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The numbers are showing a three month trend of increased pending home sales through April. This combined with good news from the stock market has led to increased mortgage rates – a still very low yet higher than we’ve seen lately 5.125 to 5.375%. However, as we reported recently, home prices are still falling in many areas of the country. There is still an abundance of inventory and it will take awhile for slight increases in pending home sales to catch up with the current available inventory. Are Obama’s plans to improve the economy, and specifically, the housing market, working? Consumer confidence is certainly on the rise. After a few years of nothing but bad news, the country is looking for a glimmer of hope to indicate our crisis may soon be coming to an end. There are still a number of great programs available to help you purchase a new home with an Idaho mortgage or refinance your existing mortgage while rates are still low. If you took out an Idaho home loan at the peak of the economic rise, it’s likely that your Idaho mortgage rate is well above 5.5%. If you’re interested in finding out if a refinance could work for you, call an Idaho mortgage lender today to find out what programs are available that could help save you money. If you’re a veteran, the VA streamline refinance program is a fast and easy option for refinancing an existing traditional or VA loan. FHA is also offering a streamline refinance program that eliminates some of the hassles of going through the refinance process. If you’re a first time homebuyer, the government is still offering incredible tax breaks if you purchase a home through July of this year. Call an Idaho mortgage specialist today to learn about your options! |
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 Despite an upswing in mortgage and refinance loans, home prices across the country continued to decline through March and April. Consumer confidence in the economy is also on the rise, with the index rising to 54.9 in May, up from 40.8 in April. That means consumers are starting to believe the economy is turning around, and will start feeling comfortable spending and borrowing money again, which will in turn boost the economy further.
The national home price Index fell 19.1% in the first quarter of 2009 compared to a year ago, which is the sharpest decline in more than twenty years. For current homeowners, this can mean a loss in wealth as the equity they’ve built in their homes disappears quickly. For new homebuyers, this is an opportunity to build wealth very quickly when the market recovers. Purchasing a home in the current conditions can mean that you’ll get a fabulous home for a very low price. If you’re planning to stay in your home for at least ten years, you can expect the housing market to turn around in that time, and home prices will eventually correct themselves. When home prices go on the rise again, you’ll be building equity quicker than you ever imagined – and as a result can make a lot of money if you choose to sell your home or make renovations. An experienced Idaho mortgage lender can get you the best deal on a new Idaho mortgage loan. There are great mortgage incentives out there right now that can help you purchase a home, offer tax breaks for purchasing a home, and lock in a low interest rate. VA loans, FHA loans, and other Idaho mortgage loan programs are offering unprecedented incentives to boost the mortgage industry and help more Idahoans achieve the dream of home ownership! Image Copyright Lusi on Stock.xchng |
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The Federal Housing Administration has ensured $144 billion in single-family loans in the first half of the 2009 fiscal year. Compared to the first half of 2008, this figure is up 169% - a sure sign of good news. The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders. As the largest mortgage insurer in the world, an obvious increase in insured loans is a good indicator of the state of the mortgage industry as a whole. As of March 31, FHA reported a serious default rate of 7.08%, which is the percent of borrowers more than 90 days past due. In September, this rate was 6.91%, so the number of borrowers defaulting on their loans has increased slightly – although that increase may be an expected result given the increase in borrowing. In March, FHA insured $25.4 billion in single family homes, including $15.3 billion in refinancing. This indicates that current conditions and encouragement to refinance seem to be working, and homeowners are taking advantage of the opportunity to save money. Join the ranks of those taking advantage of this unprecedented opportunity to save on your monthly mortgage payments by inquiring about an Idaho refinance loan today. If you’re a new homebuyer, there’s an Idaho home loan available that could help you achieve your dreams of home ownership. The current Idaho real estate market is a buyer’s market, meaning there are many properties to choose from and prices are currently low! Image Copyright hotblack on Stock.xchng |
