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Guide to Idaho Mortgages
Maybe you are buying your first home in Idaho, or perhaps you're relocating to Idaho from another state. Then again, you may be a long-time Idaho resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Idaho home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Idaho:
The median price of a home in Idaho is $211,500. Recently, homes in Idaho have been appreciating at rates well above the national average. As a result, income levels in many parts of Idaho are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Idaho are below the national average, Idaho has one of the lowest levels of home affordability in the nation.
In Idaho, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Idaho's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Idaho law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Idaho law enacted a set of anti-predatory lending laws in order to help protect Idaho homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Idaho, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Idaho FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Idaho's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Idaho also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Idaho's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Idaho Housing Finance Agency.
Last Updated: Tuesday, October 07, 2008
Idaho Real Estate Market View
updated Tuesday, October 07, 2008
| Housing & Social Facts |
Idaho |
United States |
| Total housing units |
595,572 |
n/a |
| Owner-occupied housing units |
71.4% |
66.9% |
| Renter-occupied housing units |
28.6% |
33.1% |
| Vacant housing units |
10.7% |
10.8% |
| Average Home Value |
$134,900 |
$167,500 |
| Average Mortgage Payment |
$996.00 |
$1,295.00 |
| Average Rental Payment |
$285 .00 |
$388.00 |
| Total Population |
1,395,634 |
n/a |
| Percentage Male |
49.8% |
49.0% |
| Percentage Female |
50.2% |
51.0% |
| Median Age |
34.6 |
36.4 |
| Under 5 years |
7.6% |
7.0% |
| 18 years and over |
73.3% |
74.6% |
| 65 years and over |
11.2% |
12.1% |
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1 Year Market Value Change for Idaho |
| 1yr | 5yr | 10yr |
 |
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Popular Idaho Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Blackfoot |
10,419 |
$33,004 |
| Boise |
185,787 |
$42,432 |
| Burley |
9,316 |
$27,981 |
| Caldwell |
25,967 |
$30,848 |
| Chubbuck |
9,700 |
$41,688 |
| Coeur d'Alene |
34,514 |
$33,001 |
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| HomeMortgage Resources, Inc. |
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We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. Our customers save money and close their loans quickly because we employ the most advanced mortgage technology available. If you are in a rush, we welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms. From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We are committed to building rewarding, long-term customer relationships. With that in mind, you will receive the highest quality mortgage services. We rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs. We lend in the following states: California, Idaho, Montana, New Mexico, Nevada, Oregon, Utah and Washington. Home Mortgage Resources
2076 South Eagle Road
Meridian, ID 84362
208.899.4870 - (Office Phone)
208.899.4869 - (Fax)
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| First Colony Mortgage |
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First Colony Mortgage Corporation is a full service mortgage banking company serving Idaho, Wyoming, Utah, Nevada, Arizona, and other states. First Colony was founded in 1984, and offers first and second mortgage and commercial mortgage loans. First Colony is here to serve you. We provide you with fast, efficient service. We are ready to answer any questions you might have about the mortgage and home buying processes, free of charge and with no obligation. First Colony originates, underwrites, closes and funds their own mortgages, giving you outstanding service and quick turn around times. We understand that between work, the kids, and everything else, it is not always possible for you or prospective buyers of your home to come in during normal business hours. Evening and Saturday appointments can be arranged to fit your busy schedule. We are approved by Freddie Mac, Fannie Mae, FHA, VA and offer a wide variety of mortgage products including: FHA/VA, Stated Income, Refinancing. Second Mortgages. Construction Loans, Home Equity Loans, Commercial and SBA Loans, Complete 1003 Application, Safe and Secure, Competitive Interest Rates, Low Fees and Fast and Easy We serve the following regions: Alabama, Arizona, Colorado, Hawaii, Idaho, Indiana, Missouri, New Mexico, Oklahoma, Oregon, South Carolina, Texas and Utah. First Colony
1385 South 740 East
Orem, UT 84097
801.592.1151 - Phone First Colony is a real estate broker licensed by the ID Dept of Real Estate License
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| Pro Mortgage Group |
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Make no mistake, there is a lot involved in obtaining a mortgage loan. What we do is do most of the heavy lifting for you, so you can concentrate on more important tasks like preparing to move into your new home, saving money, or making plans for your home equity check. When you decide to buy a home or refinance a mortgage, it is a big step. You can trust us to find the best loan program for you. Buying a new home is a source of anxiety, frustration and a huge sense of accomplishment. Trust our professionals to find the mortgage loan that best fits your needs, too. Obtaining the right mortgage loan is like receiving the keys to your new house; we can help you get there. Refinancing your current mortgage has never been easier. If you thought refinancing meant processing mounds of paperwork; think again! We make it easy and stress-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly for comparable monthly payment. Let our professionals guide you to the very best refinanced loan. Our mortgage professionals give you the personal attention you deserve and treat you with the respect due a valued customer. We understand you are making a commitment in buying a new home, refinancing and mortgage or cashing out your home equity. So we make a commitment to you. We will help you qualify, apply and be approved for the right mortgage loan for you. Pro Mortgage Group - Idaho
(208) 947-5555 - Phone
(208) 947-544 - Fax
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