Monroe County’s housing inventory sits at 2.3 months—well below the balanced 6-month mark—yet prices haven’t skyrocketed like Indianapolis because IU’s enrollment keeps rental demand steady and new condo projects absorb some pressure. Single-family detached homes account for 68% of listings, with Tudor-style cottages in Elm Heights commanding $300–$320 per square foot while 1970s ranch homes south of Tapp Road trade closer to $200.

New construction is concentrated on the north fringe near Ivy Tech and in theSwitchyard Park area, where half-acre lots start at $90,000 and builders like David Weekley and Fischer Homes offer $50,000 incentives when buyers use preferred Bloomington mortgage lenders such as NMHL. Median list-to-close time is 28 days, but well-priced homes in University Hill or Prospect Hill still receive multiple offers within 72 hours.

• Downtown / Kirkwood: Walkable to breweries, the Buskirk-Chumley Theater, and the Community Farmers’ Market; condos from $190K to $450K; HOA fees $180–$350.
• Elm Heights / Near-West: Historic district with 1920s bungalows; top school choices like Childs Elementary; prices $275K–$425K; expect renovation reserves.
• Highland Village: Family-centric, adjacent to Jackson Creek Trail; 3-bed ranches $240K–$300K; 0.77 acre lots common; 5-minute drive to east-side shopping.
• Lee’s Hills & Valley View: Quiet, lower-tax township pockets; new builds with solar-ready standards; $230K–$280K; watch for well-water tests.
• Smallwood: Emerging south-side neighborhood; IU shuttle route; fixer-uppers still under $200K; NMHL 203(k) renovation loans popular here.

Property-tax rates vary: Corp limits pay $2.95 per $100 assessed (pre-caps), while Perry Township drops to $2.18—factor that into your debt-to-income when comparing similar-priced homes only two miles apart.

Indiana’s Constitution caps residential property taxes at 1% of gross assessed value, but local rates include levies for schools, the Clear Creek-Cardinal Valley Fire district, and IU Health Bloomington. On a median $260,000 home, expect an annual bill near $2,130 inside city limits after standard deductions.

Key savings:

• Homestead Standard: Knock off $48,000 of assessed value automatically—worth ≈ $400/year.
• Mortgage Exemption: Another $3,000 off assessed value for first-time buyers—file with the Monroe County Auditor before 31 Dec.
• Over-65 or Veteran Exemption: Up to $24,000 combined assessed reduction; NMHL flags eligible borrowers at pre-approval.

Indiana’s Next Home program pairs with FHA or conventional Bloomington home loans and gifts 3% of the purchase price—no repayment required. Combine it with the First House 6% assistance and Monroe County’s H2O $7,500 deferred loan, and a qualified buyer can secure up to 9.5% in free money. On a $260,000 home that equals $24,700, covering the 3.5% FHA down payment plus $15,600 of closing costs.

Community Land Trust (CLT): The Bloomington Housing Trust sells homes at below-market prices (e.g., $190K instead of $260K) in exchange for resale-price restrictions; NMHL offers a special CLT mortgage that treats the ground lease as a $0 payment for DTI purposes. Income limits are 80% AMI—about $58,900 for one person in 2024.

Credit-score sweet spots: IHCDA programs require 640, but if you’re at 620 we can piggy-back Bloomington’s Down-Payment Solutions grant ($3,000) while NMHL covers another $1,500 in lender credit—keeping your cash to close under $1,000.

Because IU and Cook Medical draw talent from around the globe, NMHL built flexible underwriting that mirrors Bloomington’s diverse employment fabric:

• FHA Power: 580 score, 3.5% down, seller can pay up to 6% closing costs; manual underwrite allowed if student-loan payments are deferred.
• VA No-FICO-MI: 620 score, 100% financing, funding-fee can be rolled; ideal for active-duty at Crane Naval Support or veterans enrolling at IU.
• USDA Rural Bloomington Fringe: Zero-down on homes outside the corp boundary (e.g., Van Buren Township); household income under $103,500 for 1-4 persons.
• Doctor & PhD Advantage: 0% down up to $1 million, future-income qualification for residents; popular with IU School of Medicine trainees.
• Bank-Statement Prime: 10% down, no tax returns; qualify with 12-month deposit average; rates start at +0.375% over prime conventional.
• Fresh-Start Credit Repair: 550 score accepted with 10% down; we refer you to the Monroe County Credit Building Cooperative and re-score every 90 days.

All programs feature our 5-Day Close Guarantee once appraisal is in—critical in multiple-offer situations where sellers want certainty.

1. Application: Apply online or call our Bloomington desk at 812-555-NMHL. Upload last 30 days of pay stubs, two months of bank statements, and photo ID. Self-employed? Swap W-2s for 12-month business statements.
2. Same-Day Underwrite: Our Indiana-based AUS engine returns findings in under two hours; you’ll know program, rate, and max purchase price before dinner.
3. Local Partner Perks: We automatically reserve Bloomington Homebuyer Incentive funds ($750–$1,250) and lock your rate for 60 days at no charge.
4. Realtor Match: Prefer an agent who knows IU lease calendars or the Limestone Heritage Trail micro-markets? We’ll pair you with a vetted BARA member who closes 90% of deals with NMHL financing.
5. Offer Strategy: Include our Certified FastClose letter—sellers accept NMHL offers equal to cash 63% of the time in 2023 stats.
6. Inspection & Appraisal: Choose from our pre-negotiated $425 appraisal turnaround (10-day rush) and local inspectors familiar with limestone foundations and 1950s galvanized plumbing.
7. Final Walk-Through & Close: We fund in-house, so you can sign at Stewart Title on the Square and get keys the same afternoon.

Most borrowers complete the journey in 18 days, making NMHL one of the fastest mortgage lenders in Bloomington without charging extra rush fees.