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Some veterans with a VA loan ran into some recent trouble keeping up with their mortgage payments. The VA has taken action to help veterans – both those who have taken advantage of the Idaho VA loan guaranty program, and those having trouble with traditional mortgages – stay in their homes. The VA has counselors at nine regional loan centers who have helped thousands of veterans, survivors, and active duty members stay in their homes through financial counseling and special financing arrangements. The Idaho VA program can intervene with a lender to create options such as forbearance, repayment plans, and loan modifications that can help veterans avoid foreclosure. In dire circumstances, VA counselors can make arrangements to hold off foreclosure until arrangements for a private sale can be made, if the sale of the home will pay off the mortgage. Deed-in-lieu of foreclosure arrangements may also be made, where the borrower deeds the property to the lender temporarily rather than go through the foreclosure process. VA counselors can even assist veterans with other financial problems. The VA has developed more ways to improve home affordability for veterans. Contact an Idaho VA loan certified lender to inquire about refinancing a traditional mortgage to a VA guaranteed loan. This process can save you hundreds of dollars in monthly mortgage costs, and offer you additional protection against foreclosure. If you’d like to contact a VA loan counselor, call 1-877-827-3702 for financial help. If you’re interested in learning how refinancing through the Idaho VA loan program can save you money, visit MyIdahoHomeLoan.com today! Image Copyright LilGoldWmn on Stock.xchng |
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If you’re one of the 25 million Veterans living in the U.S., you could be taking advantage of the incredible Idaho VA lending program available exclusively to U.S. Veterans. With an Idaho VA loan, you could purchase a home with no money down, eliminate monthly private mortgage insurance, get a great low interest rate, and save hundreds of dollars each month in mortgage costs. Compared to conventional mortgage loans, Idaho VA loans are easier to obtain. It’s easier to qualify for an Idaho VA loan because guidelines are less stringent when considering debt to income ratio. If you’re a first-time homebuyer and qualify for a VA loan, you can purchase a home with significant savings by not needing a down payment and eliminating the need to pay private mortgage insurance. The Department of Veterans Affairs does not actually loan out money itself for a VA loan. Instead, the Department guarantees loans obtained by Veterans up to certain limits. For most of the state of Idaho, the limit is $417,000 for a single family home with a $0 down payment. The VA guarantees 25% of the loan amount, up to the limits. If you’re interested in purchasing a home for more than $417,000, you would pay a 25% down payment only on the difference between the total loan amount and the $417,000 limit, which is still a significant reduction in your down payment. Loan fees would apply to the difference as well. Maximize your VA Benefits today. Take advantage of Idaho VA lending opportunities to save money, achieve your dream of home ownership, or reduce your monthly payments today! Image Copyright tome213 on Stock.xchng |
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Recent reports indicate that the housing market may be showing slight signs of improvement. For two straight months now, there has been a gain in home sales. It appears that the low interest rates, home affordability, and incentives implemented by the government as part of the economic stimulus package are working, at least in the short term. While there’s no guarantee that the positive trend will continue, it’s still cause to breathe a slight sigh of relief. After nearly two years of bad news, this country needs a glimmer of hope. Better still, some experts blamed the housing crisis as the precursor to the recession, so logic would lead us to think that a housing recovery would result in positive trends across the economy as a whole. The Idaho housing market managed to stay slightly ahead of the nation before we were officially in a recession, an indicator that the Idaho real estate market could have the ability to recover ahead of the curve as well. With more stability in the market, and Idaho home loans on the rise, housing prices are likely to plateau and may start to increase again. That means rock bottom prices and cheap lending may not last much longer. If you’re even thinking that it may be time for you to purchase a new home, you should act now to take advantage of the current buyer’s market and low cost lending opportunities! Image Copyright Shuttermon on Stock.xchng |
