Idaho Home Buying Process
March 21, 2010 by Rick & Jane May · 4 Comments
Idaho Home Buying Steps / Process: Step 1 – Getting Pre-Approved Prior to Shopping for an Idaho Home It’s obviously important to know how much home you can afford, what type of down payment to budget for, monthly mortgage payment as well as what type of loan program you’ll be using to finance the new […]
How Much Of A Home Can I Afford In Boise Idaho?
January 1, 2010 by Rick & Jane May · Leave a Comment
How much Boise Idaho mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what […]
Idaho Rural Development Loan
August 23, 2015 by Rick & Jane May · 7 Comments
The Idaho Rural Development loan is a true 100% financing with low mortgage insurance. Having to pay low mortgage insurance allows borrowers to pay quite a bit less per month compared to if they had normal mortgage insurance on the loan. Mortgage insurance also known as private mortgage insurance (PMI) is setup to […]
What Is An Idaho Reverse Mortgage ?
March 7, 2012 by Rick & Jane May · Leave a Comment
What is an Idaho Reverse Mortgage ? An Idaho Reverse Mortgage, also known as a HECM (Home Equity Conversion Mortgage), is a loan made to a person age 62 or older. There are no income, credit or health requirements associated with the loan. The amazing thing about the Idaho Reverse Mortgage is that […]
10 Advantages Of Getting a FHA Mortgage in Boise Idaho
September 8, 2010 by Rick & Jane May · Leave a Comment
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 […]
Understanding the FHA Mortgage Insurance Premium (MIP)
March 28, 2010 by Rick & Jane May · 1 Comment
* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front Mortgage Insurance Premium (UFMIP) – financed […]
Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
March 28, 2010 by Rick & Jane May · Leave a Comment
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the […]