Idaho Mortgage Loans FAQ

Q: What is the Good Credit Rewards Down Payment Second Mortgage Program?
A: Sponsored by the Idaho Housing and Finance Association, the Good Credit Rewards Down Payment Second Mortgage Program offers applicants with good credit (FICO greater than 700). The program provides a mortgage worth one hundred percent of the purchase price of a home, a 30-year term, with an interest rate of between 3-1/2% and 5%. Qualified applicants are required to go to a special class for homebuyers. To find out if you can afford a home without a special program, get an Idaho mortgage quote. But to find out if you qualify for this loan program contact the Idaho Investment Finance Authority (NIFA).

Q: I hear a lot about FHA mortgages? What are they?
A: The FHA, or Federal Housing Authority, lends out insured and guaranteed mortgages, backed by the strength of the federal government. Being that they offer very low interest rates, these loans are very attractive to many buyers. However, there are restrictions and not all potential homebuyers will qualify. If you want to know more concerning FHA loans in Idaho got to the Federal Housing Authority official website.

Q: It's been many years since I owned a home. Can I qualify as a first-time homebuyer?
A: This is a question that comes up for many people who've decided to buy a home again after some years of living in apartments or trailer homes. Though the definition of a "first-time homebuyer" should seem pretty straightforward, it really isn't. You need to check with whichever lender is offering incentives for first-time homebuyers. But as for the state of Idaho, they consider a first-time homebuyer anyone who hasn't owned a home in three years or more. So, let's say you were in the military for four years. Before you shipped out, you sold your condo so that you wouldn't have to worry about payments and all the rest while serving your country. When you return, and start looking for a place to land, a new house, you would be considered a new homebuyer. (And as a vet, you'd qualify for the G.I. Bill!)

Q: What kind of information do I need to fill out an Idaho mortgage quote?
A: Applying for an Idaho mortgage quote couldn't be much easier. But it will help to have certain documents handy:

Your Social Security account numbers for all applicants.
Your balances for checking and savings accounts.
The amount on your most recent pay statement.
The company name and address in order to prove employment.
Your tax return statements for the last two years.
Your credit card and other loan balances, as well as minimum monthly amounts you pay.