Author: Rick & Jane May

Boise, Idaho VA Mortgage Loans

Posted on by Rick & Jane May

An Boise, Idaho VA (Veterans Administration) guaranteed home loan mortgage is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.

 

Boise, Idaho VA mortgage loans can be used towards purchasing a home, building a home, or refinancing an existing mortgage.

 

We will discuss what role the VA plays in an Boise, Idaho VA guaranteed mortgage, the benefits of an Idaho VA home loan, who is eligible for a Boise Idaho VA loan, and the documentation you will need to present to your lender in order to apply.

 

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?

 

VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.

The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.

*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.

 

Primary Benefits of a VA Mortgage:

  • 100% financing
  • No monthly private mortgage insurance is required
  • There is a limitation on buyers’ closing costs
  • The loan is assumable, subject to VA approval of the assumer’s credit
  • 30 year fixed loan
  • Seller can pay up to 4% of the borrower’s closing costs and even pay down their debt to help lower the overall debt-to-income ratio
  • Interest rates are similar to FHA rates
  • You don’t need perfect credit

 

Frequently Asked Questions:

 

Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?

No, the VA loan benefit does not extend to a veteran’s children.

 

Q: What is required to prove my record of military service?

You will be required to use Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.

 

Q: My spouse who has passed away was an eligible veteran.  Am I eligible for the home loan benefit myself?

A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.

 

Q: Is a VA loan better than a conventional mortgage?

In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value, and they can be easier to get approved for.

 

Q: How long does it take to get approved for a VA loan?

It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages – 3 weeks to 45 days.

Who is Eligible for a VA Home Loan?

Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.

Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

 

If you have any Questions about how to obtain an Idaho VA Home Loan please feel free to contact me. My information is below.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Boise Idaho VA Loan Requirements & Eligibility

Posted on by Rick & Jane May

Boise Idaho Veterans with active duty service (who were not dishonorably discharged) during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.

 

Veterans and active duty military personnel who served during peacetime must have had more than 180 days of active service. Veterans of enlisted service starting after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

 

The VA does not require that you have a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for Boise Idaho VA Home loan requirements.

 

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit who they will lend to.

 

Since early 2010, most VA lenders in the U.S. have tightened their lending and credit score requirements, making home financing harder to come by for those with credit issues or other criteria that makes their loan more risky.

 

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is an Boise Idaho VA loan. Major lending groups have generally resolved to set the minimum credit score requirement at 620.

 

To learn more about this, our article Credit Score Requirements For Boise Idaho VA Mortgages is a great place to start.

 

There are three specific pieces of documentation a lender will need to determine your eligibility:

  • A DD214 for discharged veterans.
  • A statement of service for active military personnel.
  • A certificate of eligibility (COE) to determine you have VA entitlement.

 

Because each lender has different qualifying guidelines, the next step is to contact your lender to find out if you meet their Boise Idaho VA loan requirements such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is.

 

Your Boise Idaho VA lender can help you attain your certificate of eligibility on your behalf.

 

Lastly, if you have either had a divorce, filed bankruptcy, or had a previous home go into foreclosure, you are not immediately disqualified from a VA loan, although there are some additional restrictions.

 

You can find more information regarding these topics in our articles titled Divorce And VA Loan Eligibility

Frequently Asked VA Loan Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.

Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

 

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

 

If you have any questions about VA mortgage loans please feel free to contact us.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

The Boise Idaho VA Loan Appraisal Process

Posted on by Rick & Jane May

Before your home can be approved for Boise, Idaho VA home loan financing, a VA appraisal must be completed on the property.

An Idaho VA appraisal involves a thorough inspection of the home and property to determine the current market value of the home. This appraisal is especially geared towards reporting any defects involving safety or security of the home.

So, how does this fit into the VA loan process?

Simply put, even though the VA’s primary focus in assist veterans in financing a home, the VA must also take precautions to protect the investments of both the borrower and the VA itself with a good appraisal.

