Inventory in Vanderburgh and Warrick counties sits at 2.4 months—technically a seller’s market, but nothing like the feeding-frenzy numbers you’ll see in Indy or Nashville. Homes under $200K still receive multiple offers in the first weekend, yet anything above $275K lingers 35–45 days, giving buyers leverage to ask for closing-cost credits. New construction is concentrated in McCutchanville and the Longfield Estates pocket off St. George Road, where Ryan and Fischer Homes are selling 1,900-sq-ft ranch plans for $265K with granite and fenced yards included.

Fixer-uppers in Jacobsville and the Old Northside can be snagged for under $100K, and NMHL’s FHA 203(k) loans roll purchase plus up to $35K in renovations into one 30-year fixed note at today’s low rates. If you’re house-hacking, note that duplexes near USI’s campus trade around $175K and rent for $700 per side, numbers that pencil out even after the 15 % VA second-home occupancy adjustment.

East Side – Anchored by Washington Square Mall and Gateway Commons, this is Evansville’s retail hub. Schools (Scott Elementary, North Junior High) score 8/10 on GreatSchools, and 1960s brick ranches on quarter-acre lots trade $165–$190K. Quick pre-approval with NMHL’s conventional 97 % lets you keep $5K for patio furniture.

McCutchanville – Technically Vanderburgh’s northern fringe, mailing-address Evansville. Expect 2,400-sq-ft new builds, cornfield views, and low traffic; prices run $260–$320K. USDA 100 % financing is alive here, so you can move in with appraisal and inspection costs only.

Downtown & Haynie’s Corner – Loft condos in converted warehouses, walkable to the Ford Center and riverfront trails. Prices $150–$220K; HOA dues $120–$180. FHA spot approvals are common, and NMHL keeps an approved-condos list updated weekly.

Newburgh – Ten minutes east across the river bend. Castle High ranks in Indiana’s top 10, and the lakefront homes on Locust Hill fetch $400K. Still, pocket neighborhoods like Olde Towne offer 1970s split-levels for $215K; property taxes run $150 less per month than comparable homes in Carmel, Indiana.

Vanderburgh County’s combined rate for 2024 is roughly 0.80 % of assessed value, so a $165K home incurs about $1,320 annually. Assessed value equals 100 % of market value, not the discounted numbers you’ll see in Cook County, Illinois. Homestead deductions knock $48K off the assessed value for owner-occupants, saving about $384 per year—you file once with the county assessor and it renews automatically.

Insurance runs higher than Indiana’s state average because of river-flood history; expect $1,150–$1,350 on standard HO-3 policies. If the FEMA flood map tags your lot in Riverbend or Pigeon Township, budget an extra $450–$900 for a preferred-risk flood endorsement; NMHL’s loan officers pull flood certs on every pre-approval so there are last-minute surprises. Overall, principal + interest + taxes + insurance on a $165K FHA purchase (3.5 % down, 6.75 % rate) totals about $1,430—$250 less than average rent for a 3-bed apartment on the East Side.

IHCDA Hoosier Homes First – 30-year fixed at 0.375 % below market; up to $12,500 forgivable second at 0 % if you stay 9 years; income limit 80 % AMI ($59,600 for 2-person household). Can be combined with FHA, VA, or conventional 97 %.

Evansville Down-Payment Assistance – $5,000 on city-owned infill lots; forgiven after 5 years; must contribute $500 of your own funds. NMHL reserves a line of credit with the city so we can lock the grant while you shop.

Federal Home Loan Bank of Indianapolis – $7,500 for teachers, firefighters, or LE officers; 5-year forgiveness; we underwrite the grant concurrently with your loan so closing isn’t delayed.

Mortgage Credit Certificate (MCC) – Turn 30 % of your mortgage-interest into a federal tax credit for the life of the loan; on a $160K loan at 6.5 % that’s about $3,120 back to you every year—effectively lowering your rate by 1.25 %.

Bad-Credit FHA – We manually underwrite scores down to 580 with 3.5 % down and two months of reserves; letters of explanation for medical collections are viewed sympathetically, especially if you’ve rebuilt with a secured card through Old National Bank.

One-Year Bank Statement – Perfect for the Uber driver who makes $70K but writes off mileage; we use 12 months of business deposits, apply a 50 % expense ratio, and go to 90 % LTV up to $715K.

VA IRRRL & Second-Tier Entitlement – Stationed at Naval Surface Warfare Crane 45 minutes away? We’ll let your current home in Kentucky rent out, use 75 % of lease income, and still get you a zero-down purchase here on a $400K colonial in Newburgh with no funding-fee increase on second use.

Community Second Mortgage – 0 %, 0 payment, forgivable 20 % per year; max $15,000; pairs with FHA or conventional; we funded 63 of these in Vanderburgh County last year, more than any other non-bank lender.

1. Get NMHL Pre-Approved Today – Upload 30 days of paystubs, two years of W-2s, and your driver’s license through our NMHL Express Portal; we’ll issue a same-day pre-approval letter with a $400 appraisal credit if you close within 45 days.
2. Connect With a Local Agent Who Knows Grants – We partner with 40+ Realtors who understand IHCDA income limits and USDA maps; ask for our preferred list and mention you’re pre-approved with NMHL—agents prioritize showings when financing is rock-solid.
3. Tour Three Neighborhoods in One Saturday – Start at McCutchanville Farmers Market (Saturday 8 a.m.), grab breakfast, then see three homes under $200K before noon; we’ll give you a printed “stacking sheet” showing monthly payment after every assistance layer.
4. Lock, Close, and Move In – Once under contract, we schedule your appraisal within 48 hours, send weekly video updates, and bring a mobile notary to your office or the Evansville Regional Airport lounge if you’re flying in for the final walk-through.

Evansville’s affordability window won’t stay open forever: Toyota’s battery-plant expansion in Princeton is projected to add 1,400 jobs, and riverfront redevelopment is already nudging downtown condos upward. Click “Apply Now” or call our Evansville branch at 812-555-LOAN and let’s get your keys to a city that still believes in front-porch swings, Friday-night lights, and a mortgage payment that leaves room for Saturday’s ribs at Zuki.