Woo Hoo!  Idaho Housing and Finance Association has dropped their interest rate from 5.91% to 5.77%!  Realtors, bring your buyers.  In canyon county, the borrower does not have to be a first time home buyer. 

This interest rate is for a Conventional 30yr Fixed mortgage with 100% Financing!!! 

Who can qualify????  Most borrowers that fit inside the income limits can qualify. 

To get a free pre-approval click here.

Borrower Income Guidelines and Home Sales Price Limits

The borrower's annual gross income cannot exceed the following limits:

Buyer Beware!!!  A Pre-Qualification and a Pre-Approval are not the same.  A pre-qualification can be obtained by simply speeking with a lender about the amount that you would like your monthly payment to be and what you might be able to afford simply based on that payment.  They have not taken an application, reviewed your credit report or any other income/assett information. 

When shopping for a home there are a few very good reasons why you, as a potential buyer, should obtain a pre-approval.  A pre-approval means that your lender has taken an application, reviewed your credit report, and recieved an automated approval from an automated underwriting system.   

To recieve an accurate pre-approval, employment/income and assett information really needs to be provided.  These days, many applications are completed online or over the phone so the mortgage consultant is not able to review w2's, paystubs, bank statements, etc.  A lender can usually provide a pre-approval based on the information given.  However, it is important to understand that the word, "pre" is in front of the word, "approval" for a reason.  Your loan is not fully approved until it has been reviewed by an underwriter.  Therefore, if you state on an application that you make $35,000 a year, your pre-approval is based on that income figure.  If after reviewing tax returns, w2's, or paystubs, the mortgage consultant or underwriter finds that your income is actually $30,000 a year, your pre-approval is no longer valid. 

• Having a pre-approval, gives you a sense of direction as to what price range you should be shopping in.  If you are pre-approved for $150,000 with $10,000 down, your maximum sales price is $160,000.  Even though your maximum sales price is $160,000, you may still want to look at houses that are less.  It is good to have a little extra money set aside for things lilke furniture, repairs, landscaping, etc. 

• Once you know that you are approved for a certain amount, you can really narrow down your search.  If you are approved for $160,000, you may want to look at houses that are between $140,000 and $160,000.  Narrowing down your price range will save time for both you and your agent.  

• A pre-approval also gives you buying power when competing with other buyers for the same house.  A seller will most likely accept an offer from someone that is fully pre-approved and ready to roll than from someone that cannot show that they will be able to get financing.

• Obtaining a pre-approval is easy!  You can apply online, over the phone 208-468-4840, or in person (contact me to schedule an appointment).     

 If you are an Idaho resident, ask me if you can qualify for 100% (no money down) financing.

***If you live in a community property state, like Idaho, it is imperative that you let your realtor and lender know if you are married even if your spouse is not going to be on the loan.*** 

I was watching a show on PBS last night about the origin of a map made in the early 1800's.  Yeah I know, this sounds really boring.  Well I don't have cable and there wasn't any thing else on.  Any ways to make a long story short, the map was of an area in Ohio.  The person trying to find out what the map was used for thought that it may have been used for the underground railroad.  It turned out that the map was not used for the underground railroad.  However, there were a large population of Quakers in this particular area of Ohio and the map was probably used for Quakers from the south to make their way to this area of Ohio.  It turns out that there are several maps similar to the map featured in the program. 

The Quakers were very active in the anti-slavery movement and started moving north.  And here is what hit me... the Quakers did not approve of slavery because they based their lives on a simple principal, "Do Unto Others as You Would Want Them to do Unto You." 

I immediately thought of a conversation I had earlier in the day with a Realtor that had been very upset by the way he was being treated during a transaction.  The transaction was supposed to close in the morning and title wasn't getting docs.  The other agent involved wouldn't answer his calls to let him know what was going on.  Title never did get docs and up to this point I still don't think they have.  I understood his frustration.  I think we have all been there at some point and it just makes our blood boil.  Missing deadlines happens.  It stinks, but it does happen.  However, the fact that he was in the dark is not only unacceptable, it is disrespectful.     

I think it all goes back to the golden rule.  There is so much hate and greed in this world.  If we would all just remember this simple principal we would be happier people, our transactions would be more pleasant, and the world would just be a better place in general. 

When I was growing up I wanted to be anything but a mortgage lender.  I grew up as an only child with a single mom.  My mom worked Full Time and I don't mean the regular 40 hours a week. As a little girl I just wanted my mommy to stay home and play with me all day.  I didn't realize how much she sacrifised so that we could have a roof over our heads and food in our bellies, even if it was mac and cheese or ramen noodles.  It took a long time for me to truly appreciate how hard my mom worked.  Now that I have followed in her footsteps and become a mortgage lender myself, I am overflowing with appreication for her.  As I got older I started to pay more attention to what my mom did for a living.  It seemed that she was always helping people.  And everywhere we went there was at least one person that she knew.  People were, and are, so drawn to my mom.  I don't blame them.  She is a wonderful human being and the perfect example of what a mortgage lender should be.  My mom is honest, wise, funny, she is awesome at her job, and of course she is just as cute as can be!  I am so grateful that she taught me the values that she applies to her every day life. Thank you mom for everything!!!    

Gail Barrutia-Kovash >> Wells Fargo Home Mortgage >> Private Mortgage Banking

gail.e.barrutia@wellsfargo.com

Wow!  Yes, I said 5.94% for 100% financing.  I am blessed to live in the great state of Idaho!  The Idaho Housing and Finance Association is opening doors for first time homebuyers.  Because the Bond program is designed for low to median income families there are income limits.  However, in Canyon County, Idaho, the income and purchase price limits are very reasonable.  Canyon County which houses Nampa, Caldwell, Parma, Notus, Homedale, etc, is considered a targeted county.  For homebuyers looking to purchase in Canyon County, this makes qualifying for an Idaho Bond loan even easier.  In targeted counties some of the rules are waived, such as having to be a first time homebuyer.  In Canyon County, homebuyers can sell their current home and get an Idaho Bond loan for their new purchase without having to wait the minimum three years as in non-targeted counties.  My favorite thing about this program is that 100% financing is available with borrower paid mortgage insurance.  How cool is that?  It is so difficult these days to find 100% financing with a decent interest rate.  Because this program is really targeted to families in the low to median income range, it can only be used for a Primary Residence Purchase. 

Idaho Bond Income and Housing Limits:    

Interested in purchasing a home in Idaho?  Ask me how you can get a 5.94% interest rate for a 30yr Fixed Conventional Mortgage with 100% financing!