Let’s say that a veteran or member of the military found a house that he wanted to purchase for $100,000. The house seems to be exactly what he’s looking for; single story, pool in the backyard, freshly painted, and located on 4 acres of land out in the countryside.

He decides that he wants to use his use his hard-earned military benefits to get a zero money down VA loan. In other words, if approved, he’ll receive a fully financed $100,000 VA loan.

As part of the standard Idaho VA loan approval process, a VA-appointed appraiser goes to the property to do an appraisal of the actual worth. Unfortunately, the appraiser discovers that the house needs a new roof, there are cracks in the pool cement, and there are severe irrigation issues throughout the property that need to be fixed, among other miscellaneous flaws.

Tallied up, the appraiser determines the value of the home and property to be $75,000 instead of $100,000.

Because of the large difference between what the seller is asking for and the actual value of the property, the VA ultimately turns down the loan.

Of course, this is a somewhat extreme example, but you get the idea. The VA needs to verify that the actual value of the home and property is close to what a potential borrower wants to pay for it. Neither a mortgage bank nor the VA want to insure homes that are worth less than the loan amount.

Here is a list of things to consider when shopping for a new home:

* The appraiser needs to inspect both the inside and the outside of the house. If the house in question is being constructed, the appraiser still needs to analyze the property and construction site.

* The official appraisal report will contain a list of “observable repairs that need to be completed.”

* This report will also contain a list of “customer preference items to be installed.”

* A few small issues with the property won’t immediately disqualify it, but a lot of small issues or a few big issues may.

Other Common Idaho VA Mortgage Questions:

Primary Benefits of an Idaho VA Home Loan:

* 100% financing
* No monthly private mortgage insurance is required
* There is a limitation on buyers closing costs
* The loan is assumable, subject to VA approval of the assumer’s credit
* 30 year fixed loan
* Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
* Interest rates are similar to FHA rates
* You don’t need perfect credit

If you have any questions about purchasing or refinancing a home with an Idaho VA loan please feel free to contact us.

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Divorce And VA Loan Eligibility For Boise Idaho Home Owners

Posted on by Rick & Jane May

There are many ways in which a getting a divorce can have an impact on Boise Idaho VA loans.

Let’s go ahead and start off with the basics.

First, let’s look at a scenario where the Boise Idaho VA loan is only filed under the veteran’s name.

The VA loan guaranty is only available due to the veteran’s eligibility for the loan.

After the VA loan is processed, the guaranty will remain with the mortgage even if the borrowing veteran or member of the armed forces stops living there. The only way the VA loan guaranty will be removed is if the loan is refinanced by the former spouse into a conventional mortgage, which will then make the military borrower again eligible for a new VA mortgage.

Jointly held mortgages are a little different from the above process.

The name of each spouse is on the mortgage, and if they both work the couple may qualify for a higher loan amount with their combined income than either would individually.

Only one spouse needs to be a veteran or military service member and eligible in order to get qualified for a VA loan. After the VA guaranty is committed to a mortgage, it is no longer attached only to the veteran borrower.

This is what makes joint mortgages a little tricky when it comes to divorce, especially since few ex-spouses will want to maintain a joint mortgage together. With this in mind, there are a few potential situations that can arise:

  • The ex-spouses can sell their property and divide the equity or debt.
  • They can designate sole-ownership of the property to one person and then refinance the mortgage into the name of just one borrower.
  • If neither ex-spouse can qualify for a loan on their own, the original mortgage will remain until the property is sold. In this case, the veteran will not be eligible for another VA loan as long as the original mortgage remains.

After the mortgage is terminated, the veteran can apply for a new loan guaranty. Normally, there will not be any change from the original eligibility.

It is critically important that after the divorce a complete copy of the divorce decree and any payments to the ex-spouse are documented.

If you have a VA loan and you’d like to get a VA IRRRL loan (also known as a VA Streamline Refinance), there are also some things you should keep in mind if you are going to get divorced, married, or re-married.

