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Very few options remain to purchase a home with no down payment. If you’re a veteran who has served in active duty, an Idaho VA loan could be your ticket to home ownership! Call an Idaho Mortgage Specialist to find out if you would qualify for this government-sponsored program, and you could be on your way to owning your very own home in Idaho! Image Copyright Paul Keleher on Flickr Creative Commons The VA loan program was created to help veterans and their families afford housing. The government guarantees 25% of the loan, up to $104,250. This guarantee eliminates the need to carry mortgage insurance, which can lower the monthly payment and enable borrowers to purchase larger homes. Credit and income requirements aren’t as strict with VA loans as with conventional home loans, so it may be possible to qualify for an Idaho VA loan with less than perfect credit or lower income. The VA also offers a refinance program. A Streamline Refinance is used to refinance an existing VA loan to obtain a lower interest rate. Cash out refinance loans allow you to take out some of the equity you’ve built in your home as cash, to use for debt consolidation, home improvements, education, or another use. You can also refinance a conventional home loan to a VA loan. If you’re interested in finding out how you could reduce your interest rate or take out funds from the equity in your home with an Idaho VA refinance loan, call your Idaho VA Mortgage Broker to find out how you may qualify! Veterans have provided an invaluable service to America. The government is trying to give a little something back by making home ownership possible for veterans who have served our country in active duty. Call your Idaho Mortgage Lender today to take advantage of this small token of thanks! Want a Quick Mortgage Rate Quote? Click Here! |
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Get an Instant Mortgage Rate Quote - Click Here! The Housing and Economic Recovery Act is the government’s current economic stimulus package aimed at the real estate market. Through FHA, nearly half a million homeowners who are in danger of losing their homes to foreclosure can refinance their existing mortgages into more affordable loans insured by the government. This program is in effect until September 30, 2011. If you are in danger of falling into foreclosure, contact an Idaho Mortgage Broker today to find out if you qualify to take advantage of this program! In addition to helping homeowners maintain ownership of their properties, the government has issued a tax credit program that will offer first time homebuyers a tax credit of up to $7500. In order to take advantage of this program, you must purchase a new home prior to July 1, 2009, so act now to become a new homeowner in Idaho! Call an Idaho Mortgage Lender to find out how much you could qualify for, and begin searching for your new home today! 
Some sources show sales figures being slightly up in December from the rather dismal November numbers. Starting a new year with a fresh outlook and a solid economic stimulus plan could be just the push the market needs to turn the Idaho real estate market and Idaho mortgage lending industry back around. It’s likely that the government will take additional steps to push interest rates even lower, which makes 2009 an excellent time to make an Idaho real estate investment! Call a trusted Idaho Mortgage Lender to discuss your financing options for taking advantage of this prime time for buying real estate. |
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Click Here for a Quick Mortgage Rate Quote! There’s a possibility that new legislation will soon be passed that would provide bankruptcy judges to reduce the principal amount on mortgages to help people avoid foreclosure. While it’s uncertain whether this action will occur, this action, known as a “Cram-Down” could push rates higher for all borrowers. It’s a helpful strategy for those at risk of foreclosure, but not the something other borrowers hoping to get a great rate are looking forward to. The bottom line: If you’re considering refinancing or purchasing a new home, now is the time to take action. Call your trusted Idaho Mortgage Broker today to take advantage of today’s historically low rates before changes cause rates to go up in this volatile market! The Mortgage Bankers Association (MBA) is strongly opposed to this potential legislative action because of the resulting effects it could have on rates and the industry as a whole. It’s unclear exactly what the terms of the legislation would be, and also unclear the exact resulting effects that would take place in the market. This issue resurfaced in late 2008 with a bill re-introduced by a Democratic Senator. Democratic lawmakers tried to push this through while the Housing and Economic Recovery Act was being created in July, but were unsuccessful. President Obama, who took office yesterday, has said that passing cram-down legislation would be a priority once he stepped into his role as President. While the industry is certainly facing uncertain times, one thing is for certain: Today’s rates are lower than they’ve been in nearly forty years, and now is the prime time to take advantage and buy or refinance a home in Idaho before they start to creep upwards again! It’s been predicted that rates will remain low throughout the first half of 2009, but it’s possible they’ll start to creep up even sooner if cram-down legislation goes through that will contribute to an increase in mortgage costs. It’s still a great time to purchase or refinance a home in Idaho, but you should act quickly. Contact an Idaho Mortgage Company to lock in a historically low rate today! |