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Home affordability means more families can afford to purchase homes, and will get more home for the money. Lower buying costs mean that it’s possible to purchase a home that costs $10-20,000 more for the same monthly payment. Idaho mortgage rates, while starting to rise slightly, are still low enough to be a major bargain. Home prices have been driven down by the abundance of inventory on the market and the number of foreclosures over the past two years. While home prices were on the rise for the past several decades, those ever-inflating prices are finally being corrected, and beautiful homes in Idaho are now affordable once again for the average home buyer. If you’re in a position to purchase a home, you can find a better deal than what’s on the market right now. Getting an Idaho home loan now with a low fixed interest rate puts you in a position to build thousands of dollars in equity in your new home over the next few decades. If you’re a first-time homebuyer, now is an especially great time to buy. In addition to the significant tax credits currently available, you don’t have to worry about selling a current home before committing to a new Idaho mortgage. If you’ve been in the market for awhile, waiting for that perfect home to come available, you’ve had an opportunity to save money for a down payment. If you’ve been thinking about searching for a new home, don’t waste any more time! Take advantage of current market conditions to purchase a new home and help build your nest egg for the future. |
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Last week ended with a slight rise in mortgage rates – a sign that the economy may be starting to improve. Other recent news, such as the stock market showing some improvement, stories about the creation of new jobs, and promising end-of-quarter reports further confirm that things are looking up. Idaho mortgage rates are still below 5.00%, but these low rates may not last much longer. Sallie Mae is bringing 600 jobs back to the United States from overseas, and Goldman Sachs, Wells Fargo, and some other financial institutions reported higher than expected first-quarter earnings. Ford Motor Company reported that adjustments it has made within the organization mean that the company won’t need any government bailout money to stay afloat. Reports also indicate a rise in the number of mortgage applications for the week of April 3rd. If lending begins to pick up, rates will surely rise. What this positive upswing and current low rates mean is that it’s the perfect time to get an Idaho home loan. Fears of economic turmoil should be slowly easing, and if that’s the only thing holding you back from buying the Idaho home of your dreams, you should act quickly to take advantage of rates while they’re still low! It’s still a buyer’s market in real estate. Prices are down and inventory is up, so you can get a great deal on a fabulous home at unheard of interest rates. What that means for you is that home ownership has never been more affordable – you could even buy more house for your money. There are some great programs available right now for refinancing, too, so contact an Idaho mortgage lender today to find out how you can take advantage of current lending opportunities, and lock in a historically low rate now before they start to creep up again! Image Copyright lusi on Stock.xchng |
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The streamline refinancing program is an option for VA and FHA loan holders in good standing who want to reduce their mortgage payments. This program will either extend the term of your mortgage or obtain a lower interest rate, which could significantly lower your monthly payments. Since your loan is in good standing, the underwriting process is shortened, based on the assumption that if you’re able to afford your current payments, you’ll have no trouble affording a lower payment. 9 out of 10 properties in Idaho’s Treasure Valley have decreased in value by as much as 35%, making i t impossible for homeowners to refinance. With the no-appraisal option available through this streamline refinance program, you may be able to refinance your Idaho mortgage loan despite the decrease in your property’s value. You can choose to not have your home appraised for this streamline refinance program, although you won’t be able to cash out any equity with this option. The no-appraisal option is intended solely for those who simply wish to reduce their monthly payments, not remove any equity from the property. Using this option, the maximum loan is either: · The original loan balance, plus new mortgage insurance premiums, or · Current mortgage debt, plus expenses, mortgage insurance premiums, and closing costs. · The lesser of the two options is the maximum loan availability. If you want to increase your loan amount and are willing to have a property appraisal, the maximum loan amount is either: · Up to 97.5% of the appraised value, or the maximum loan-to-value ratio, or · Current mortgage debt, plus expenses, mortgage insurance premiums, and closing costs. Idaho mortgage rates are below 5.00% today, so take advantage of this opportunity to lower your monthly payments, potentially by hundreds of dollars! There’s been good news about the economy picking up today, so take action now, before Idaho interest rates start to creep up! |
