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Idaho Mortgage qualifications
Before getting too excited about purchasing a new home, take the time to make sure you are qualified for a Idaho mortgage loan.
Home buyers are still committing themselves to a Idaho real estate contract before they have had their qualifications reviewed by a local Idaho home loan consultant. Idaho mortgage guidelines a constantly changing. Home buyer really need to take the time to be informed and know the basics.
All home Idaho mortgage loans are evaluated using three basic qualifying categories : credit, employment and liquid assets. These areas must be addressed and documented. Home buyers should take the time to complete their loan application themselves and take control of their own home loan process.
Credit report – All Fannie Mae residential credit reports consist of three scores. The middle score is what is used for Idaho mortgage classification. If a home buyer has a mid score of less than 580, they are not ready to buy. If the mid score is above 580 and less then 640, a 3.5% down payment is required. If it is above 640, home buyers can apply for an Idaho Housing grant program for the 3.5% down payment. Credit scores above 700, home buyers are qualified for the Idaho Housing "Good rewards" program. There is much to consider when applying for these programs. Schedule an appointment with your local loan officer to review all Idaho Housing details.
Employment- Two years is the magic number. Home buyers will need to have atleast 2 years in their line of work. The 2 years can be with different companies. Again, consult a Idaho mortgage representative for all of the details.
Assets- All monies used for a down payment must be verified and in the bank for 2 months. FHA loans allow gifting from relatives. Gift funds must be completely documented including a gift letter stating no repayment of the funds by the giftor. Sometimes the seller pays for all closing costs, if not, those funds must also be documented. And finally, contact your loan officer for all asset requirements.
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Guild Mortgage Idaho– Idaho Mortgage – Craig Ballhagen 208-713-3309
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