During your regular VA loan application process, each of the borrowers whose names appeared on the loan was reviewed by the VA. Since VA IRRRL loans do not require a credit check, you are required to keep each borrower from the original loan on your VA Streamline Refinance.

Unfortunately, there is no way to remove a borrower for a VA Streamline Refinance.

In order to get a new VA loan during or after getting a divorce, you will be required to follow the steps of your first VA loan.

However, if you are getting married, already have a VA loan and decide to get a VA Streamline Refinance, you are allowed to add your new partner to the loan.

Frequently Asked Questions:

Q: Are the children of a living or deceased veteran eligible for the home mortgage benefit?

No, the children of an eligible veteran are not eligible for the home mortgage benefit.

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.

Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: Is the surviving spouse of a deceased veteran eligible for the home mortgage benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

If you have any questions about Idaho VA Mortgage Home Loans feel free to contact me.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

Can I Get An Idaho VA Loan If I’ve Had A Recent Foreclosure?

Posted on by Rick & Jane May

Many veterans today are wondering whether or not they can get an Idaho VA Mortgage loan if they have recently been through a foreclosure.

Fortunately, the VA qualifying guidelines do allow for veterans and military personnel to qualify for an Idaho VA loan after a foreclosure, but with some restrictions.

For starters, veterans are not eligible for a VA loan for 2 full years after their foreclosure. After this time veterans are allowed to apply for a loan again, but will face increased scrutiny and will likely have to respond to more questions during the application process.

Remember, while you are eligible to apply for a VA loan after 2 years, there are additional requirements that must be met which may vary by lender. Simply waiting out the recovery period does not guarantee you loan approval.

Also keep in mind that this rule does not only apply to veterans who previously had a VA loan. Even veterans who have had conventional mortgage foreclosures are subject to the same regulations.

For veterans who do have a recent foreclosure that involved a VA loan, there are additional restrictions.

First, to restore full entitlement after a VA loan foreclosure, the borrower has to completely pay back the VA the loss of the previously guaranteed amount.

It is possible to use partial-entitlement to get a VA loan, but without full entitlement a down payment will probably be required. Borrowers with past foreclosures will also be asked to provide details regarding the circumstances. If you can show that the cause of your financial trouble and foreclosure were largely out of your control, you may be able to increase your chances for approval.

Some examples of extenuating circumstances include:

  • Unforeseen medical bills.
  • Job loss.
  • Certain lawsuits.

Examples of circumstances which probably won’t be considered to be extenuating are:

  • Bankruptcy because of an entrepreneurial business venture.
  • Getting divorced.
  • Certain lawsuits.

Regardless of the scenario, there is no guarantee of approval or denial as decisions are made on a case-by-case basis.

Lastly, even though the VA does not disqualify veterans from VA loans after a foreclosure, it can definitely make the application process take longer than it normally would.

Frequently Asked Questions:

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.

Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

If you have any questions about VA mortgage loans please feel free to contact us.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

Top 10 Boise Idaho Mortgage Links/Articles/Questions

1. Idaho VA 100% Home Financing Loans for Boise and Mountain Home areas
2. How do I obtain an Idaho 100% VA Home Loan?
3. Idaho FHA And VA Manufactured Loan Programs For Refinancing And Purchasing Homes
 4. Idaho VA 100% Home Financing Frequently Asked Questions
5. Idaho FHA Reverse Mortgage
6. Jumbo Mortgage Financing for Boise, Idaho Properties
7. Conventional Home Loans For Boise Idaho Borrowers
8. VA Mortgage Loans in Boise Idaho
 9. Boise Idaho Reverse Mortgage Senior Loans
10. FHA Mortgage Loans in Boise Idaho

Does A Bankruptcy Mean I Can’t Get A Boise Idaho VA Loan?

Posted on by Rick & Jane May

If you’re wondering whether or not you can get a Boise Idaho VA home loan mortgage after a recent bankruptcy, you’re not alone.