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You’ve heard about the bank bailouts. You’ve heard the outrage about AIG executives receiving millions of dollars of government bailout money in the form of bonuses. But have you heard about the Home Owner Affordability and Stability Plan? While the housing crisis can be traced back to the very roots of our current economic crisis, more attention has been focused on bailing out big businesses and automotive manufacturers. We still hear tragic stories of foreclosures and declining home values, yet we don’t hear much about efforts to correct the housing market. Until now. The Home Owner Affordability and Stability Plan focuses on the fact that every foreclosure drives housing prices in the neighborhood down even further. It addresses the issue that people who have made every attempt in good faith to make good on their mortgage payments have fallen onto hard times and either watched the value of their home sink, or lost their jobs and are now unable to afford their monthly payments. Those whose home values have fallen are now unable to refinance to get a lower interest rate, because they owe more on their property than it’s worth. The primary goal of this plan is to enable 7 to 9 million homeowners to refinance or restructure their mortgages to make them more affordable, and therefore avoid foreclosure. The plan also will take steps to help keep interest rates down. Don’t give up on your dream of home ownership just yet. Idaho interest rates are still low, and if you’re a current Idaho home owner facing falling home values or possible foreclosure, contact an Idaho home loan specialist today to discuss your options under this new plan! Image copyright simmbarb on Stock.xchng |
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You’ve heard all the talk about how it’s a great time to refinance. While that’s true, it’s only true if certain conditions apply to you. In some situations, it might not make sense for you to refinance. A trusted Idaho mortgage lender will steer you in the right direction to do what makes sense for you, not try to push you into a loan that won’t help your situation just to make a sale. Idaho mortgage rates are incredibly low, so if you’ve got enough equity in your home, refinancing is absolutely a great idea. If these conditions apply to you, now is probably not the best time to refinance: · You purchased your home within the past few years OR · You purchased your home when real estate prices were at their peak · You made a low down payment when you purchased your home · Home prices in your geographic area have flattened or even declined If you believe you do have some equity in your home, you may be unsure whether refinancing is the right move. Your first step is to contact your trusted Idaho mortgage lender to discuss your situation. You can try to estimate your home’s value before you actually submit a loan application to avoid paying hundreds of dollars in fees for a loan that might not come to fruition. Generally, an 80% loan to value ratio is a great number to have. That means that the amount of your loan is equal to or less than 80% of the appraised value of your home. If your estimate is near this figure, it might be a good idea to move forward with the process and pay the fees for a formal appraisal of your property. If your appraisal doesn’t come back where you’d like it to be, you have a couple of options. You can request a second appraisal, and pay for it, or ask what procedures there are to request a closer look at available information. You could also contact your current Idaho mortgage lender and tell them that you’re interested in refinancing to lower your monthly payments. They may be able to offer you a loan modification that could help make your payments more affordable. Image copyright svilen001 on Stock.xchng |
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For those of you who were concerned about the $7500 first-time homebuyer tax credit that was in effect, there’s good news. The American Recovery and Reinvestment Act of 2009 has made some modifications to the credit, to the benefit of the first-time homebuyer. Many people expressed concern that the previous credit had to be paid back over the next fifteen years, saying it really wasn’t a tax credit after all, if it needed to be paid back. Now: · If you have not owned a home as a primary residence in the past three years · If you purchase a home between January 1, 2009 and December 31, 2009 The credit has been increased to up to $8000 and it does not need to be paid back. If you’re financing your Idaho home with state or local bond funding you were not previously eligible to qualify for the credit. With the new changes, now even those using bond financing can qualify for the credit! However, if you sell your new home within three years of purchase, you will need to pay back the tax credit. The credit still begins to phase out for single people with an income above $75,000 or married couples with an adjusted gross income of $150,000 or greater. Idaho interest rates are still very low, so it’s a great time to make an investment in a new home. Now is the perfect time for new homebuyers to get a great deal in Idaho real estate, because rates are low, prices are down, and you can’t beat the current tax credit. It’s the perfect time to achieve your dream of Idaho home ownership, because current market conditions are making it more affordable than ever! Contact your trusted mortgage specialist to find the best Idaho mortgage rates and the perfect Idaho home loan that meets your needs. Image Copyright gabivali on Stock.xchng |
