Tagged : mortgage

There are currently 3 blog entries matching this tag.

Applying for a home for loan

There are many factors that lenders consider in determining how much, and what type of loan you may qualify for. Before taking a look at the types loans, it’s good to understand a few key principles that lenders look at.

Credit Score

Credit scores depend on which company is providing the scores (FICO up to 850, VantageScore up to 990). First knowing where your score comes from is important because banks are usually going to use the FICO score as the determining factor for the loan amount and interest rate. Generally, a great FICO score is considered 720-850, 680-719 is good, 620-679 fair, and anything below is 619 is considered poor credit.

Debt-to-Income Ratio

The debt-to-income ratio looks at your required

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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

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The American Recovery and Reinvestment Act of 2009 provides a federal tax credit of up to $8,000 for first-time home-buyer's (or those who have not owned a home in three years). The Idaho Housing and Finance Association (IHFA) just came out with a new program to help buyer's utilize the tax credit for down-payments/closing costs.

In conjunction with an IdaMortgage loan, a 2nd loan will be offered to qualified home-buyers in the amount not to exceed 5% of the sales price or $7,000.  The loan will accrue interest at 3.0% with a due date of July 1, 2010. The 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the federal tax credit.

Borrower qualifications:

1) Must be a first-time homebuyer

2) Must have a FICO

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