 

With the recent economic recession just barely behind us, many veterans and military personnel are now in the position oflooking for a new mortgage after having gone through a bankruptcy.

 

Some of the most common questions asked regarding bankruptcies and Boise Idaho VA loans are:

  • Can I even get a VA loan after a bankruptcy?
  • If so, how long do I have to wait?
  • What can I do to increase the likelihood of getting approved for a new VA loan after a bankruptcy?

 

The good news is that as of today, the VA underwriting guidelines are far more relaxed than the guidelines for conventional or FHA loans.

With that said, let’s now go ahead and take a look at the different types of bankruptcies and how they impact VA loans…

 

Chapter 7

Chapter 7 bankruptcies are essentially when the borrower is freed of all liability from creditors. VA loan guidelines typically call for a 2 year waiting period after a Chapter 7 bankruptcy before you can receive VA financing again.

We say “typically” because there are extremely rare circumstances in which the 2 year waiting period will be reduced to 1 instead. You would have to be able to show that circumstances beyond your control (such as losing a job or medical problems) were the driving force behind your financial hardship.

This 2 year requirement may seem harsh, but compared to the guidelines for conventional loans that call for a 4 year waiting period, it really is quite reasonable.

 

Chapter 13

Chapter 13 bankruptcies involve the establishment of a repayment plan instead of being cleared of liability.

Veterans and military personnel can qualify with VA loan guidelines even when they are still in Chapter 13 bankruptcy. However, you will have to show that you have made a minimum of 12 payments on-time and be approved by the court trustee for the loan.

Please note that once the Chapter 13 bankruptcy is complete, veterans are instantly eligible for VA loans again, whereas conventional loan guidelines still require a 2 year waiting period.

Even after you have finished the bankruptcy process, there are still actions you can take to increase your likelihood of qualifying for a VA loan after bankruptcy.

 

For example:

  • Reestablish your credit as soon as possible if you do not have any creditors after the bankruptcy process. Remember, approving a potential borrower with no credit can be just as difficult as approving a borrower with bad credit!
  • Once you reestablish credit, be sure to always make payments on time.
  • Get in the habit of checking your credit at a minimum of once a year. This will give you an idea of where you stand, especially when you begin shopping for a VA mortgage.
  • Upon the discharge of your bankruptcy, send a copy of all your discharge paperwork (including all applicable schedules) to the three credit bureaus: Equifax, Experian, and TransUnion.

Frequently Asked Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.

Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

 

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

 

If you have any questions about VA mortgage loans please feel free to contact us.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

 

 

 

Top 10 Boise Idaho Mortgage Links/Articles/Questions

1. Idaho VA 100% Home Financing Loans for Boise and Mountain Home areas
2. How do I obtain an Idaho 100% VA Home Loan?
3. Idaho FHA And VA Manufactured Loan Programs For Refinancing And Purchasing Homes
 4. Idaho VA 100% Home Financing Frequently Asked Questions
5. Idaho FHA Reverse Mortgage
6. Jumbo Mortgage Financing for Boise, Idaho Properties
7. Conventional Home Loans For Boise Idaho Borrowers
8. VA Mortgage Loans in Boise Idaho
 9. Boise Idaho Reverse Mortgage Senior Loans
10. FHA Mortgage Loans in Boise Idaho

Credit Score Requirements For Boise Idaho VA Mortgages

Posted on by Rick & Jane May

The VA does not require a certain credit score in order for approval.

 

However, the actual mortgage lenders are allowed to set their own standards for Boise Idaho VA loan requirements.

 

In the recent years, eligible veterans and military personnel have enjoyed an easier mortgage process than was available to many home buyers obtaining conventional loans. Occasionally, a veteran could receive a loan through the VA with a lower credit score and little or no down payment.

 

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit the availability of such mortgage deals.

 

Since early 2010, most lenders in the U.S. have tightened their lending and credit score requirements, making these loans harder to come by.

