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Madison County, Indiana · 2025

Mortgage lenders in Madison County, IN: denial rates and top lenders (2025)

282 lenders acted on 6,098 mortgage applications for properties in Madison County in 2025. 18.3% were denied (Indiana: 16.6%). Median rate on closed loans 6.75%; median loan $125,000; median property value $225,000.

6.1kApplications
18.3%Denial ratestate 16.6%
6.75%Median ratestate 6.75%
$125,000Median loan
$225,000Median property value

Largest lenders in Madison County

#LenderGradeApplicationsOriginatedDenial rateMedian rate
1 First Merchants Bank C 377235 23.9%6.88%
2 PNC Bank D 347226 23.3%6.06%
3 Rocket Mortgage C 316215 22.8%6.75%
4 Ruoff Mortgage Company A 247184 3.6%6.88%
5 Newrez D 20568 19.5%6.63%
6 STAR Financial Bank C 197104 32.5%6.69%
7 United Shore Financial Services B 165115 13.9%6.25%
8 The Huntington National Bank D 14768 38.8%8.04%
9 Fairway Independent Mortgage B 141106 9.2%6.88%
10 Gvc Mortgage B 137109 2.2%6.88%
11 Mortgage Research Center C 13271 12.1%6.25%
12 Vanderbilt Mortgage and Finance F 11890 5.1%5.49%
13 Calcon Mutual Mortgage D 11782 2.6%6.63%
14 Broker Solutions D 11450 8.8%6.99%
15 Freedom Mortgage B 10650 12.3%6.25%
16 Guild Mortgage A 9780 1.0%6.50%
17 Union Home Mortgage B 9274 0.0%6.75%
18 KeyBank C 8748 23.0%6.63%
19 Loandepot.Com D 8751 28.7%6.75%
20 Old National Bank B 8143 30.9%6.13%
21 Madison County Federal Credit Union – 7862 12.8%7.50%
22 Independent Federal Credit Union – 7253 15.3%7.50%
23 Crosscountry Mortgage B 7141 4.2%6.88%
24 Forum C 6850 11.8%7.25%
25 Indiana Members Credit Union B 6548 7.7%6.06%

Best approval odds in Madison County

Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.

#LenderDecidedDecision denial rate
1Union Home Mortgage750.0%
2Guild Mortgage841.2%
3Gvc Mortgage1132.7%
4Calcon Mutual Mortgage853.5%
5American Mortgage Bank533.8%
6Ruoff Mortgage Company2274.0%
7Vanderbilt Mortgage and Finance986.1%
8Indiana Members Credit Union588.6%
9Fairway Independent Mortgage12010.8%
10Forum5813.8%

What Madison County borrowers applied for

By loan purpose

Home purchase 2,423 40% · 10.2% denied
Refinance 936 15% · 16.0% denied
Cash-out refinance 1,288 21% · 23.4% denied
Home improvement 643 11% · 30.3% denied
Other / HELOC 808 13% · 27.4% denied

By loan type

Conventional 4,245 70% · 19.6% denied
FHA 1,300 21% · 16.9% denied
VA 480 8% · 11.7% denied
USDA / RHS 73 1% · 11.0% denied

Why applications were denied

Credit history 387 35%
Debt-to-income ratio 317 29%
Collateral 174 16%
Incomplete application 128 12%
Other 53 5%
Insufficient cash 19 2%
Employment history 17 2%
Unverifiable information 17 2%

Madison County by year

YearApplicationsOriginatedDenial rateMedian rateMedian loan
20235,6703,30918.7%7.00%$115,000
20245,6953,44418.7%6.99%$125,000
20256,0983,59918.3%6.75%$125,000

Frequently asked questions

18.3% of applications in Madison County were denied in 2025, against 16.6% statewide in Indiana.

First Merchants Bank, with 377 applications in 2025 and a denial rate of 23.9%.

The median mortgage application in Madison County in 2025 was for $125,000; the median property value on originated loans was $225,000.