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Buy a Home

No matter your situation or stage in life, the professionals at German American Bank want to help you find the home loan you need. Whether it's your first home, or you're an experienced buyer, our mortgage professionals are here to guide you every step of the way.

Find the Type of Loan Best Suited for You

  • Fixed Rate Mortgage

    • Various Rates and Term Lengths
    • For purchasing or refinancing a home
    • Fixed for the life of the loan (ideal if you plan to put down roots for several years)

  • Adjustable Rate Mortgage

    • Various rates and term lengths
    • For financing or refinancing a home
    • Fixed for initial terms, adjustable thereafter

  • First-Time Homebuyer

    • Stable monthly payments with fixed-rate mortgages
    • Low down payment options available
    • Free pre-qualification
    • Special programs for Indiana and Kentucky homebuyers
    • Ask about programs with reduced closing costs

  • Jumbo Loans

    • Higher than traditional loan amounts
    • Perfect for buyers with a lower debt-to-income ratio, higher credit score and larger down payment
    • Flexible terms
    • Available for primary and secondary residences

  • Low Down Payment

    • Low or no down payment options for eligible borrowers
    • USDA Rural Development and Federal Housing Administration (FHA) loans
    • Government-backed mortgage with flexible lending requirements
    • Available for owner-occupied, one-unit, primary residence only

  • Second Home & Investment Properties

    • Financing for conventional and jumbo mortgage loan limits
    • Construction and renovation loan programs available
    • Fixed for the life of the loan or adjustable over time
    • Available for owner-occupied, one-unit and multi-unit properties

  • Veterans Assistance (VA)

    • Great rates for America's heroes
    • Home financing with no money down
    • Competitive interest rate and flexible credit qualifications
    • Available for owner-occupied, one-unit, primary residence and VA-approved condos

Compare Mortgage Loans

    • Benefits
    • Same rate for life of the loan, predictable monthly payments
    • Lower initial rate than fixed-rate mortgage loan
    • Build your dream home with financing from planning to completion
    • Can reduce interest rate, length of loan and monthly payment
    • Government-backed, eligible borrowers may qualify for up to 101% of appraised value for purchases
    • Government-backed, may be more affordable for first-time and lower-income buyers with no or low credit score
    • Government-backed for veterans and active-duty military, lower interest rate, up to 100% home financing, no Private Mortgage Insurance (PMI)
    • Higher than traditional loan amounts, ideal for purchase of higher priced homes
    • Finance up to $750,000 with no down payment, 5/1, 7/1, and 10/1 ARM options
    • Low down payments and flexible credit requirements, stable monthly payments
    • Low down payments and flexible credit requirements for first-time homebuyers
    • Offers new and existing homeowners 3.5% down payment assistance (DPA) on FHA loans
    • Offers new and existing homeowners 3.5% DPA on 30-year FHA, VA and USDA loans
    • Offers those with income less than 80% of median household income in area an affordable home loan option
    • Considerations
    • Higher initial rate than ARM, limits ability to take advantage of rate drop
    • Rate and payment could increase with market changes
    • Higher interest rates than other mortgage loans, set loan amount limits flexibility to manage unplanned costs
    • Can require closing costs or cause a slight dip in your credit score
    • Must meet rural development income limits and credit score requirements
    • May need no more than 40% debt-to-income (DTI) ratio and 580 credit score to qualify
    • Stricter qualification requirements and more stringent appraisal standards
    • Stricter underwriting criteria, higher credit score and down payment and lower DTI requirements
    • Minimum credit score of 700 required, no construction loans allowed
    • Must meet standards of underserved area or low and moderate income bracket
    • Purchase and no cash-out refinancing, no manufactured homes allowed
    • May need at least 45% debt-to-income (DTI) ratio and 680 credit score to qualify
    • Must meet Kentucky Housing Corp.'s secondary market income limits
    • Income restrictions apply
    • Down Payment
    • 5% - 20%
    • Varies
    • 20% - 30%
    • None
    • None
    • 3.5% - 10%, depending on credit score
    • None
    • 10% - 20% or more
    • None
    • 3% (may be a gift)
    • 3% (may be a gift)
    • 3.5% - 10%, depending on credit score
    • 3.5% - 10%, depending on credit score
    • As low as 3%, $2,500 grant to assist with down payment and/or closing costs

    Ready to Get Started?

    Apply NowGet PrequalifiedRun the Numbers

    This account pairs well with:

    Smartest Home Equity Line of Credit$MART CheckingFinancial Education

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    Call Us
    (812) 482-1314 or (800) 482-1314
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    (800) 536-0660
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    (800) 482-1314, ext 2500
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