Inventory in Lafayette-Tippecanoe County sits at just 1.4 months—one of the tightest readings since 2005. Entry-level homes priced $150K–$225K receive an average of 4.2 offers within 10 days, according to the Greater Lafayette Association of Realtors. While the median sale price is $210K, the price per square foot has jumped 11 percent year-over-year to $126, still a bargain compared with Indianapolis ($158) and Chicago ($228).

• New construction: 42 percent of builds occur in Wabash Township, where lot prices hover around $55K.
• Investor share: 18 percent of purchases, down from 26 percent in 2021 as owner-occupants regain footing.
• Rent vs. buy: Monthly ownership costs on a median-priced home ($1,450 PITI) run $250 below average rent of $1,700 for a three-bedroom.

If you’re relocating for a Purdue or Subaru of Indiana job, timing your rate lock can save real money: NMHL’s 60-day lock costs 0.25 percent of loan amount, but a 90-day lock is only 0.375 percent—cheap insurance in a rising-rate climate.

First-time buyers earning under $65K should focus on the Vinton-Highland corridor, where 1950s brick ranches list between $170K–$210K and qualify for IHCDA’s $15K forgivable assistance. The area feeds into Oakland Elementary (8/10 GreatSchools) and keeps commute times under 12 minutes to Subaru or downtown.

If you crave walkability, the Centennial neighborhood offers shotgun-style cottages in the $190s; just verify flood-zone status along the Wabash River. For zero-lot-line convenience, Romney Meadows has $230–$250K new builds with city sewer but lower taxes because the subdivision sits in Wayne Township. Veterans often choose the $300–$350K range in Meadowbrook or Wea Ridge to access stellar schools and the 10-minute drive to the VA clinic on Greenbush Street.

NMHL provides a Neighborhood Buy-vs.-Rent spreadsheet city-wide; our Lafayette clients save an average $315/month owning in Vinton versus renting an equivalent home.

The Indiana Housing & Community Development Authority (IHCDA) allocates roughly $3.5 million annually to Tippecanoe County. The marquee First-HoME product provides:

• $7,500 forgivable after five years for purchases under $275K
• $15,000 forgivable after ten years for households at or below 80% AMI
• 4.125% 30-year fixed rate (as of June 2024) that’s 0.375% below market

Stack that with NMHL’s BoilerMaker lender credit—$1,500 on any loan over $150K—and your out-of-pocket cash can drop to appraisal and inspection only. Community Development Corp. of Central Indiana also runs the Tippecanoe County HOME Consortium down-payment loan: up to $10K at 0% interest, deferred until resale or refinance. Qualifying areas include all of Lafayette, West Lafayette, and portions of rural Tippecanoe County. We layer these subsidies every week; the key is ordering IHCDA’s Participating Lender compliance package before day seven of your purchase agreement.

Tippecanoe County is home to over 12,500 veterans, many affiliated with the 122nd Fighter Wing at the Indiana Air National Guard base on the south side. If you’re on terminal leave or already separated, NMHL can close a VA purchase with 580 credit and 0 percent down up to the county loan limit of $726,200. Recent deals include a $227K ranch in Heatherton and a $315K new build in Wea Ridge—both closed in 23 days using our in-house VA appraisal ordering system.

Surviving spouses can also tap VA; we helped a Purdue widow buy a $189K home in Columbian Park using the VA IRRRL refinance later to drop her rate 1.125%. Because Indiana charges only $65 to record a VA mortgage, closing costs stay low—about $3,200 after the 1 percent VA funding fee is rolled in. If you have service-connected disability compensation, the funding fee is waived, saving up to $7,260 on a $300K purchase.

Ask about our VetMove rebate: $750 toward moving expenses when you finance with NMHL and close within 30 days of offer acceptance.

Lafayette’s economy isn’t just Purdue and Subaru—thousands of consultants, ag-tech start-up founders, and specialty farmers call the region home. Traditional underwriting falls short when tax write-offs decimate your qualifying income. NMHL’s 24-month bank-statement program solves that:

• Personal or business statements accepted
• Use 90% of deposits as income
• Loan amounts to $1.5M with 20% down
• DTI ratios to 50% with 6 months reserves

Recent closings: a West Lafayette UX designer who showed $148K of deposits but only $42K on Schedule C; we qualified him at $133K and closed a $380K modern farmhouse in Dayton. Another client owns two food-trucks on Purdue’s campus; we averaged 18 months of seasonal deposits and approved her for $325K at 7.125% fixed.

109-Only option available if you want to avoid statements entirely—use 1099 gross revenue less cost of goods sold. We pair these programs with Indiana’s Next Home down-payment grant when the borrower meets IHCDA credit score overlays (660 for self-employed). If your CPA is aggressive, this path keeps more deductions intact while still getting you into a home.

If you bought during the 2021 rate dip below 3 percent, today’s 7-ish environment probably feels painful. Still, several refinance angles exist unique to Lafayette:

1) Property-tax appeal: Tippecanoe County reassessed residential values in 2023; if your assessed jumped 20-plus percent, we can use a new appraisal to remove PMI once you hit 80% LTV, trimming $140/month on a $210K loan.

2) IHCDA Streamline Refi: If your current loan is IHCDA-owned and you’ve had it 18 months, you can roll closing costs into a new 30-year fixed at 0.375% below market with minimal paperwork—no appraisal needed if you stay under $275K.

3) VA IRRRL: Veterans who financed at 4% can drop to the low 6%s with almost zero out-of-pocket; we closed one for a client on Soldier’s Home Road, saving $196/month and recouping the $2,800 costs in 14 months.

NMHL tracks every client we close; when rates drop 0.75% below your note rate, we’ll ping you with a break-even analysis. Because we service 94 percent of our Indiana loans, future refinances are streamlined—no new title work, no re-qualification drama, just lower payments.