Home financing in Hancock County.

Home financing simply means borrowing money to purchase a home and paying it back over time — usually 15 to 30 years — with interest. The most common product is a mortgage loan, where the home itself serves as collateral.

There are several types of home loans available to Hancock County buyers:

- **Conventional loans** – Offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

- **FHA loans** – Backed by the Federal Housing Administration, these allow lower down payments (as low as 3.5%) and are more flexible on credit scores. They are a popular entry point for first-time buyers.

- **USDA loans** – Because parts of Hancock County include rural and semi-rural areas (outside Greenfield's core), some properties may qualify for USDA Rural Development loans with zero down payment required.

- **VA loans** – Available to eligible veterans and active-duty military. Indiana has a strong veteran population, and several local lenders are experienced with this product.

- **ITIN loans** – For buyers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN), certain local and regional lenders offer mortgage products specifically designed for this situation.

The goal of any home loan is simple: you get the money to buy the home today, and you repay it in manageable monthly installments over time. There is no single "best" loan — the right one depends on your situation, and a good local lender or housing counselor will help you compare options without pressure.

Hancock County sits just east of Indianapolis and has grown steadily over the past decade. Greenfield is the county seat, with smaller communities like New Palestine, Fortville, and McCordsville drawing buyers who want more space at lower price points than the metro core.

The local economy is a mix of manufacturing, logistics, healthcare (including Hancock Health), agriculture, and a growing number of small businesses and solo contractors. This mix matters because lenders evaluate income differently depending on how you earn it.

**You may qualify if you are:**

- A W-2 employee with steady income from a Hancock County or Indianapolis-area employer

- A self-employed contractor or small business owner with at least 2 years of filed tax returns

- A first-time homebuyer with limited savings but stable income

- A buyer with no Social Security number but a valid ITIN and a documented income history

- A veteran or active-duty military member

- Someone rebuilding credit after a financial setback

**Typical thresholds lenders consider:**

- Credit score: 580+ for FHA, 620+ for most conventional loans (ITIN lenders may evaluate differently)

- Debt-to-income ratio: generally under 43–50%

- Employment history: 2 years in the same field is preferred, but not always required

- Down payment: anywhere from 0% (USDA, VA) to 3–20% depending on the loan type

If you are a solo contractor, bring two years of tax returns (Schedule C) and bank statements. Lenders use your net income after business expenses — so if your write-offs are high, talk to a housing counselor before you apply, so you can plan accordingly.

Gathering your documents before you meet with a lender saves time and reduces stress. Here is what most Hancock County lenders will ask for:

**For all applicants:**

- Government-issued photo ID (driver's license, passport, or consular ID)

- Social Security number OR Individual Taxpayer Identification Number (ITIN)

- Two years of federal tax returns (1040s)

- Two most recent W-2s or 1099s

- Two to three months of bank statements

- Most recent pay stubs (last 30 days) if you are a W-2 employee

- Proof of any other income (rental income, child support, Social Security, etc.)

- Landlord contact information or 12–24 months of rental payment history

**If self-employed or a solo contractor:**

- Two years of business tax returns (if incorporated)

- Year-to-date profit and loss statement

- Business bank statements (2–3 months)

- Documentation of your business license or contractor registration

**If applying with an ITIN:**

- ITIN letter from the IRS

- Two years of filed tax returns using your ITIN

- 12–24 months of bank statements

- Proof of on-time rent or utility payments

- Valid foreign passport or consular ID

**Additional items that may be requested:**

- Gift letter (if part of your down payment is a gift from family)

- Divorce decree or separation agreement (if applicable)

- Bankruptcy discharge papers (if applicable, usually after 2–4 years have passed)

Keep originals organized in a folder and make copies. You will share these documents more than once during the process.