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So maybe you’re already smart and know that now is the best time to make a real estate investment, with Idaho mortgage rates being so low. But maybe you already own a home, and it’s necessary for you to sell your current home in order to get cash for a down payment on the new Idaho home of your dreams. If that describes your situation, the following tips on selling your home in a down market are for you! 1. Repaint! Repainting in a neutral color not only freshens the look of your home, but buyers love seeing neutral colors because it means they don’t have to repaint right away. This tip is particularly important if your personal taste consists of bold colors – they may look great with your décor, but potential buyers are trying to imagine their own furnishings in each room. Paint is cheap, so it’s an inexpensive way to make things look newer. 2. Stage your home. It’s hard for potential Idaho homebuyers to visualize their own belongings in a home when they can’t see past yours. Plus, clutter makes your home appear smaller. Clean out the clutter and spread out your nice furniture to show off your space. Use accent pieces sparingly, but enough to make it feel home-y. 3. Clean! A clean home always appears nicer. Once you’ve cleared out all your clutter, it will be easier to clean anyway. 4. Make minor repairs. You don’t have to have a lot of money to invest in fixing up your existing home, but make sure obvious flaws are corrected. Even something so easily fixable as a burnt out light bulb can impact a potential homebuyer’s opinion of a home. Image Copyright Rissmu on Stock.xchng These easy tips can make your home stand out from the competition. The small amount of work it may take now will pay off handsomely when you’re able to sell your home in a few weeks or months instead of the six to twelve month average that’s becoming more common. And if you’ve got your new Idaho home waiting in the wings, every extra day on the market can feel like an eternity! Idaho mortgage rates are now below 5.000%, and with the new $15,000 homebuyer tax credit amendment possibly going into effect next week, Idaho mortgages are becoming very attractive. These changes are likely to entice Idaho homebuyers to take action, so if you stage your home well, you could be moving into your new Idaho home sooner than you think! Get a Quick Mortgage Rate Quote Here! |
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Get an Instant Mortgage Rate Quote Here! Late last week, the Senate passed an amendment to the stimulus package, known as the American Recovery and Reinvestment Act of 2009, that will grant homebuyers a tax credit of up to $15,000. There is a key difference between this credit and the previous $7,500 credit that was in place. This new credit is available to anyone who purchases a home as their primary residence, not only to first-time homebuyers. This new $15,000 homebuyer tax credit would be available to those purchasing a home during a one year period that begins on the date that bill is enacted. Of course, this bill still has to pass the House vote, and it’s likely that more changes will be made to the specifics before it is final. One problem many Americans had with the first-time homebuyer credit is that it was refundable and had to be paid back over a period of several years. The new $15,000 credit being proposed is non-refundable and does not need to be paid back. $15,000 is a lot of money, and you could make some significant home improvements to your new Idaho home with the extra tax credit, which would help to build equity in your new Idaho property right away. This amendment also includes a provision that would allow the homebuyer the choice of taking the credit over a period of two years instead of taking the total credit in the same year. The credit is available for 10% of the home’s purchase price, up to $15,000, whichever is less. In order to qualify for this credit, you must live in the home you purchase during the eligibility period, as your primary residence, for two years. Could this be a possible solution to our housing crisis? It certainly seems like it’s an extra bit of encouragement for those considering purchasing a home in the near future. Idaho mortgage rates are still historically low, and with housing prices down, this seems like a great opportunity to purchase a new home and start building equity before Idaho housing prices go on the rise again. |