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There’s been so much talk in the news about the stimulus package and President-Elect Obama’s plans to stimulate the economy after his inauguration this Tuesday. We’ve heard about the government bailing out major banks and automotive manufacturers, but what’s become of the crisis that seems to have started this whole mess – the sub-prime mortgage crisis and the tons of foreclosures that occurred as a result? Obama has talked frequently about his upcoming bailout plan, but has been sketchy on the details. According to an article on CNNMoney.com, the housing market makes up 16% of our economy. That being said, it seems that any economic recovery plan should have a strong emphasis on revitalizing the slumping mortgage industry.  The 2008 Idaho Presidential Election vote was slanted pretty heavily towards the Republican side, with 61% of votes for John McCain. While in other parts of the country it may seem as though the economy is seeing the ever-so-slightest boost due to fresh hope with Obama’s upcoming inauguration on Tuesday, what impact can we expect new leadership to have on the Republican state of Idaho? The Idaho real estate market has, until recently, been spared the woes the rest of the country struggled with periodically over the years. In the past, Idaho has reported encouraging real estate sales figures, as well as reasonable housing costs, despite slumps in other areas of the country. The most recent sub-prime mortgage crisis has taken its toll on the Idaho mortgage industry as well. Even reports in mid-2008, when the rest of America was starting to experience the effects of mortgage fraud and other problems, claimed that Idaho markets remained relatively steady. Idaho has proven to be a great state to be in, and Idaho is positioned to come back from this crisis with a smooth recovery. If you’re an Idaho homeowner and are at risk of foreclosure, contact an Idaho mortgage lender to find out about refinancing options that could possibly lower your monthly payment. Photo credit: Steve Rhodes, Flickr Creative Commons. |
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The sub-prime mortgage crisis had a significant impact on the real estate market, driving inventory up as sellers desperate to get out from under skyrocketing mortgage payments sold their homes at lower than retail prices to make a quick sale. Others had the misfortune of falling into foreclosure. As a result, Idaho real estate prices began to fall to account for a decrease in demand and the bulk of homes available at foreclosure prices. With all the economic turmoil, potential homebuyers became reluctant to make a purchase at all in an unstable economy. But, in actuality, the current market in Idaho is actually the perfect opportunity to get a great real estate deal! Not only are real estate prices down, but interest rates are at their lowest point in thirty years. The long term trend in real estate value is still likely to increase over time, so buying a home in a down economy at a great price will give you a jump start to building equity in your home. Take advantage of the low Idaho interest rates to lock in a low monthly mortgage payment on a fabulous new home! The real estate market will rebound. The economy has natural upswings and downswings, and our current crisis will eventually correct itself, meaning that real estate prices will again begin to rise when the economy improves. Smart home buyers are buying homes now at a discount to maximize the profits they’ll make when they sell in five, ten, or twenty years. Historically Low Rates + Slumping Home Prices = You as the new owner of a home you NEVER thought you could afford! |
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The current economy has driven interest rates down significantly. There are many reasons you might want to consider refinancing your mortgage to take advantage of these historical low rates. Obviously, a lower interest rate means you’re paying less total money over the life of a loan. However, that’s only one of several ways refinancing your mortgage with an Idaho mortgage loan can put more money in your pocket today. If you’ve been paying on your Idaho mortgage long enough to reduce your principal and build equity in your property, refinancing with an Idaho mortgage loan for a lower rate makes sense in a lot of ways. First, you only need to refinance the amount you still owe on your property, so if you’ve reduced your principal significantly, you will be borrowing a lesser amount of money. Paying less interest on less principal can mean a significant reduction in your monthly payment! Idaho mortgage rates are at their lowest point in three decades. This means you may not have another opportunity like this for thirty years or more! 
