Conventional Loans
Conventional Loans in Indiana
When most Indiana buyers think “mortgage,” they’re picturing a conventional loan. It’s the most common financing path for a reason: flexible terms, competitive pricing, and a clear road to owning your home free of mortgage insurance. Tevis Durbin has spent 26 years walking Hamilton County buyers, Indianapolis families, and Carmel move-up shoppers through exactly this process. If you want a loan that fits a wide range of situations and doesn’t come loaded with surprises, a conventional loan is often where the conversation starts.
Who it fits
- First-time buyers in the Indianapolis metro who qualify for as little as 3% down
- Move-up buyers in Fishers, Carmel, Westfield, or anywhere else in Hamilton County
- Buyers purchasing a second home or vacation property in Indiana
- Investors adding a rental property to their portfolio
- Borrowers with solid credit who want to avoid the upfront mortgage insurance premium that comes with FHA financing
- Buyers who are close to 20% equity and want a clear path to dropping PMI entirely
How it works
Conventional loans follow the guidelines set by Fannie Mae and Freddie Mac, which means they conform to established loan limits and underwriting standards. You can choose a fixed-rate term (the rate stays the same for the life of the loan) or an adjustable-rate option (the rate is fixed for an initial period, then adjusts periodically). Most buyers in Indiana opt for a fixed rate when they want predictability on a primary residence, while an adjustable-rate mortgage can make sense for buyers who plan to sell or refinance within a defined time horizon. Either way, Tevis will lay out the real numbers on both options before you commit to anything.
If you put down less than 20%, your lender will require private mortgage insurance (PMI). PMI protects the lender, but the good news is it is not permanent. Once you reach 20% equity in your Indiana home, either through payments, appreciation, or a combination of both, you can request removal. That is a meaningful advantage over some government-backed loans, where mortgage insurance can stick around much longer regardless of your equity position.
What you need to qualify
- Credit score of 620 or higher (stronger scores unlock better pricing)
- Debt-to-income ratio generally below 45%, though specifics depend on your full financial picture
- Down payment as low as 3% for qualified first-time buyers, or 5% or more for other purchase types
- Documented income, employment history, and assets (Tevis will tell you exactly what to pull together)
- A property in Indiana that falls within current Fannie Mae and Freddie Mac conforming loan limits
- The property must be a primary residence, second home, or investment property, each with its own down payment and reserve requirements
None of those boxes look like a perfect fit right now? That is exactly the kind of situation Tevis built his practice around. Buyers who were told “no” somewhere else, or who assumed they didn’t qualify, frequently find a workable path once someone with 26 years of Indiana mortgage experience actually looks at the full picture. The Durbin Team is based in Fishers and licensed in Indiana, and they are straightforward about what is possible and what isn’t. Reach out to the Durbin Team today to talk through your situation, get a real answer on what you qualify for, and find out whether a conventional loan is the right fit for your next Indiana home purchase. NMLS #424899.
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