Get Approved For A Home Loan

If you’re a first-time home buyer in Idaho, it’s important to understand the requirements for obtaining a home loan. One of the first decisions you’ll need to make is whether to go with a conventional loan or an FHA loan. Each option has its own set of pros and cons that you’ll want to consider.

One advantage of an FHA loan is the lower down payment requirement. With an FHA loan, you may be able to put down as little as 3.5% of the purchase price. However, keep in mind that you’ll also have to pay mortgage insurance premium (MIP) on top of your regular mortgage payments. The amount of MIP you pay will depend on the size of your down payment and the length of your loan.

In contrast, a conventional loan may require a down payment of up to 20%, but you won’t have to pay MIP. Instead, you may have to pay private mortgage insurance (PMI) until you’ve built up at least 20% equity in your home.

Both types of loans have their own set of requirements, such as credit score minimums and income limits.

If you’re wondering how much you can afford to spend on a house, a good starting point is to check your credit score. While there’s no specific credit score needed to obtain a home loan, most lenders prefer to see a score of at least 620. However, if you’re looking to be approved for an FHA loan, you may be able to qualify with a lower credit score.

In addition to credit score requirements and down payment amounts, first-time home buyers in Idaho may also be eligible for down payment assistance programs. These programs can help cover some or all of your down payment and closing costs, making it easier to afford a home.

When you’re ready to start the home buying process, I would love to help you navigate your options and make informed decisions. Contact me today to get started!

(562) 500-6148
NMLS: 1688894
701 N Green Valley Parkway, 2nd Floor Office #229
Henderson, Nevada 89074

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