 

As a result, getting a loan without a down payment is more difficult, though one of the few remaining options for 100% financing is a Boise Idaho VA Mortgage. Major lending groups have generally resolved to set the minimum credit score requirement at 620.

 

These conditions similarly impact the Idaho VA Streamline Refinance program. Previously, the program let borrowers with a standing VA loan refinance to another VA loan without an appraisal. This allows veterans to navigate the process with much less paperwork by streamlining the process.

 

Most lenders now require borrowers to pay up to $300 or more for their own appraisal, which varies in price depending on the location and value of the home. If the appraisal shows the home value to be less than the VA loan amount, the lenders are likely to decline the application.

 

There is some good news for those eligible for a Boise Idaho VA loan, and the VA lenders who offer them: VA borrowers default significantly less (2.6%) than prime borrowers in general (3.4%).

 

However, the credit scores of V.A. insured borrowers are generally lower than other prime borrowers, according to the Federal Housing Finance Agency.

 

All things considered, Boise Idaho VA Mortgage loans remain a great opportunity. Veterans and active duty military personnel who qualify can often secure a low mortgage rate and meet the VA loan requirements even if their credit score is less than perfect.

 

In addition, about 25% of applicants to the Boise Idaho VA Mortgage loans, such as disabled or retired veterans, qualify for exemption from the one-time insurance fee that amounts to about 0.5% – 3.3% of the loan amount, depending on the scenario.

Frequently Asked Questions:

 

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

No, the children of an eligible veteran are not eligible for the home loan benefit.

 

Q: How can I obtain proof of military service?

Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.

Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

 

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

 

If you have any questions about VA mortgage loans please feel free to contact us.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

FHA Mortgage Insurance Changes For Idaho Home Buyers

Posted on by Rick & Jane May

– MONTHLY INSURANCE PREMIUM INCREASES FOR FHA HOME LOANS

Previously the monthly mortgage insurance premium was a factor of .55% of the loan amount (if the loan to value was over 95%). As of October 4, the factor has increased to .9% You are probably wondering how this affects the payment. On a $400,000 mortgage, using the old factor of .55% the monthly mortgage insurance would have been $183. Now Using the .9% monthly mortgage insurance factor we are looking at a monthly mortgage insurance payment of $300. This is an increase of $117 a month compared to the previous mortgage insurance for a $400,000 FHA mortgage. The great thing is even though the monthly mortgage insurance is higher the upfront insurance premium has decreased.

– FHA UPFRONT MORTGAGE INSURANCE PREMIUM DECREASED

The Upfront Mortgage Insurance Premium used to be 2.25%. But on October 4, 2010, they dropped it to only 1%. Using the same base loan amount as our previous example of $400,000 and using the old (UFMIP) of 2.25% $9,000 would have been added to the Idaho home buyers loan making the total loan amount $409,000. With the new upfront mortgage insurance premium of 1% we would have a total loan amount of $404,000.

– IDAHO FIRST TIME HOME BUYERS FHA IS STILL YOUR BEST OPTION

FHA mortgages are still the best option for first time home buyers looking to purchase in Idaho. While conventional fannie and freddie guidelines continue to be very tight FHA is still fairly flexible. FHA allows for lower fico (credit scores) as well as as little as 3.5% down payment. FHA also has more of a “makes sense” underwriting philosophy. Many Idaho home buyers are finding FHA to be the best choice even if they have quite a bit of money to put down.

If you have questions about an Idaho FHA mortgage whether you are purchasing or refinancing a home feel free to contact me.

Want to find out more about FHA mortgage insurance changes, then visit Michelle Guth’s site to learn more about Idaho FHA Mortgage Insurance Changes.

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

Seek An Idaho Refinance NOW !!!! Before Rates Go Back Up !!!

Posted on by Rick & Jane May

mortgage rateRefinance your Idaho Mortgage now before interest rates go back up!!!!!!  An Idaho Refinance is what many people need to look into right now with where interest rates are at. Interest rates won’t stay this amazingly low for long so act now !!!! Below I have outlined four main reasons why you should do an Idaho refinance.

