DSCR Loans in Elkhart County, Indiana
Reviewed by Dominick Prevete, Founder & CEO, National Loan Provider31+ years in real estate finance
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In 2025 HMDA data, 53 lenders made 159 investment-property loans in Elkhart County, 1.4% of Indiana's total. Dominick Prevete arranges DSCR loans across Elkhart County, Indiana, qualified on the property's rent, not your tax returns. DSCR rental loans start from 7.25% (November 2026), and most close in 14 days. At HUD's fair market rent, a three-bedroom rental there covers its full payment up to a price of about $250,000.
Elkhart County investor market at a glance
| Statistic | Elkhart County | Indiana | County rank |
|---|---|---|---|
| Investor loans | 159 | 10,971 | 18th of 21 |
| Reporting lenders | 53 | 497 | 20th of 21 |
| Loan volume | $26.2M | $2.81B | 18th of 21 |
| Average loan | $165K | $256K | 16th of 21 |
| Median loan | $125K | $145K | 16th of 21 |
| Purchases | 67.3% | 56.9% | 7th of 21 |
| Cash-out refinances | 14.5% | 19.4% | 12th of 21 |
| 2–4 unit properties | 26.4% | 16.6% | 2nd of 21 |
| Top five lenders' share | 50.9% | 20.0% | 1st of 21 |
| Reported business-purpose | 71.7% | 71.5% | 10th of 21 |
Elkhart County: closed-end loans on 1–4 unit investment properties. Elkhart County's rank is highest first, among Indiana's counties with at least 100 investor loans and 25 reporting lenders. Shares are of Elkhart County's investor loans.
What stands out in Elkhart County
The five most active lenders wrote 50.9% of Elkhart County's investor loans, the highest share of Indiana's 21 counties with published data (statewide: 20.0%).
Five lenders write 50.9% of the loans here, so comparing written term sheets matters more.
26.4% of Elkhart County's investor loans financed a 2–4 unit property, the 2nd-highest share of Indiana's 21 counties with published data (statewide: 16.6%).
2–4 unit properties are common here. A DSCR loan on a 2–4 unit property qualifies on the rent from all of its units.
Does a DSCR loan pencil in Elkhart County?
At HUD's fair market rent of $1,653 for a 3-bedroom in Elkhart County, Indiana, a rental covers its full DSCR payment up to a purchase price of about $250,000, with 20% down at the 7.25% starting rate (November 2026). Elkhart County's median home value is $210,400; at that price the payment is $1,379 a month, so the property would need $1,400 in rent to cover it.
At that price, the rent covers the full payment, which is the test a standard DSCR loan qualifies on.
| HUD fair market rent, 2 / 3 / 4 bedroom (FY2027) | $1,253 / $1,653 / $1,752 |
|---|---|
| Median home value (2020–2024 ACS 5-year) | $210,400 |
| Median property taxes and effective rate | $1,717 (0.82% of value) |
| Monthly payment on the median-value home: P&I, taxes, insurance | $1,379 |
| Rent needed to cover that payment | $1,400 |
| Coverage of a 3-bedroom at fair market rent | 1.20 |
| Highest price a 3-bedroom at fair market rent covers | about $250,000 |
| Highest price two 2-bedroom units at fair market rent cover | about $380,000 |
Fair market rent is HUD's 40th-percentile gross rent, including utilities; a property's appraised market rent can be higher or lower. Payment uses 20% down, a 30-year amortization at the published DSCR starting rate, the county's median effective property-tax rate and insurance at 0.50% of value. Purchase leverage goes up to 85% on qualifying files. This is an illustration, not a term sheet or an offer of credit.
Price your actual deal →Run Elkhart County's numbers in the calculator below →
Who are the DSCR and investment-property lenders in Elkhart County?
The most active investment-property lenders in Elkhart County in 2025 HMDA data were Kiavi Funding, Inc.; INTERRA CREDIT UNION; and First State Bank of Middlebury, out of 53 lenders that reported. HMDA doesn't flag which loans were DSCR loans, so this list mixes DSCR and conventional investment-property lenders. Dominick Prevete places DSCR loans across 100+ lenders, including one that reported in Elkhart County, and matches each file to the one most likely to fund it.
