First-time buyers
Buying Your First Home in Hendricks County
Most first-time buyers in Indiana can purchase with 3%–3.5% down, and IHCDA down payment assistance can lower that further. The order that matters: talk to a lender first, learn your real budget, then start touring homes.
Cash needed
What you'll actually need at the table
- Down payment
- 3%–3.5% typical; 0% with VA or USDA eligibility
- Closing costs
- 2%–4% of purchase price
- Earnest money
- 1%–2%, credited back at closing
- Inspection
- $400–$600 for a standard home
- Appraisal
- $550–$750, usually paid to the lender up front
- First-year reserves
- Escrow for taxes and insurance, collected at closing
Figures are typical ranges for Hendricks County, not quotes. Your lender provides exact numbers on a Loan Estimate.
Do I need 20% down to buy a house?
No. That is the most persistent myth in real estate. Conventional loans go to 3% down for qualifying first-time buyers, FHA to 3.5%, and VA and USDA to zero. Putting down less than 20% means paying mortgage insurance on most conventional and FHA loans.
What is the first step to buying a house?
Talk to a local lender and get fully pre-approved before you tour anything. It tells you your true budget, shows sellers you're serious, and prevents the heartbreak of falling for a house you can't finance.
Run the numbers
Estimate your monthly payment before you shop
Mortgage payment calculator
Estimated monthly payment
$2,529.97
- Principal & interest
- $1,982.32
- Property taxes(estimated at your tax rate)
- $270.83
- Homeowners insurance
- $120.00
- Mortgage insurance (PMI)(removable near 20% equity)
- $156.81
20% down ($65,000) removes PMI on most conventional loans. This estimate is for planning only — your lender sets the real rate and terms on a Loan Estimate.
Not sure what rate to enter? See today's Elements Financial mortgage rates (updated daily by the credit union).
Want real numbers? Zach's recommended lender, Chris Kerr at Elements Financial, can confirm your rate, payment and eligibility — usually in one phone call.
Programs
Indiana assistance worth asking about
IHCDA down payment assistance
The Indiana Housing and Community Development Authority partners with approved lenders to offer down payment and closing cost assistance alongside a fixed-rate first mortgage. Income limits and purchase price caps apply and change by program round, so availability must be verified at the time you apply.
Loan programs to compare
- FHA — 3.5% down, flexible credit, mortgage insurance for the life of most loans
- Conventional 97 — 3% down for qualifying first-time buyers, PMI removable near 20% equity
- VA — 0% down, no PMI for eligible service members and veterans (see the VA buyer guide)
- USDA — 0% down in eligible rural areas, which includes much of western Hendricks County
Zach's recommended lender is Chris Kerr of Elements Financial Credit Union, who originates every program above and more. See Chris's lender profile or call him directly at (317) 201-7334. The recommendation is unpaid — you're always free to use any lender.
Recommended lender
Talk to Chris Kerr before you tour
Chris Kerr is the lender Zach Archer sends his own buyers to. He works with every loan type, and he can tell you which one you qualify for before you fall in love with a house.
Elements Financial Credit Union
Chris Kerr
- 5% down conventional — no monthly mortgage insurance — the loan Zach sends first-time buyers to most often
- FHA — 3.5% down with flexible credit guidelines
- VA — 0% down, no mortgage insurance for eligible service members and veterans
- Construction — construction and construction-to-permanent loans for new builds
Program availability, income limits, price caps and rates change. Chris confirms your eligibility and current terms before you rely on any of them.
Get started
Have a first-time buyer question?
Answers
First-time buyer questions, answered
Real questions buyers and sellers ask us, answered plainly. If yours isn't here, call or use the chat assistant — Zach answers personally.
Your first home shouldn't feel like a guessing game.
Call Zach Archer directly at (317) 292-1933, or send a note and you'll hear back the same day. No scripts, no call center — just a local broker who knows Plainfield and every town around it.