 

An Idaho mortgage is generally the largest debt most homeowners have to manage.  It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.

 

Since there are many reasons a homeowner may choose an Idaho refinance , we’ll take a look at the four most common.

 

1.  Mortgage Rates Drop:

Typically, the most common reason that homeowners do an Idaho refi is to secure a lower interest rate. Rate and loan amount determines the total cost that a borrower will pay.

The lower the interest rate, the less the overall cost will be. Interest is calculated on a daily basis and usually paid back to the lender on a monthly basis.

 

2.  Lower Payments:

Lowering a mortgage payment can be achieved by doing an Idaho refinance and lowering the mortgage rate, lengthening the loan term, combining two or more loans or removing mortgage insurance.

 

3.  New Mortgage Program:

An Adjustable Rate Mortgage (ARM) to a new Fixed Rate Mortgage (FRM), combining a first and second mortgage or paying off a balloon loan are three possible reasons to explore an Idaho refi.

 

4.  Debt Consolidation:

If there is sufficient equity, sometimes paying off consumer debt by combining all debts into one lower monthly mortgage payment can significantly reduce the short-term deficits in a budget.  However, it’s important to keep in mind the total cost of that debt by adding it into a 30 year mortgage payment.

_________________

Frequently Asked Questions:

 

Q:  Do I have to do an Idaho Refinance with my current mortgage company?

No, you may choose any company to do an idaho refi on your home loan since the new loan will replace the existing mortgage.

 

Q:  Is it easier to do a loan with my current mortgage company?

It is possible your current loan company may require less documentation, but this could add additional cost or a higher interest rate. Do your homework and shop around to make sure you’re getting the best deal.

 

Q:  Will I automatically qualify if I’ve never made any late payments?

No, you will have to qualify for your new home loan. However, certain programs will allow for reduced documentation like a FHA to FHA Streamline loan

 

If you have questions about whether or not it would be a good idea or not to do a refi feel free to contact me to go over your options.

 

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

 

 

________________________________

Related Article – Refinance Process:

 

10 Advantages Of Getting a FHA Mortgage in Boise Idaho

Posted on by Rick & Jane May

10 Advantages Of Getting a FHA Mortgage in Boise Idaho

1. Only 3.5% down payment which may include closing cost
2. Down payment and closing costs may be gifted from relative or employer
3. Higher qualifying ratios
4. Higher loan to value ratio
5. Cash out refinance up to 85% LTV
6. Can have a non-occupant co-borrower ( immediate family or established relationship)
7. Upfront MIP(mortgage insurance premium) can be financed
8. No pre-payment penalties
9. If interest rates drop you can do an FHA Streamline Refinance without an Appraisal.
10. Seller may pay up to 3% of Borrowers closing costs if stated in Sales Contract

If you have any questions about FHA Mortgages feel free to contact me.

 

Rick & RickandJaneheadshotJane May
Mann Mortgage
Branch Manager/Owners
Direct: 208-861-0000
mannmortgagemeridian@gmail.com
ID MBL-2550 / NMLS # 173614/12870
www.idahohomegroup.com

 

 

 

Top 10 Boise Idaho Mortgage Links/Articles/Questions

1. FHA Streamline Refinance in Boise, Idaho
2. Idaho FHA Reverse Mortgage
 3. Changes Are Coming For Boise, Idaho FHA Mortgages
 4. 3 Great Idaho First-Time Home Buyer Mortgage Loans
5. Idaho FHA and VA Manufactured Loan Programs for Refinancing and Purchasing Homes
6. Jumbo Mortgage Financing for Boise, Idaho Properties
7. Conventional Home Loans For Boise Idaho Borrowers
8. VA Mortgage Loans in Boise Idaho
 9. Boise Idaho Reverse Mortgage Senior Loans
10. FHA Mortgage Loans in Boise Idaho