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It can be scary taking out a mortgage for hundreds of thousands of dollars! If you’ve planned ahead and saved some money in advance, you’ll be able to use that to your advantage to get a better interest rate and lower your monthly payments. It’s no longer possible to get an Idaho mortgage without putting any money down, unless you’re eligible for a special type of Idaho mortgage loan program, such as the VA loan program. Otherwise, you’ll need to come up with a 3.5% down payment, at the absolute minimum. If you’re looking at a $300,000 mortgage, you’ll need to have at least a $9,000 down payment. Hopefully you’ve had an opportunity to save enough money to make a larger down payment and possibly buy points to help reduce your interest rate. It’s wise to make a 20% down payment, if possible, because then you are not required to carry private mortgage insurance, which can add up to another several hundred dollars each month. Buying points means that you are paying a fee upfront to reduce your interest rate. Both buying points and making a larger down payment will reduce your monthly payment. When you make a larger down payment, you’re actually buying equity in your home, but when you buy points, you’re technically not getting that amount of equity in your home, although over time you will save a larger sum of money you might have paid in interest. Whether it will make more sense for you financially and in terms of your payment to buy points or increase your down payment can be difficult to tell without calculating several scenarios. Consult with your Idaho mortgage broker for advice on how your dollars will be best spent! Get a Quick Mortgage Rate Quote Here! |
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The Pacific Northwest, Idaho in particular, is a beautiful place to live, relax, and enjoy life. Idaho boasts an average cost of living with reasonable home prices, beautiful landscapes, and plenty of recreational opportunities. If you’re a lover of seasonal variations, Idaho is the place for you with hot summers and cold winters. Extreme temperatures are rare, and low humidity levels make hot summer days pleasant. Idaho is a popular state that many people retire to. Beautiful scenery, pleasant residents, and a relaxed atmosphere make Idaho an excellent choice for spending your retirement years. Idaho’s cost of living is low compared to other states in the western U.S., so you’ll be able to spend your hard-earned retirement income wisely with a move to Idaho. Image Copyright hortongrou at Stock.xchng Median home prices in and around Boise, Idaho, are approximately $240,000, which is very reasonable compared to other large cities across the nation. The outskirts of Boise boast a rural atmosphere within minutes of the big city attractions. Idaho real estate is a wise investment in a tough economy. Idaho mortgage rates have been trending lower than the national average. With the cost of living in Idaho being so reasonable, and median Idaho real estate prices so affordable in comparison with the rest of the nation, a move to Idaho could be an excellent choice! Get an Instant Mortgage Rate Quote Here! |
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A short sale is a situation in which a home is sold for less than the amount owed on the current mortgage. These situations are becoming more common in the Idaho real estate market where lenders are willing to recoup whatever balance they can from loans that are seriously delinquent. When the property value has fallen below the mortgage balance, and the borrower cannot continue to pay, few options remain other than selling the property short sale. Foreclosures, on the other hand, are situations in which the lender has actually taken physical control back over a property when a borrower has neglected to make payments over a period of time. In the case of a foreclosure, the bank or other lending institution offers the property for sale, in hopes of gaining a profit over what is owed on the mortgage and any associated debts, such as outstanding taxes. 
Image Copyright respres on Flickr Creative Commons Both foreclosures and short sales are viewed as potential bargain properties in the Idaho real estate market. In the case of a foreclosure, buyers are expected to have cash on hand to purchase the property in the full amount of the winning bid at an auction. In many cases, foreclosed properties are offered at an auction, with the bid starting at the balance owed on the property. In the current Idaho real estate market, many of these foreclosed properties have outstanding mortgages close to or larger than the current value of the home. It’s possible to get a great deal on a foreclosure, if you choose the right property and have a little bit of luck on your side. There are mixed reviews about short sales. Idaho real estate agents are vocalizing their concerns over their less than scrupulous counterparts who are listing short sale properties at ridiculously low prices to lure buyers in, knowing full well that the lending institution will never accept an offer that low. Short sales seem more promising for landing a great real estate deal in Idaho right now, however, due to the fact these sales are made at a purchase price lower than what is owed. So in this case, even if the borrower ended up losing a home that had decreased in value so much so that the mortgage balance was higher than the home’s value, the lending institution is willing to sell the property at a lower price. In general, home prices are down right now in the Idaho real estate market, so take advantage of a good thing! Whether you’re looking at a foreclosure, a short sale, or a traditional sale, it’s a great time to get a great deal in Idaho real estate! Click here for a Quick Mortgage Rate Quote! |
