Inventory in Hammond is up 22% compared to last year, giving buyers breathing room that hasn’t existed since 2019. Median list price hovers at $142k, but sellers are accepting 96% of ask on average—so a $135k offer still wins most three-bed ranches in Hessville or North Hammond. Days on market crept to 38, meaning you can inspect, negotiate, and still lock NMHL’s 30-day purchase closing guarantee.

New construction is limited—only 42 single-family permits issued in 2023—so resale homes dominate. That keeps appraisals stable; values rose 4.1% year-over-year, perfectly within FHA’s safe-harbor appreciation corridor. Cash offers are only 14% of sales, down from 28% in 2021, giving FHA and VA buyers a fair shot again.

• Brick ranches (1950-1970): $120k-$150k
• Colonials near Purdue Northwest: $170k-$210k
• Duplexes for house-hacking: $150k-$190k, rents average $1,100 per side

Woodmar—bounded by 173rd and the South Shore tracks—delivers 1,800 sq ft colonials on 60-ft lots for $175k. Streets are lined with mature oaks, and the commute to Chicago is 22 minutes on the train. Elementary schools rate 7/10, pushing values up 6% annually, yet still below replacement cost.

Hessville, south of the Borman Expressway, remains Hammond’s affordability sweet spot. Three-bed bungalows sell for $110k-$130k; taxes run $1,400 a year after exemptions. First-time buyers use NMHL’s Edge-95 program—only 5% down and no mortgage insurance for credit scores 680+—keeping the payment under $1,050 including taxes and insurance.

Robertsdale/Whiting borders the lakefront. Expect Cape Cods from the 1940s, many with updates, priced $140k-$160k. Walkability to cafes and the lakefront trail keeps resale demand strong; average hold period is just 5.2 years versus 9 citywide.

Indiana’s Constitution caps owner-occupied property taxes at 1% of assessed value, but Lake County adds modest levies. In Hammond, the 2024 combined rate is 2.17 per $100 of assessed value. On a median $135k home assessed at $121,500 (after exemptions), annual tax is about $1,095—roughly $91 a month escrowed with your mortgage.

Assessment notices arrive every January. If your assessed value jumps more than 5%, file Form 130 with the Lake County Assessor by June 15; NMHL clients can email us the notice and we’ll run a free comparable-sales analysis before you decide to appeal.

Landlords pay higher rates—2.83%—so house-hackers should live in one unit for at least two years to keep the owner-occupied rate. Our loan officers factor the future rental income into your debt-to-income under FHA 203(k) House-Hack guidelines, letting you qualify for 15% more home.

Indiana Housing’s First Home gives 30-year fixed rates 0.25% below market and 6% down-payment assistance that forgives after 10 years. Combine it with NMHL’s Edge-95 conventional for only 5% from you—total out-of-pocket on a $135k purchase is $6,750 plus $2,400 closing, which can be gifted.

Lake County’s Homebuyer Assistance Grant adds $5,000 toward down payment or closing. Income cap is $61,800 for a 1-2 person household—well above Hammond’s median household income—so most buyers qualify. Funds are released quarterly; NMHL reserves your slot the day you get pre-approved.

FHA 203(k) Standard lets you roll renovation costs into the loan. A $140k purchase plus $30k kitchen/bath rehab totals $170k; with 3.5% down you bring $5,950 to the table and still close in 45 days. We have a list of Hammond-licensed 203(k) consultants who can inspect and write up the work write-up within 10 days.

VA loans are king in Hammond—over 6,200 veterans call the city home. Finance 100% up to $766,550 in Lake County, no mortgage insurance, and we accept VA disability income with a 12-month continuance letter. The average NMHL VA client here closes with $1,100 out-of-pocket: appraisal, insurance binder, and a home inspection.

FHA 3.5% down works on every property type except true fixer-uppers. Credit scores 580-619 get manual underwriting; we look at rent history and utility payments to build a compensating case. Recent client closed on a $128k ranch in Hessville with a 593 score and $4,480 total cash.

USDA Rural covers the fringe blocks north of 129th and east of Kennedy Ave. Income limit for a 1-4 person household is $110,750—generous for Hammond. We map every active listing weekly; last month we closed a $152k new-build in Lake Hills with zero down and the seller paid all closing costs.

If your credit score is under 620, our Fresh-Start non-prime program goes down to 550 with 20% down or 10% if the score is 580+. Bank statements for 12 months replace tax returns; we allow debt-to-income ratios up to 50% with two months reserves. Last fall we closed a truck-driver who showed $92k in deposits but $11k on his Schedule C—loan amount $165k in North Hammond.

1099 Only is built for gig workers and consultants. Use the higher of your last two years of 1099 income, average the last 12 months, and qualify at a 680 score with 15% down. No W-2s required. Recent buyer in Woodmar qualified for $210k with $31,500 down and zero mortgage insurance.

Had a bankruptcy or foreclosure? FHA’s Back-to-Work program shortens the wait to 12 months after Chapter 13 discharge or 24 months after foreclosure if you’ve re-established credit. We pair it with Indiana’s down-payment assistance so you’re not starting from zero. Call for a free Recovery Road-Map session—no hard credit pull until you decide to move forward.