The Indianapolis housing market is characterized by a mix of affordability and growth. The median home price is around $173,000, making it an attractive option for first-time homebuyers and families. However, the market is becoming increasingly competitive, with low inventory and rising prices. As a borrower, it's essential to stay informed about market trends and work with a knowledgeable lender like NMHL to navigate the process.

Some of the most popular neighborhoods in Indianapolis include Downtown, Broad Ripple, and Carmel. These areas offer a range of housing options, from condos to single-family homes, and are known for their cultural attractions, dining, and entertainment.

At NMHL, we offer a range of mortgage programs tailored to the Indianapolis market. Our options include FHA, VA, Conventional, and Jumbo loans, as well as specialty loans for self-employed borrowers and those with bad credit. We also provide access to down payment assistance programs, such as the IHCDA Down Payment Assistance Program, to help make homeownership more accessible.

• FHA Loans: 3.5% down payment, flexible credit scoring
• VA Loans: $0 down payment, competitive rates for veterans and service members
• Conventional Loans: 5% down payment, competitive rates for borrowers with good credit

As a homeowner in Indianapolis, you'll need to consider property taxes and insurance when budgeting for your mortgage. The average effective property tax rate in Marion County is around 0.83%, which is relatively low compared to other major cities. However, property taxes can vary depending on the location and value of your home.

It's also essential to factor in homeowners insurance, which can range from $800 to $1,200 per year, depending on the location, value, and condition of your home. At NMHL, we can help you understand the costs associated with homeownership and provide guidance on how to budget for these expenses.

The quality of local schools can significantly impact home values in Indianapolis. The city is served by several school districts, including Indianapolis Public Schools (IPS) and surrounding districts like Carmel Clay Schools and Pike Township Schools. Homes in areas with highly-rated schools tend to command higher prices and appreciate in value over time.

When searching for a home in Indianapolis, consider the local school district and its reputation. At NMHL, we can help you understand how school districts impact home values and provide guidance on finding the best neighborhoods for your needs.