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A zero down purchase home loan in Boise is the most popular among Boise Idaho Idaho First Time Home Buyers. A no down program usually consists of 2 loans equaling the total purchase price. The first loan is normally a FHA loan, 96.5% of the purchase price, and a small second mortgage for the remaining 3.5%.
The second mortgage in Boise, is usually the tax credit loan that is offered through Idaho Housing Authority. Idaho first time home buyers must have a middle score of 640 to qualify for the tax credit second.
The other part of a zero down purchase is who is paying for the closing costs? Referring to the sample Good Faith Estimate for a $100,000 purchase price, the total closing costs and prepaid items are approx $3500.
FHA loans allows the seller to pay up to 3% of the purchae price towards closing costs and prepaid items. With this example, that would be $3000. That means the Idaho first time home buyer would be paying for any amount above the $3000.
This would be outlined in the purchase contract by your Real Estate Agent before the offer is made.
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[...] All of my posts are designed for first time buyers to easily access and obtain an accurate break down the entire home loan process and fully explain the Good Faith Estimate, calculating your first mortgage payment, and first time buyer programs, in addition to zero down programs. [...]