Spencer County, IN

2022 Loan Limits

Historic Information

This page contains historic, out-dated information. 2024 Loan Limits for Spencer County.

This page contains the Conforming, FHA, VA, and HECM Loan Limits for each housing type in Spencer County.

Return to the state page to see county affordability charts for Indiana. Click a county on the map to visit a different county.

Loan Limit Tables Spencer County, IN

Loan Limits are the maximum amount of money allowed to be lent for a particular kind of loan. Different types of loans have different limits. Below are the 2022 loan limits for Spencer County, IN.

Conforming Loan Limits

Conforming loans must meet the guidelines set by Fannie Mae and Freddie Mac. If a mortgage exceeds the conforming loan limits then it is considered a jumbo loan.

$647,200
home size icon 1 Single-Family
$828,700
home size icon 2 Duplex
$1,001,650
home size icon 3 Triplex
$1,244,850
home size icon 4 Quadplex

FHA Loan Limits

FHA Loans are home mortgages insured by the Federal Housing Administration. FHA Loans let you get a home loan with a lower down-payment and relaxed credit score requirements.

$420,680
home size icon 1 Single-Family
$538,650
home size icon 2 Duplex
$651,050
home size icon 3 Triplex
$809,150
home size icon 4 Quadplex

VA Loan Limits

If you qualify, veterans loans allow you to buy a house with zero money down.

$647,200
All Home Sizes

HECM Loan Limits

Home Equity Conversion Mortgages (HECM) allow seniors to convert home equity into cash for unexpected expenses.

$970,800
All Home Sizes

Loan Limit Breakdown

Median Home Price

The Federal Housing Finance Agency (FHFA) conducts an annual survey to determine the median home prices in each county or metro area in the US. Median home price is then used to determine the loan limits in Spencer County.

The last survey of home prices in Spencer County was conducted in 2020 and found the median home price was $156,000.

Loan Limits Summary

Based on the median home price, Spencer County was determined to be a "mid-range" area. Accordingly, 2022 loan limits in Spencer County are set above the national baseline and below the national ceiling limit.

The 2022 conforming loan limit for a single-family home in Spencer County, IN is $647,200. The FHA loan limit for a single-family home is $420,680.

This is an 15.3% increase over the 2021 loan limits which were set at $548,250 for a single-family conventional.

The tables above provide a complete breakdown of 2022 loan limits in Spencer County, IN for FHA Loans, Conforming Loans, VA Loans, and HECM Reverse Mortgages.

What's Next?

If you are interested in purchasing a home with a conventional or FHA loan, the next step is to talk to a real estate agent and find a lender.

Not all lenders are the same. Some will not do FHA loans while others specialize in it. Rates may vary between lenders so it is important to shop around.

Loan Limits on this page apply to the following cities in Spencer County, Indiana: Rockport, Dale, Santa Claus, Richland, Grandview, Chrisney, Saint Meinrad, Evanston, Gentryville, Lamar, Troy, Fulda, Lincoln City, Mariah Hill, and Hatfield.

These loan limits also apply to the following ZIP codes in Spencer County, Indiana: 47635, 47523, 47579, 47634, 47615, 47611, 47577, 47531, 47537, 47550, 47588, 47536, 47552, 47556, and 47617.

More on Spencer County, IN

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Data Source

HUD Seal

FHA Loan limits are published by the HUD. Conforming loan limits are published by Federal Housing Finance Agency (FHFA).

Last updated on January 2, 2024