Your Boise mortgage resource for first time home buyers.
Idaho mortgage insurance is a must when purchasing a home with less then 20% Down payment.
Mortgage Insurance is required when a home is purchased with less then 20% down payment. There is a monthly portion for all FHA loans which is based on .55% and an upfront premium of 2.25% which is financed into the loan amount.
Conventional loan also require mortgage insurance when purchasing a home with les then 20% down. It is actually a pretty good deal when you do the math. Especially when a home buyer purchases a home that is well under market value. Private mortgage insurance is usually taken off when a home has at least 20% equity. The catch is the homeowner has to contact their lender and petition to have it removed. A new appraisal will be required.
Boise First Time Home Buyers can print out a sample GFE and see the exact numbers for a $100,000 purchase price scenario.
The reason for MI is cover a lender in the event of foreclosure, to offset the losses.
Check today’s rates for Boise First Time Home Buyers or complete an E Application online.
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Guild Mortgage – Boise Home loans – Craig Ballhagen 208-713-3309
Idaho First Time Home Buyer Instant Gratification
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