Lafayette, IN Mortgage Rates today
Indiana is a top choice for homebuyers due to its affordable housing, strong job market, and welcoming communities. With a blend of urban amenities and natural beauty, it offers a high quality of life. Make a wise investment by ensuring you compare our current rates for the best mortgage options in Indiana.
If you have any questions about securing the best mortgage rates in Indiana, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Lafayette, IN
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5.875%
6.621% APR
$3,014/mo
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6.625%
7.109% APR
$2,305/mo
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6.000%
7.054% APR
$2,345/mo
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6.375%
7.381% APR
$2,246/mo
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6.000%
6.624% APR
$2,185/mo
infoLatest revision - November 20 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What is the average mortgage rate in Indiana?
The mortgage rates in Indiana represent the percentages that lenders charge on home loans or refinances within the state. These rates directly affect the overall costs incurred by Indiana homeowners when borrowing money.
What are the current mortgage rates in Indiana?
You can access the current mortgage rates in Indiana for each product listed above here. We refresh our rates twice a day to ensure an accurate picture of what rates are now.
How do Indiana interest rates affect mortgages in the state?
In Indiana, interest rates notably impact the complete cost of owning a house. Higher rates lead to increased monthly obligations and total sums borrowed, while reduced rates make owning a home more available and worthwhile for people in the state. This is why first-time home buyer programs in Indiana were created; the aim of these programs is to support applicants' dream of homeownership financially.
Indiana first-time homebuyer programs
IHCDA Step Down program
The Step Down program, administered through the Indiana Housing and Community Development Authority and partnering lenders, provides an intriguing option for qualifying homebuyers on the hunt. It delivers a 30-year fixed-rate FHA or conventional mortgage with an initial interest-only payment structure. To take advantage of this first-time home buyer loan in Indiana, an applicant must fulfill several criteria.
- First, one must be a first-time home buyer in Indiana who has not owned a residence within the last three years or be buying in a specially designated area.
- Second, the home under consideration must serve as the primary living space in Indiana.
- Income and purchase price constraints tied to location also apply.
- Additionally, the appraisal cannot exceed the purchase price limits.
- Would-be beneficiaries also pay a non-refundable $250 holding fee upon reservation.
- Finally, this program and other IHCDA initiatives are mutually exclusive. That means this program cannot be used in tandem with other IHCDA programs.
Indiana down payment assistance
IHCDA First Step program
The IHCDA First Step program offers eligible homebuyers up to 6% of a property’s purchase price as a non-forgivable down payment assistance in Indiana. This program must be utilized alongside a 30-year fixed-rate mortgage, whether that be an FHA or conventional loan. Unlike typical loans, no monthly payments are due - the loan amount is only required to be repaid fully at the end of the thirty years or if the property ownership is transferred (property is sold).
Certain prerequisites must be satisfied to qualify for this down payment assistance program in Indiana:
- One must be a first-time home buyer in Indiana and have not owned a home in the past three years. Individuals buying a home in a designated area also qualify.
- The residence purchased must be located in Indiana and designated as the applicant's primary living space.
- Borrowers must meet the income and purchase price caps corresponding to their location.
- The appraised value cannot exceed the purchase price cap.
- This down payment assistance program in Indiana must be combined with a conventional or FHA thirty-year fixed-rate loan.
- Applicants pay a non-refundable $250 reservation fee as well.
IHCDA Next Home program
While First Step from IHCDA mostly aids first-time buyers, Next Home offers an alternative for all. Though down payment assistance amounts to only 3.5% of the price, eligibility criteria stay consistent. Borrowers must still meet income and cost restrictions parallel to the First Step program.
Other Indiana Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
Mortgage Credit Certificate
The Indiana Mortgage Credit Certificate program can significantly diminish a homeowner's tax responsibilities. Through such first-time home buyer programs in Indianapolis, new property holders are qualified for a federal income tax credit worth of up to 25% of the amount they borrowed to purchase their residence. For a typical mortgage, this translates to a tax reduction of approximately $2,000 annually. Combining the MCC with the Next Home program administered by IHCDA introduces additional perks for qualifying individuals. Please note that this program has an upfront fee of $800.
Local Homebuyer Assistance Program
Depending on your preferred location in Indiana, you may have access to additional local down payment assistance programs.
In Bloomington, the HAND Down Payment and Closing Cost Assistance program provides up to $10,000 to first-time homebuyers with 80% of the area’s median income. The assistance is in the form of a second mortgage that is forgiven after five years.
In Evansville, the HOPE down payment assistance program matches up to $15,000 in down payment funds for first-time homebuyers. Buyers must contribute at least $1,000 of their own money, meet income and purchase price limits, and purchase within city limits.
In Indianapolis, the Indianapolis Neighborhood Housing Partnership (INHP) offers down payment assistance ranging from $7,500 to $24,999, depending on household size and income. Buyers must obtain an Indiana mortgage loan through INHP to qualify.
FHA Loans
FHA loans greet buyers with relaxed fiscal prerequisites compared to others. Credit as low as 580 can yield a hand, needing only 3.5 percent down.
VA Loans
For the fighting forces, their veterans, and surviving spouses, the VA's assurance translates to reduced rates without initial investments.
USDA Loans
In agriculture, the USDA's backing removes the need for deposits altogether yet demands a residence in a rural area adhering to area-specific policies.
HomeReady and Home Possible Loan
Not unlike the former, HomeReady and Home Possible emerge from Fannie and Freddie to smooth the path for first-time home buyers in Indiana, requiring a mere 3 percent at the outset and flexing earnings standards.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
