An Idaho FHA Loan is a great loan for most first time homebuyers. You are able to get outstanding rates and having to come in with a minimal down payment. Currently FHA is at 3.5% down payment and you are able to do either arm loan, 15 year fixed or the standard 30 year fixed. Rates right now are great and would be a great time for you to find out if you qualify for an Idaho FHA Loan.
If you are looking at refinancing your Idaho FHA Loan here is some important information for you:
FHA Streamline Refinance Changes
We have seen tightening of all loan guidelines.... And the same is true for the FHA Streamline Refinance Loan.
* Seasoning: At time of application the borrower must have made at least 6 payments.
* Payment History: For mortgages with less then 12 months payment history, all payments must be paid on time. For mortgages with more than 12 months history, no more than one 30-day late is allowed.... and the previous three months must have been made on time as well.
* Net Tangible Benefit: The lender must determine that there is a benefit to the borrower making the loan. A reduction in PITI(payment) or refincing from an ARM to a fixed rate or reducing the term of the loan. See your preferred lender for the fine print.
* Certifications & Verifications: Employment must now be verified. And any cash to close funds must be verified.
* Credit Score: Most lenders require 620 FICO score.
* Maximum Combined Loan-to-Value: If subordinate financing(2nd lien) is to remain in place then the maximum CLTV = 125%
With or without an appraisal, this is still a very good loan for those who purchased back when rates were a little over 6% and would like to lock in at these historically low rates today!!
The benefits to the Idaho FHA Loan is that lenders do not care about new debt taken out since the mortgage was originally taken. And borrowers who have seen a decline in income are not affected.
Get started today on getting qualified for your Idaho Home Loan