Idaho FHA Loan

If you're looking for mountains, farms and a touch of the city life there's no better place to look for your new home purchase than in Idaho. And if you're a first time home buyer or you're looking for a previously owned home or a new condominium, it's best to settle into your new home with an approved Idaho FHA mortgage.

Many home buyers believe the FHA loans are just for first time home buyers and those with credit dings, The fact is, they are extremely appealing to these groups for two reasons:

• The Idaho FHA loan programs allow those who have little credit to obtain a loan
• FHA loan programs in Idaho allow those with bruised credit to obtain a loan
• ID FHA loan programs allow those without down payments to obtain a loan using Down Payment Assistance programs
• An Idaho FHA mortgage allows those with low income to more readily obtain a home loan

Of course, since the Idaho FHA loan program is everyone, the loan program is very appealing to savvy experienced home buyers and homeowners as well. Some of the non-specialized benefits of having an FHA loan from an Idaho mortgage lender like us include:

• No maximum income requirements
• Rates typically equal to and lower than traditional interest rates for like kind products
• Low down payments - they can be as low as 3.5%
• Ability to borrow almost the entire purchase price of the property
• Quick processing - you'll have your FHA loan case number in under 24 hours in most cases
• Flexibility to choose your financing options
• Mortgage Insurance Premiums that protect your lender, but because the FHA Loan is government insured, you have MANY safety nets built in that protect you from losing your home in return for this nominal premium!!!!
• Home sellers can pay up to 6% of you closing costs, with typically no issues
• Multiple property types can be financed, including mobile homes tied to land
• And Much Much More!

While the requirements to qualify for an ID FHA loan are lax, there are still standards and not everyone will be able to qualify under the Idaho FHA underwriting guidelines. These requirements include:

• A steady work history - most lenders prefer you to have work in the same job for at least two years and in the same profession for at least five years (college counts towards either of these requirements) we offer great flexibility on this.
• Ability to pay your debts on time and in full each month - if you can barely afford your car payment, student loan payment, utilities and food each month, you probably won't qualify for an ID FHA mortgage
• You can have only one FHA mortgage at a time
• Willingness to pay back your loan - Your credit history over the last 12 months is the most important period as it reflects where you are today. The FHA borrower must show a willingness and ability to repay their Idaho FHA loan!

Believe it or not, FHA mortgages in Idaho aren't all requirements and benefits. You'll need a good FHA mortgage lender in Idaho like us, to explain the finer details to you:

• The difference between variable and fixed rate mortgages and the drawbacks and benefits of each option
• The annual interest rates on FHA approved loans and why they are nearly the same as many regular loans
• What you can do to better your chances of achieving a lower interest rate

You'll want to make sure, in addition to learning the above information and the criteria for qualification, that your lender is offering you the most competitive FHA mortgage rates in Idaho that are available for the market and your situation.

It's important to understand that FHA loans are not originated by the FHA, or their parent division, HUD. This means that you will only be able to get a Idaho FHA Loan using a HUD approved Idaho mortgage lender like us A HUD approved Idaho mortgage broker cannot make FHA Loans, they can only place the loans for underwriting through approved Lenders like us