The Next Level In Mortgage Lending
Idaho Housing and Finance Association (IHA)
FHA Loans have become quite popular lately. This is primarily because the program allows for a lower down payment option and the ability to have lower credit. Mortgage insurance is required, however, it is not underwritten by a private entity, which makes qualification easier. Borrowers who have had a bankruptcy can potentially qualify for an FHA loan as early as 24 months from their discharge date. FHA requires a 3.5% down payment on purchases which can be gifted from a family member or can be from a down payment assistance program. On refinances, FHA allowes up to a 97% loan-to-value. The interest rates for FHA are typically extremely low, so this is a very competitive program.
With so many different financing options to choose from, the loan officers at Nexus are here to help you find the best interest rate and program to meet your needs. Here is a brief overview of some of our loan programs....
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Rural Development loans are underwritten and sponsored by the US Department of Agriculture. They are specifically designed to help boost the residential areas in our more rural communities. These loans are able to go up to 100% financing. There are income limits with this program. Like the FHA program, it offers low, competitive rates,and also works for borrowers with lower credit scores. Click here to see if your address is eligible for rural development financing.
Conventional loans are loans that are sponsored by FannieMae or FreddieMac. These types of loans are very common, and designed for all types of borrowers, whether for purchase of a primary residence, second home, or investment property. They can be financed in a fixed interest rate (i.e., 15, 20, 25, 30, or 40yr) or adjustable rate. Standard conventional loans require that borrowers carry Private Mortgage Insurance (PMI) if they are putting less than 20% down; However, some of our lenders ofter a "No PMI" option if certain qualifications are met.
VA loans are allowed for eligible veterans of the US Armed Forces. There is an up-front funding fee associated with the loan, but in some cases, it is waived for qualified veterans. There is no Private Mortgage Insurance (PMI) associated with this program, and borrowers can finance up to 100% of the purchase price.
Reverse mortgages are designed for borrowers age 62 and older for primary residences only. With a reverse mortgage, qualified borrowers are able to either extinguish their existing mortgage, or simply access all the equity in their home. Reverse mortgages can be used to purchase a primary residence as well. There are no payments required on the home as long as they remain in the home. Reverse mortgages are a wonderful program for seniors, however, they aren't for everyone. Call our office so that we can arrange a consultation to see if a reverse mortgage is right for you.
IHA loans are specifically designed for Idaho residents who meet specific requirements. There are income limits and sales price limits, however, they are set in such a way that the majority of our clients have no problem qualifying for an IHA loan. IHA programs are often offered with incentives to first time homebuyers. The rates and closing costs are extremely competitive. IHA also offers down payment closing cost assistance progams, which, when combined with certain other programs, will allow for 100% financing.