If your goal is to repay your mortgage sooner, you may be able to take out a fifteen or twenty year mortgage instead of the traditional thirty year mortgage without paying a higher monthly mortgage payment. Refinancing can also eliminate the need to carry private mortgage insurance, if your new principal amount is eighty percent or less than the value of your property. By contacting an Idaho mortgage lender today, you could be able to pay off your mortgage in HALF the time!Perhaps you’ve found yourself stuck with an adjustable rate mortgage, and your rate is creeping up, along with your monthly payments. Now is the perfect time to lock in a very low interest rate on a traditional Idaho mortgage loan with payments that will NEVER change over the life of your loan. Finally, you can eliminate other debt by refinancing your Idaho mortgage. Take advantage of the equity you’ve built in your home to consolidate all your debt into one monthly, low-interest payment. Get rid of credit card balances, consolidate all your vehicle loans in with your mortgage, or take out cash to add on to your home – the possibilities are endless! The best news is that mortgage interest on Idaho home loans may be tax deductible, so you can use it to your advantage to keep more of your hard-earned money in your pocket. Contact an Idaho lending expert today to find out if refinancing your Idaho mortgage loan can save you money today and over the life of your loan. |
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Yes, lending limits are strict in the Idaho mortgage loan market today. But the government wants you to own a home! The Federal Housing Administration (FHA) has been insuring loans since 1934 to make it possible for people to own a home by allowing lenders to offer a more affordable deal to potential home buyers. An Idaho FHA Mortgage Loan can mean: - It’s easier for you to qualify for credit!
- You can have a lower down payment!
- You could have a lower monthly payment, to make home ownership more affordable!
Idaho FHA mortgage loans exist in a few different types to meet the needs of buyers with different goals. Whether you’re purchasing your first home, investing in a fixer-upper, or even if you’re buying a home and want to include the costs of making it more energy-efficient in your mortgage, there is an Idaho FHA mortgage loan designed for you! FHA even has a refinance loan program. With the fall of sub-prime mortgages, which were offering borrowers Idaho mortgages at sub-prime rates, regardless of credit score, many would-be home owners are feeling as though home ownership is out of reach. However, FHA is continuing to offer programs to help people with less than perfect credit reach their goal of home ownership in Idaho. FHA does not actually loan the money for an Idaho FHA Mortgage Loan, but insures the loan so lenders will be more lenient with their requirements and terms. 
There are plenty of benefits to an Idaho FHA mortgage loan: - Not so perfect credit is okay
- You may qualify, EVEN IF you’ve previously filed for bankruptcy
- You could be able to purchase a home with as little as 3.5% down
- You may pay less in monthly mortgage insurance than if you had to go with private mortgage insurance
There are still programs out there, such as Idaho FHA mortgage loan programs, designed to help the average person achieve the American dream of home ownership! Call an Idaho mortgage loan specialist today to find out how you could qualify! |
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The central bank on Tuesday said it had reduced the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October. Many analysts had expected the Fed to make a smaller cut to 0.5 percent! This is great news for anyone wanting an Idaho refinance loan (or any kind of Idaho home loan, for that matter), because Idaho mortgage rates are the lowest they've been in a long time. Don't expect them to get to these levels for a long time. Mortage rates are at unprecedented lowsTake a look at this chart of 30 Year Fixed mortgage rates: 
The Fed's action and statement made clear that economic conditions have worsened since its last meeting in October 2008. How does this help you save on your Idaho mortgage, probably your largest monthly payment? Mortgage rates hit rock-bottom this week following a key cut in the federal funds target, as the average 30-year fixed-rate mortgage sat at 5.19 percent — the lowest rate ever recorded by Freddie Mac, who began tracking rates in 1971. That’s down from last week’s 5.47 percent average, and far below the average of 6.14 percent recorded last year at this time, according to Freddie Mac’s weekly survey published Thursday. “Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The decline was supported by the Federal Reserve announcement on December 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage-related assets as conditions warrant.”
Compare Idaho Lenders.com weekly mortgage rate survey also reported Idaho Mortgage rates hovering around 5.42% for a 30-year fixed-rate. The average 15-year fixed-rate mortgage fell to 5.3 percent! So if you want to lock in your lowest monthly payment ever, now is the time to act before these rates disappear forever.
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It seems that Idaho's unemployment rate continues to be lower than the national average. According to a recent Idaho Business Review article, foreclosures have been kept relatively low due to our lower unemployment rate. In fact, we still rank all the way down the list at #41 out of the 50 states for foreclosures. As a result, Idaho still has some of the best rates in the nation when it comes to home loans, debt consolidation loans, refinance loans, and home equity loans. Get the best rates in Idaho today...right here, right now! |
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