How Much Can You Spend on Your New Home?
Many people are unaware of how closely Realtors and Lenders work together to assist buyers during a real estate negotiation. The homebuying process will be more enjoyable when you have a good idea of how much money you can afford to borrow. This will ensure a smooth transaction with less chance of unpleasant surprises along the way.
A good mortgage loan officer can tell you how much house you can qualify for, pre-approve you for your loan, and find the best loan at the best rate for your circumstances. In the meantime, your agent will be searching for properties that meet your qualifications and that are in the required price range.
What Should I Bring to a Visit With a Lender?
To be prepared when meeting with a lender bring the following with you:
- W-2's for the past year
- Most recent 3 months bank statements
- Current mortgage info, if any
- Credit card and other liability info
- Current paycheck stub
- Landlord name and address
Local Lenders
| Pocatello | Daren Crockett | Advanced Mortgage | 208-478-8600 |
| Blackfoot | Troy Eppich | Mortgage Express | 208-785-5575 |
| Idaho Falls | Larin Mortimer | Nexus Financial Group | 208-529-0821 |
What kinds of loan programs are available?
The HCFP (a USDA division) provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair.
Direct Loan Program
Under the Direct Loan program, individuals or families receive direct financial assistance directly from the Housing and Community Facilities Programs in the form of a home loan at an affordable interest rate.
Most of the loans made under the Direct Loan Program are to families with income below 80% of the median income level in the communities where they live. Since it is able to make loans to those who will not qualify for a conventional loan, the HCFP Direct Loan program enables many more people to buy homes than might otherwise be possible. Direct loans may be made for the purchase of an
existing home or for
new home construction.
To learn more ask your Realtor about
Rural Development Loans.
Loan Guarantee Program
Under the Guaranteed Loan program, the HCFP guarantees loans made by private sector lenders. (A loan guarantee through HCFP means that, should the individual borrower default on the loan, HCFP will pay the private financier for the loan.) The individual works with the private lender and makes his or her payments to that lender.
Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment. Since a common barrier to owning a home for many low-income people is the lack of funds to make a down payment, the availability of the loan guarantees from HCFP makes the reality of owning a home available to a much larger percentage of Americans.
Learn more
here.
Idaho Housing & Finance Association (IHFA)
IdaMortgage Loan Options:
Conventional Loan - This is a traditional home loan, and you can choose to make a down-payment of 5% or more, or choose the 100% down payment financing loan option.
FHA Loan - The FHA mortgage is designed for people with little or no credit. This home loan was created by the federal government and provides affordable home financing for qualified borrowers.
VA Loan - This home loan allows eligible military veterans to buy a home with no down payment. The term "Veteran" includes certain members of the selected Reserve, active duty service personnel and certain categories of spouses.
RD Loan - This home loan is a great option for home buyers who would like to buy a home with no down payment in a rural community. Ask your Realtor about what kinds of properties qualify for this loan.
See Current Idaho Housing Association Loan Rates
