Boise Idaho Real Estate » Home Buying Tips

New IFHA Financing Option

Jace — Mon, 14 Jun 2010 18:26:00 +0000

There’s a new program by the Idaho Housing & Finance Association (IHFA) through its IdaMortgage loan program. The Affordable Advantage Loan is designed for first-time home-buyers and has the following key features:

- First-time home-buyer
- No private mortgage insurance required
- Owner occupied
- Check the income limits chart for qualifications
- No sales price limits
- Minimum borrower contribution $1000
- Borrower must complete Home-Buyer’s Education class
- Up to 100% Loan to Value for home-buyers with credit scores of 680 or higher
- Up to 97% Loan to Value for home-buyers with credit scores of 660 or higher

You can contact a local IHFA Lender here to determine your eligibility.

The above information is not guaranteed & is subject to change without notice. Please visit the www.Idamortgage.com website for more details and the latest information.

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First-Time Home Buyer Tax Credit

Jace — Thu, 03 Sep 2009 02:24:28 +0000

[UPDATE: TAX CREDIT EXTENDED]

Time is nearing an end to take advantage of the first-time home buyer tax credit scheduled to expire December 1, 2009. If you intend to take advantage of this opportunity and you’re looking for a great buy, don’t wait too long.

Many of the best deals out there such as the bank-owned homes are getting multiple offers. It can take several (or more) offers on different properties before you end up with the winning offer. This process can take anywhere from a few weeks to even a few months if you have you’re very particular on what you’re looking.

After your offer is accepted, you’ll need about 30 days to close. During that time you’ll get your home inspection, appraisal, and final loan approval. You’ll want to have enough of a cushion that if the inspection doesn’t go well, you’ll have time to start over and pursue other properties.

Do you have enough time to buy a short sale? It depends. You can get short sale approval as soon as four weeks and as long as 6+months. The first question to ask is how many liens/mortgages are against the property and with who? If there’s multiple mortgages that means more lenders that have to authorize the sale. Which lender(s) also have a lot to do with it. If you have an aggressive and experienced agent they’ll be able to help you navigate the homes that may still be possibilities.

Search all the homes for sale in the Boise Idaho real estate market.

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Boise Bank-Owned or Boise Short Sale?

Jace — Tue, 01 Sep 2009 15:47:22 +0000

I’m often asked if Boise bank-owned homes or Boise short sales are better deals? While it can depend, and I’ve seen it go both ways, most often bank-owned homes are the better deal.

As some evidence for this, I pulled 11 Boise bank-owned homes that have sold since 8/11/09 and researched their marketing history. All 11 of these Boise REO’s attempted to complete a short sale prior to becoming bank-owned. As you’ll see below, every home sold for less than what they had been marketed for as a short sale.

Boise Idaho Bank-Owned	Sold Reo Price	Short Sale Price	% Difference
10747 W. Parker Ave.	$93,000	$105,000	-11%
3975 S. Rushmore Way	$129,900	$149,000	-13%
7487 W. Snohomish	$145,000	$174,000	-17%
11450 W. Amity	$149,900	$239,900	-38%
3903 Rose Hill	$160,000	$170,000	-6%
12531 Orion Greens	$183,500	$209,000	-12%
2710 S. Roosevelt	$194,500	$270,000	-28%
9503 W. Montebello	$194,900	$220,000	-11%
4259 N. Chatterton	$202,900	$279,900	-28%
1159 Opus ST.	$272,000	$529,000	-49%
11960 N. Humphrey’s Place	$290,000	$299,000	-3%

It’s important to note that none of these short sales had been approved. Most often, bank approved short sales will sell before the foreclosure auction because buyers don’t have to wait. However, even the approved short sales I’ve seen that don’t get sold before the auction still come on the market cheaper as bank-owned.

Data Source: Boise MLS (IMLS). Information not guaranteed. No representation or warranty of any kind is made.

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100% Financing for Kuna and Star Id Homes

Jace — Mon, 20 Jul 2009 20:41:29 +0000

Looking for 100% financing? A rural development loan (RD Loan) is one of the few programs available to finance up to 100% of a home’s value. The loan does have restrictions, but if you’re thinking of buying a home in Kuna, Horseshoe Bend, Emmett, or Star Idaho it could be an option for you (see map below for eligible areas).

Benefits of a Rural Development Loan:
- Up to 100% financing available.
- No mortgage insurance.
- Financing can include money for repairs and closing costs up to the home’s appraised value.
- Many eligible homes for sale in Star, Horseshoe Bend, Emmett, and Kuna Idaho.

Both the property and the applicant must meet certain criteria to qualify for a Rural Development loan. This program was created to help moderate income families obtain affordable home ownership, so income limits, purchase price limits, and area qualifications do apply.

Key Applicant Requirements:
- Owner ability to occupy property on a permanent basis
- Sufficient and stable income not exceeding 115% of the U.S. median family income.
- Acceptable credit score and history.

Click Here To Find Out Income Eligibility

Property Requirements:
- New or existing stick built or modular home meeting HUD guidelines.
- New manufactured home on a permanent foundation.
- Owner occupied and not produce an income.
- Located in a qualified rural area.

Click Here To Search Specific Address Eligibility

Disclaimer: Information not guaranteed. Contact your lender to determine eligibility.

Search homes for sale in the Boise, Kuna, and Star Idaho area.

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