Rural Development Idaho Home mortgage loans
Rural Development announced new income guidelines for Idaho on Tuesday. Link to update flyer is here, but here is basically what they are now:
For the Boise, Middleton, Kuna, Star, Idaho Falls, Coeur d’Alene, Gem Count, and smaller Rural Development area, 4 and less household limit is now $78,200, 5 and higher is $103,200.00.
This is about a $3500 boost over last years Rural Development numbers. Pretty Sweet. And don’t forget, Rural Development home loans have a very low upfront Mortgage Insurance of 1.0% and a VERY low monthly mortgage insurance of .35%. When compared to FHA, Rural Development in Idaho is SWEET!
Check out Rural Development Web Site for more information: http://www.375loan.com/loan_products/rd_home_loan/
Wells Fargo NeighborhoodLIFT & Down Payment Assistance
Wells Fargo announced a new down payment program that is coming to Idaho, and the received LOTS of media coverage from it.
1st Choice Mortgage will be able to do this program as well, through Idaho Housing!
Some Facts about the program:
- Get up to $7500.00 towards down payment and closing Costs.
- Money is FORGIVEN over 3 years, that is right FORGIVEN!!!
- CAN BE used with other IHA down payment programs:
- i.e. if borrower get’s $5000 down payment assistance from IHA, then WF kicks in another $7500 for a total of $12,500. With $7500 being forgiven after 3 years.
- Income limits will apply.
- Can be used with IHA, FHA, RD and Conventional Mortgages.
Watch for flyers & video and web site announcements coming REALLY SOON!
Other items of note:
-Lenders are now allowing Conventional Home Mortgage Loans down to 620 FICO scores now! Pretty sweet, a person can avoid FHA, but it will require a pretty hefty down payment to avoid convention MI.
-Borrowers would rather NOT make mortgage payment and pay car payment if they had to make a decision, that is utterly amazing!! Link to that article here.
-Zillow being sued over Zestimates, duh..link to that article here.
Rates this week.
Wipe all information off the board, economic, social, PIGGS, European Union, all of it. Rates were 100% this week about Trump and the option to impeach him.
Rates improved SIGNIFICANTLY, we have seen conventional drop to 4.00% and FHA/VA/RD to drop below 3.75%, to range of 3.50% to 3.625%.