Indiana Mortgage Loans

We serve all cities and towns across Indiana. Whether you’re purchasing property in the city or the quiet corners of smaller communities, we’re proud to be mortgage lenders in Indianapolis and beyond.

• Indianapolis
• Fort Wayne
• Evansville
• South Bend
• Carmel
• Fishers
• Bloomington
• Hammond
• Gary
• Lafayette

Griffin Funding is here to simplify the Indiana home loan process with a range of flexible loan options. Whether you’re a veteran, self-employed, or looking for an unconventional financing solution, we have something for you. Explore a few of our most popular offerings:

• VA loans: These VA-backed loans are designed for active-duty service members, veterans, and their spouses. VA loans offer favorable terms and often don’t require a down payment.
• Bank statement loans: Ideal for self-employed borrowers or those with seasonal or fluctuating income, bank statement loans allow you to use bank statements to verify income.
• DSCR loans: Debt service coverage ratio (DSCR) loans are for real estate investors. They use the property’s income to determine loan eligibility and amount.
• Conventional loans: Conventional mortgages offer competitive rates and types but often require a larger down payment and a good credit score relative to other loan types.
• Asset-based loans: Asset-based loans count your financial assets — retirement accounts, savings, investments, and so on — as income to secure financing, making them best suited for those with substantial assets.
• ITIN loans: ITIN loans are designed for individuals with an individual taxpayer identification number (ITIN) but no social security number, allowing non-US citizens to qualify for a home loan.
• USDA loans: Backed by the USDA, USDA loans offer no down payment for eligible rural and suburban home buyers.
• FHA loans: FHA loans are a type of government-backed mortgage that allows borrowers to secure home financing with as little as 3.5% down.
• Home equity loans: A home equity loan allows you to tap into your equity and get cash that you can use for any purpose you need.

Current mortgage rates in Indiana are subject to change based on economic conditions, inflation rates, and decisions made by the Federal Reserve. However, there are some actions you can take to ensure you get the best loan terms.

Getting the best possible mortgage rate can help you keep your monthly mortgage payments low while helping you save over the life of your home loan. Here are some ways to get a favorable interest rate:

• Improving your credit score: Indiana mortgage lenders offer lower interest rates to borrowers with good or better credit scores because it demonstrates their creditworthiness. Paying bills on time, reducing debt, and correcting issues with your credit report can improve your score over time.
• Paying off debt: Lowering your debt decreases your debt-to-income (DTI) ratio and shows Indiana mortgage companies that you’re a responsible borrower. Paying off credit card balances or personal loans can improve your financial profile and help you qualify for better Indiana mortgage rates.
• Choosing the right type of loan: Different loan programs offer varying interest rates, so you should choose the loan that best fits your unique financial situation. For instance, veterans may choose a VA loan for more favorable terms than a conventional loan.
• Making a bigger down payment: A larger down payment reduces the lender’s risk and the size of your loan, which may result in a lower interest rate. Saving for a sizable down payment can potentially help you secure a better Indiana mortgage rate and reduce your monthly payments.
• Buying mortgage points: With mortgage points, you can buy down your interest rate. While this requires an initial upfront investment, it can help you save over the life of the loan, especially if you plan to stay in the home for many years.

To qualify for a mortgage in Indiana, you’ll need to meet specific lending criteria. While every lender is different, and criteria may vary, there are several factors they’ll use to determine your loan eligibility and total amount. Here are some considerations to keep in mind to get approved for a mortgage:

• Income: Most home loan lenders require proof of stable income to ensure you can afford your monthly payments. However, the definition of “stable income” can vary, depending on the lender and loan type. For instance, while conventional loans tend to have stricter requirements, bank statement loans and other types of non-QM mortgage loans are more lenient on how lenders determine income.
• Credit score: Your credit score influences interest rates on all types of loans. Aim for a higher credit score to qualify for better terms.
• Debt-to-income (DTI) ratio: Indiana mortgage lenders calculate your DTI ratio to ensure you can take on additional debt in the form of an Indiana mortgage. The lower your rate, the more financially prepared you are to take on this additional debt.
• Down payment: While some loan programs offer low or no down payment options, a larger down payment can strengthen your mortgage application. It reduces loan-to-value (LTV), which may lead to better terms and lower monthly payments.
• Property appraisal. Your lender will require an appraisal to assess the market value of the home or property you intend to purchase. The appraisal determines the loan amount you qualify for based on the property’s value.

The minimum down payment for an Indiana mortgage varies depending on the type of loan you use to finance your home purchase. For instance, conventional mortgages typically require a down payment of at least 3% to qualify, assuming you have an extremely strong financial profile. Meanwhile, FHA loans require a minimum down payment of 3.5% of the purchase price.

Most lenders will require you to have a credit score of 600 or higher to qualify for most mortgage types in Indiana. However, the higher your credit score, the better the terms, so we always recommend increasing your credit score before applying for a loan.

Keep in mind that some loans and lenders offer more leniency. For instance, VA loans from Griffin Funding allow credit scores to be as low as 580, depending on your unique financial profile.

With a range of flexible Indiana home loan options and personalized guidance throughout the process, Griffin Funding can help you achieve your dreams of homeownership. You can also streamline the experience with the Griffin Gold app, where you can manage your finances and loans and connect with a mortgage professional at your convenience.

Ready to take the next step? Apply for an Indiana mortgage loan today.