Idaho Mortgage Guide for Finding the Right Loan

An Idaho mortgage isn?t hard to find, but finding the right one that fits your needs is a little more difficult.? Are you aware of the Idaho state and federal mortgage programs that are available?? If not, read on because this simple to understand guide could save you money and a lot of time.

Government backed loans are often overlooked by Idaho residents looking to purchase a home or refinance, here are some of the programs available that you should consider before applying for a mortgage.

FHA Programs for Purchase or Refinancing

The Federal Housing Administration (FHA) offers several loans for Idaho residents. FHA loans play a critical role in financing for minority borrowers, first time home buyers, borrowers who have less than perfect credit and borrowers who have little money to put down on a home they want to purchase.? One of the most popular loans is the 203 (b) FHA home loan; requiring a minimum down payment of 3.5% and allows 100% of the money needed to close be a gift from a relative, government agency or non-profit organization.

FHA 203K rehabilitation program allows Idaho mortgage financing for a home purchase plus the cost of necessary home repairs needed such as paint, carpet, windows, roof and others.

FHA also offers refinancing; you can get a cash-out mortgage refinance or FHA?s streamline refinance loan for individuals wanting to refinance their existing FHA Idaho mortgage.

USDA Rural Housing Loan

This mortgage allows 100% financing with no down pay; no monthly mortgage insurance (PMI) which allows for a lower mortgage payment; flexible credit guidelines; available for low to moderate incomes and a competitive 30 year fixed mortgage rate.? This loan is for purchasing a home in an eligible rural area.

Teacher Next Door Program

Established by HUD in order to provide affordable housing to teachers and education administrators, this programs offers a 50% discount on homes purchased in low to moderate income neighborhoods. An alternative to this program is applying for an FHA insured mortgage with only $100 down payment as well as finance all closing costs.

Good Neighbor Program

Another HUD program for federal or Idaho state employees that are full time law enforcement officers; firefighters or emergency medical technicians employed by a fire department or emergency medical services responder unit of the state or federal government or Indian tribal government serving the area where the home is located.? Those who qualify receive a benefit of 50% discount on a home to make homeownership a reality, making this loan more affordable than a traditional home mortgage.

Reverse Mortgage ? Helping Seniors 62 and Older

Seniors who plan on remaining and living in their home may benefit from a reverse Idaho mortgage.? If the home is paid off or has plenty of equity, a reverse mortgage will pay you instead of you paying for the mortgage.? The equity is converted to a mortgage that you do not have to repay as long as you remain in the home.? Equity payments are made in a lump sum or monthly to provide a supplement to retirement or social security income.? If the borrower(s) decide to move or become deceased, the proceeds from the sale are used to pay the balance of the loan and the remainder?s given back to the borrower(s) or their heirs.

These mortgages and others not listed all have specific program eligibility requirements so check with your lender.

At mortgage.org we can help, we find the right Idaho mortgage for people every day.? Contact us now and let us help you too!