Elkhart County's 2025 HMDA filings, closed-end loans on 1–4 unit investment properties only: 159 loans and $26.2M from 53 lenders. Kiavi Funding, Inc. led Elkhart County with 35 loans, 22.0% of the county's total, and the average Elkhart County loan of $165K compares with $256K across Indiana.
| Lender | Loans | Volume | Avg loan | Purchase share |
|---|---|---|---|---|
| Kiavi Funding, Inc. | 35 | $5.6M | $160K | 88.6% |
| INTERRA CREDIT UNION | 15 | $3.5M | $232K | 73.3% |
| First State Bank of Middlebury | 15 | $2.7M | $180K | 80.0% |
| RUOFF MORTGAGE COMPANY, INC. | 8 | $1.0M | $121K | 62.5% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | 8 | $1.0M | $120K | 87.5% |
| EVERETT FINANCIAL, INC. | 7 | $0.8M | $119K | 28.6% |
| Lake City Bank | 4 | $0.5M | $128K | 25.0% |
| DEEPHAVEN MORTGAGE LLC | 4 | $0.4M | $105K | 50.0% |
| LIMA ONE CAPITAL, LLC | 4 | $0.4M | $90K | 50.0% |
| UNION HOME MORTGAGE CORP. | 3 | $0.7M | $242K | 33.3% |
| Rocket Mortgage, LLC | 3 | $0.4M | $145K | 100.0% |
| Prosperity Home Mortgage, LLC | 3 | $0.4M | $138K | 33.3% |
| JPMorgan Chase Bank, National Association | 3 | $0.4M | $128K | 66.7% |
| First Merchants Bank | 2 | $0.6M | $285K | 0.0% |
| CROSSCOUNTRY MORTGAGE, INC. | 2 | $0.3M | $140K | 100.0% |
| Old National Bank | 2 | $0.2M | $115K | 50.0% |
| KeyBank National Association | 2 | $0.2M | $100K | 50.0% |
| UNITED FEDERAL CREDIT UNION | 2 | $0.2M | $90K | 50.0% |
| UNITED SHORE FINANCIAL SERVICES, LLC | 2 | $0.2M | $80K | 100.0% |
| First Federal Savings Bank | 2 | $0.2M | $80K | 100.0% |
| COREVEST AMERICAN FINANCE LENDER LLC | 1 | $0.9M | $925K | 0.0% |
| AMERICAN HERITAGE LENDING, LLC | 1 | $0.6M | $625K | 100.0% |
| CRANE | 1 | $0.5M | $505K | 0.0% |
| Hometown Equity Mortgage, LLC | 1 | $0.5M | $485K | 0.0% |
| FUNDLOANS CAPITAL | 1 | $0.4M | $405K | 0.0% |
387 Indiana loans (3.5%) carry no county code in HMDA, so county figures sum to less than the state total.
Source for Elkhart County: 2025 HMDA loan-level data from the CFPB/FFIEC Data Browser, retrieved October 31, 2026. How this data is built · Elkhart County CSV, all 25 lenders
What Elkhart County's table can't show you: fit. Short-term financing is exempt from HMDA, so Elkhart County's fix-and-flip and bridge lenders barely appear among its 53 filers, and none of the 25 names above tells you whose guidelines match your deal, your entity, or your timeline. That's the job. Dominick Prevete structures your file and places it across 100+ lenders — including some on this list — so it lands with the one most likely to fund it.
Price your loan →National Loan Provider is an independent broker and maintains wholesale relationships with some listed lenders. Appearing in this table is not an endorsement or a recommendation.
Run the coverage test on your Elkhart County, Indiana deal
Rent divided by the full monthly payment is the number a DSCR loan qualifies on. Enter an Elkhart County, Indiana property's rent, loan, taxes and insurance to see where it lands.
Principal and interest on a thirty-year amortization, plus taxes, insurance and HOA.
Enter the rent, loan amount, rate, taxes and insurance to see the coverage ratio.
Sources
- CFPB / FFIEC HMDA Data Browser — Elkhart County's at-a-glance figures, its observations, its 25-lender table and the Quick Read's 53 lenders and 159 loans: 2025 HMDA loan-level data rolled up to Elkhart County.
- Elkhart County investor-lender dataset (CSV) — All 25 lenders in the Elkhart County, Indiana table, ranked by loan count, with volume, average loan and purchase share for each.
- HUD FY2027 Fair Market Rents — Elkhart County's 2-, 3- and 4-bedroom fair market rents in the rent math, and the 3-bedroom rent its highest-price figure uses: HUD's FY2027 figures for the Elkhart-Goshen, IN MSA.
- Census ACS 2020–2024 5-year, tables B25077 and B25103 — Elkhart County's median home value (B25077) and median property taxes paid (B25103) in the rent math, from the Census 2020–2024 ACS 5-year summary files.
- DSCR loan rates, Dominick Prevete — DSCR rental loans start from 7.25%, as of November 2026: the Instant Term Sheet's best-case scenario on the current rate sheets.