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Loan Options

Whether the home you’re eyeing is a sprawling mansion or a simple farmhouse, GVC Mortgage can help you find the perfect loan for your new home in Indianapolis. With countless mortgages and programs available—FHA, USDA loans, and more—we’ll pair you with one that fits your financial situation and goals. Apply now to schedule a meeting with one of our experienced professionals, or contact us at (317) 564-4906 (Carmel) or (317) 754-4008 (Plainfield) with any questions about obtaining a home loan.

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Summary of Loan Types

We can help you apply for a variety of home and location-specific programs that save money. Read below to see which option fits best:

  • FHA 203(b): If you qualify for this program, the FHA insures your loan. This enables you to pay little-to-no money for the down payment in Indianapolis. It also allows your lender to offer low interest rates.
  • Conventional: Since this loan isn’t insured by the FHA or guaranteed by the VA, you need a good credit score to qualify. This mortgage allows for more freedom and flexibility than other programs do.
  • FHA/HUD 100: If you buy a home that was foreclosed by the Department of Housing & Urban Development, then you may qualify to pay $100 for the down payment.
  • USDA/RD: This program offers big savings for people interested in purchasing a house in rural communities.
  • FHA 203(k): Perfect for fixer-uppers. If qualified for this program, you estimate how much repairs and renovations would cost, and then roll those future costs into your home purchase price. This gives you one quick and easy mortgage.
  • VA: The VA guarantees a lender’s mortgage for veterans and service members, enabling them to purchase, renovate, or build a home. As a thank you for your service, we do not charge underwriting fees.
  • Doctor: Created for recently graduated medical students, doctor loans, also known as physician mortgages, require little to no money down and no private mortgage insurance (PMI) to secure a jumbo mortgage loan.
  • Jumbo: Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.

FHA 203(b)

The FHA (Federal Housing Administration) doesn’t lend money, but it insures a private lender’s mortgage. This means that if you don’t keep up your payments and default, the FHA finishes making the rest of your payments and then keeps the home. This insurance makes the mortgage less risky for the lender, so they’re normally willing to offer better terms.

The FHA 203(b) is a popular program because it has many benefits. In many cases, the buyer only needs to pay 3.5% of the purchase price for the down payment. Without this help, many homeowners are required to pay 10–20% of the purchase price for the down payment. The FHA 203(b) eliminates the need to have a large amount of money saved before buying a house. Additionally, the buyer can negotiate interest rates with the FHA.

Conventional Loan

Instead of being insured by the FHA or guaranteed by the VA, a conventional loan uses the property and home as collateral against defaulting. You qualify based on your credit score. If you have poor credit, you won’t qualify. Your credit score is so important because the government isn’t providing insurance. The lender needs to ensure you’re trustworthy enough to repay.

While harder to obtain, conventional options offer more freedom than government-insured loans. FHA programs often have several rules and regulations that must be followed that conventional loans do not. Additionally, most lenders don’t require mortgage insurance. You can expect fixed or adjustable interest rates. However, be prepared to pay the full down payment price for your home.


If trying to minimize your down payment, the FHA/HUD 100 is the clear choice. With this mortgage you can purchase any HUD, single-family home for a down payment of only $100. HUD homes are residences that people defaulted on when they had an FHA loan. After the borrower defaults, FHA repays the lender and repossesses the home. Now you can buy these foreclosed properties for incredible prices. To take advantage of the $100 down payment, you must meet the following criteria:

  • Have an FHA loan
  • Buy a HUD home
  • Ensure the home will be owner-occupied

If you like finding good deals, look for HUD homes for sale near you.


The USDA/RD is an abbreviation for the United States Department of Agriculture / Rural Development. This executive branch of the government offers several loans, all dedicated to the development of rural areas throughout the nation.

If the Indianapolis property you’re interested in meets the program’s requirements, you may be able to buy the house without paying a down payment or any of the closing costs. However, many of the loans have several specific conditions that the properties must meet to qualify for the discounts.

FHA 203(k)

If you have your eye on a fixer-upper, the FHA 203(k) is for you. This program has revolutionized the market for homes that need renovations. In the past, a bank wouldn’t lend money to buy a house until the value of the property was worth enough to provide loan security. If you wanted to renovate a home, you would have to take out several loans to help cover the repair costs.

The FHA 203(k) now allows you to purchase the home, make the repairs, and roll the purchase price and repair costs into one mortgage. Better yet, you can get fixed or adjustable interest rates.


The VA (Veterans Administration) was created in 1930 to help service members, veterans, and eligible surviving spouses to purchase, build, or renovate a home. The VA doesn’t lend money, but it does guarantee a portion of the loan so that the lender can offer more favorable terms. Lack of credit isn’t a problem; the VA specializes in helping veterans and service members who do not have good credit.

Doctor Loan

Physicians, dentists, and other eligible medical professionals have access to some exclusive financial products given the unique financial situation of many in the profession. One of these products are doctor loans, also known as physician mortgages, which require little to no money down and no private mortgage insurance (PMI) to secure a jumbo mortgage loan.

So how is the physician mortgage loan different than a typical mortgage? Here are some of its common features:

  • Maximum loan amount of $1,250,000
  • Up to 100% financing available on loans up to $750,000
  • Student loan calculator to assist with qualification
  • Minimum FICO 680

Jumbo Mortgage

Jumbo mortgages are home loans that are bigger than normal. They exceed the “conforming limit” — the maximum loan amount that Fannie Mae and Freddie Mac will buy. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you. The limit on conforming loans is $548,250 in most areas of the country, but jumbo mortgages can exceed these limits.

Some common features of a jumbo mortgage loan include:

  • Up to 90% loan to value, no PMI with 20% down payment
  • 30 year fixed available
  • 10/1 and 15/1 ARMs available, all ARMs are amortized for 30 years

When applying for a jumbo mortgage, the maximum debt-to-income ratio for jumbo loans is 45 percent. Additionally, the property appraisal must support the purchase price for the home and the mortgage the borrower wants.

If you’re still not sure which option fits, that’s exactly what GVC Mortgage is here for. Apply now to schedule a meeting with one of our professional loan officers. We’ll walk you through the mortgage process, advising you on which loan options best fit your needs. If you already own a house, we also help with refinancing.

Contact us today at (317) 564-4906 (Carmel) or (317) 754-4008 (Plainfield) with any questions you have about Indianapolis mortgage options, and make sure to view our helpful online resources. We serve Indianapolis, Fishers, Westfield, Plainfield, and the surrounding communities in Indiana.