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Benton County, Indiana VA Home Loan Information

Table of Contents


What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Benton County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA house loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Benton County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

  1. Get your Certificate of Eligibility (COE)
    • Give us a call at (877) 432-5626 and we’ll get your COE for you.
  2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
  3. Get pre-approved, to get pre-approved for a loan, you’ll need:
    • Previous two years of W2s
    • Most recent 30 days paystubs or LES (active duty)
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
  4. Find a home
    • We can help you check whether the home is in one of the Benton County flood zones
  5. Get the necessary inspections
    • Termite inspection: required
    • Well or septic inspections needed, if applicable
  6. Get the home appraised
    • We can help you find a VA-Certified appraiser in Benton County and schedule the process
    • Construction loan note: Construction permit/appraisal info
      1. Building permit
      2. Elevation certificate
  7. Lock in your interest rates
    • Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
  8. Close the deal and get packing!
    • You’re ready to go.

What is the Median Home Price?

As of March 31st, 2020, the median home value for Benton County is $104,240. Also, the median household income for residents of the county is $49,488.

How much are the VA Appraisal Fees?

  • Single-Family: $525.
  • Individual Condo: $525.
  • Manufactured Homes: $525.
  • 2-4 Unit Multi-Family: $675.
  • Appraisal Turnaround Times: 5 days.

Do I need Flood Insurance?

  • The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
  • In Benton county, there are very few significant flood hazard areas, with the most notable being low elevation areas around Mud Pine Creek.

How do I learn about Property Taxes?

  • Kelly Balensiefer is the Benton county tax assessor. Her office is located at 706 East 5th Street, Suite 23 Fowler, Indiana 47944, and she can also be reached by calling (765) 884-1205.
  • The state of Indiana offers several tax incentives to promote the state’s economic development. These include a decreasing corporate tax rate, which in 2021 will drop from 6.5% to 4.9% to incentivize the creation of new businesses in the state. Additionally, the state has no gross receipts tax or inventory tax. Programs like the Economic Development for a Growing Economy offer tax credits for the creation of new jobs and improve the living standard for residents of the state.

What is the Population?

  • As of 2019, Benton County’s population is 8,748, which includes about 471 veterans. Demographically speaking, 92% of the population is White, with 5% Hispanic, and 1% Black.
  • Most county residents are between 18 and 65 years old, with 25% under 18 years old and 18% older than 65.
  • In total, the county has about 3,403 households, with an average of two people per household.

What are the major cities?

The county has six towns, including the town of Fowler, which serves as the county seat. The other five cities in the county are Otterbein, Oxford, Boswell, Earl Park, and Ambia.

About Benton County

Benton County was named in honor of Senator Thomas H. Benton, who championed westward expansion and was an anti-slavery advocate, the county was established in 1840. The land which was explored by French explorer Robert de LaSalle was initially home to the Miami confederation of Indians.

People who enjoy the outdoors will love the county due to its many parks like Adair County Park, Fort Hoskins Historic Park, and North Albany Park. Visitors can use these parks for family celebrations and picnics. Additionally, some of these parks have hiking trails, camping grounds, and fishing areas.

The county is also home to several attractions like the Earl Park Fall Festival, which takes place every year and offers live music for people to enjoy. Other attractions include the Oxford Public Library, the Boswell Public Library, and Fowler Theatre.      

Veteran Information

The county is currently home to 426 veterans.

Apply for a VA Home Loan

  • For more information about VA Home Loans and how to apply, click here.
  • If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.  
  • VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are no VA-approved condos in Benton County. Although it is still possible to get a condo through the condo approval process by giving us a call at (877) 432-5626.

Indiana VA Loan Information

VA Loan Information by State