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Every day you’re bombarded with horror stories in the news about the failing real estate market and people losing their homes to foreclosure. We hear tales of unethical lenders who made loans they shouldn’t have and innocent people who were faced with skyrocketing interest rates because they chose an adjustable rate mortgage. No wonder homeowners and potential homeowners in Idaho are at a loss for what to do! There’s a general lack of education about Idaho mortgage conditions and what this crisis is really all about. Yes, home prices have fallen a few percentage points. Lending restrictions have gotten a little tighter, but that is to protect the borrower. Lenders will no longer make loans that the borrower cannot truly afford. Idaho real estate is still a great investment. The long term trend in real estate is that home values increase over time, and this is still likely the case. Unless you’re in the business of flipping properties, real estate is generally a long term investment, and if you plan to stay in your home for at least 5-10 years, you should see an increase in value. If you’re in the market for a new home in Idaho, and you can afford the payments, it’s a great time to buy. Idaho mortgage rates are still lower than they’ve been in years, despite slight increases in the last week. There is an abundance of inventory on the market, and sellers are anxious to close a deal, so you can get a great price on a new home at a fantastic interest rate! |
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The Idaho Housing Association offers a loan program that allows qualified buyers to finance up to 97% of the purchase price of a new home. That means you could purchase a new home in Idaho for as little as 3% down! With lending restrictions getting tighter for all loan types, a 3% down payment is the absolute minimum, unless you qualify for special programs such as the VA loan program. Also known as IdaMortgage, this program also now offers two types of down payment assistance. The first down payment assistance plan is the Good Credit Assistance plan, which allows borrowers to take out a second mortgage up to 5% of the initial mortgage amount. These funds can be used for the down payment, and the borrower can maintain money they have already saved to use for home repairs that may be needed. Chilco Mountains Image, Copyright Rick McCharles, Flickr Creative Commons The second type of down payment assistance available through the IHA is called the HOME Down Payment Assistance Program. This program offers borrowers monetary assistance between $1,000 and $20,000, and is available to families with an income less than 80% of the area’s median income. This assistance can also be used to cover closing costs, and is based on a deferred payment schedule at 0% interest that is forgivable over time. There was an overwhelming request for assistance through the HOME Down Payment Assistance Program, so the IHA expanded available funds for the program but has suspended applications as of January 1, 2009. While we hold out hope that this program will be accepting applications again in the near future, IHA’s Good Credit Assistance Plan and the opportunity to finance 97% of the purchase price of a new home are excellent opportunities that could help put you in a new home within months! Call your Idaho Mortgage Broker today to find out how IHA Loan Programs can help you afford a new home in the great state of Idaho! Get a Quick Mortgage Rate Quote, Click Here! |
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Want a Quick Idaho Mortgage Rate Quote? Click Here! As of Friday, January 23rd, the average mortgage rate in Idaho dropped from 5.10% to 4.96% for 30-year, fixed-rate loans. Friday’s rate is equal to the average for the previous week, so average rates seem to be holding fairly steady in Idaho, despite daily jumps or drops of up to 14 basis points. Consult with your broker to decide the best time to lock in your low interest rate for your Idaho mortgage loans or Idaho refinance. The national average on Friday was 5.12%, 16 points higher than Idaho’s current rate as of January 23rd. From state to state, rates ranged from 4.78% in Louisiana to 5.5% in Vermont, New Hampshire, and Wyoming. We all know Idaho is a beautiful place to live, work, or retire, and now it’s also one of the most affordable places to purchase a home. A reputable Idaho mortgage broker can help you find the perfect lending solution to meet your needs, whether you’re in need of an FHA or IHA loan, a refinance, or even a VA loan in Idaho. Today, January 28th, rates are up slightly to 5.17% for a 30-year, fixed-rate mortgage in Idaho. This is still lower than today’s national average, which has crept up to 5.87%. Rates may start creeping up soon, so now is an ideal time to lock in a rate for your Idaho home mortgage or Idaho refinance loan! There is still an abundance of inventory on the market that is not moving quickly, so it’s possible to get a fantastic deal on the Idaho home of your dreams! |
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