,400	$653,550	$789,950	$981,700
HOWARD	KOKOMO, IN	$510,400	$653,550	$789,950	$981,700
HUNTINGTON	HUNTINGTON, IN	$510,400	$653,550	$789,950	$981,700
JACKSON	SEYMOUR, IN	$510,400	$653,550	$789,950	$981,700
JASPER	CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI	$510,400	$653,550	$789,950	$981,700
JAY	NON-METRO	$510,400	$653,550	$789,950	$981,700
JEFFERSON	MADISON, IN	$510,400	$653,550	$789,950	$981,700
JENNINGS	NORTH VERNON, IN	$510,400	$653,550	$789,950	$981,700
JOHNSON	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
KNOX	VINCENNES, IN	$510,400	$653,550	$789,950	$981,700
KOSCIUSKO	WARSAW, IN	$510,400	$653,550	$789,950	$981,700
LAGRANGE	NON-METRO	$510,400	$653,550	$789,950	$981,700
LAKE	CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI	$510,400	$653,550	$789,950	$981,700
LAPORTE	MICHIGAN CITY-LA PORTE, IN	$510,400	$653,550	$789,950	$981,700
LAWRENCE	BEDFORD, IN	$510,400	$653,550	$789,950	$981,700
MADISON	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
MARION	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
MARSHALL	PLYMOUTH, IN	$510,400	$653,550	$789,950	$981,700
MARTIN	NON-METRO	$510,400	$653,550	$789,950	$981,700
MIAMI	PERU, IN	$510,400	$653,550	$789,950	$981,700
MONROE	BLOOMINGTON, IN	$510,400	$653,550	$789,950	$981,700
MONTGOMERY	CRAWFORDSVILLE, IN	$510,400	$653,550	$789,950	$981,700
MORGAN	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
NEWTON	CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI	$510,400	$653,550	$789,950	$981,700
NOBLE	KENDALLVILLE, IN	$510,400	$653,550	$789,950	$981,700
OHIO	CINCINNATI, OH-KY-IN	$510,400	$653,550	$789,950	$981,700
ORANGE	NON-METRO	$510,400	$653,550	$789,950	$981,700
OWEN	BLOOMINGTON, IN	$510,400	$653,550	$789,950	$981,700
PARKE	TERRE HAUTE, IN	$510,400	$653,550	$789,950	$981,700
PERRY	NON-METRO	$510,400	$653,550	$789,950	$981,700
PIKE	JASPER, IN	$510,400	$653,550	$789,950	$981,700
PORTER	CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI	$510,400	$653,550	$789,950	$981,700
POSEY	EVANSVILLE, IN-KY	$510,400	$653,550	$789,950	$981,700
PULASKI	NON-METRO	$510,400	$653,550	$789,950	$981,700
PUTNAM	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
RANDOLPH	NON-METRO	$510,400	$653,550	$789,950	$981,700
RIPLEY	NON-METRO	$510,400	$653,550	$789,950	$981,700
RUSH	NON-METRO	$510,400	$653,550	$789,950	$981,700
SCOTT	SCOTTSBURG, IN	$510,400	$653,550	$789,950	$981,700
SHELBY	INDIANAPOLIS-CARMEL-ANDERSON, IN	$510,400	$653,550	$789,950	$981,700
SPENCER	NON-METRO	$510,400	$653,550	$789,950	$981,700
ST. JOSEPH	SOUTH BEND-MISHAWAKA, IN-MI	$510,400	$653,550	$789,950	$981,700
STARKE	NON-METRO	$510,400	$653,550	$789,950	$981,700
STEUBEN	ANGOLA, IN	$510,400	$653,550	$789,950	$981,700
SULLIVAN	TERRE HAUTE, IN	$510,400	$653,550	$789,950	$981,700
SWITZERLAND	NON-METRO	$510,400	$653,550	$789,950	$981,700
TIPPECANOE	LAFAYETTE-WEST LAFAYETTE, IN	$510,400	$653,550	$789,950	$981,700
TIPTON	NON-METRO	$510,400	$653,550	$789,950	$981,700
UNION	CINCINNATI, OH-KY-IN	$510,400	$653,550	$789,950	$981,700
VANDERBURGH	EVANSVILLE, IN-KY	$510,400	$653,550	$789,950	$981,700
VERMILLION	TERRE HAUTE, IN	$510,400	$653,550	$789,950	$981,700
VIGO	TERRE HAUTE, IN	$510,400	$653,550	$789,950	$981,700
WABASH	WABASH, IN	$510,400	$653,550	$789,950	$981,700
WARREN	LAFAYETTE-WEST LAFAYETTE, IN	$510,400	$653,550	$789,950	$981,700
WARRICK	EVANSVILLE, IN-KY	$510,400	$653,550	$789,950	$981,700
WASHINGTON	LOUISVILLE/JEFFERSON COUNTY, KY-IN	$510,400	$653,550	$789,950	$981,700
WAYNE	RICHMOND, IN	$510,400	$653,550	$789,950	$981,700
WELLS	NON-METRO	$510,400	$653,550	$789,950	$981,700
WHITE	NON-METRO	$510,400	$653,550	$789,950	$981,700
WHITLEY	FORT WAYNE, IN	$510,400	$653,550	$789,950	$981,700

Indiana conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Indiana?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Indiana, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Indiana Conventional Loan Down Payment:

Residence Usage	Fixed-Rate Mortgage (FRM)	Adjustable-Rate Mortgage (ARM)
1 Unit Primary	3% Down Payment	10% Down Payment
2 Units Primary	15% Down Payment	25% Down Payment
3 Units Primary	25% Down Payment	35% Down Payment
4 Units Primary	25% Down Payment	35% Down Payment

1 Unit Second Home	10% Down Payment	20% Down Payment

1 Unit Investment	15% Down Payment	25% Down Payment
2 Units Investment	25% Down Payment	35% Down Payment
3 Units Investment	25% Down Payment	35% Down Payment
4 Units Investment	25% Down Payment	35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

IN Conforming Loan Requirements Conventional mortgage guidelines allow you to purchase
warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Indiana?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Indiana:

Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home. If not, Conventional 97% loan programs may also work for you.
Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Indiana, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Indiana Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

Indiana Conventional Loans | IN Conforming Loan Limits

What are Conventional Loans and Conforming Loans?