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!

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