Idaho IHFA & USDA Rural Developement Zero Down Home Loans are two great ways for a home owner to purchase a home with 100% financing.

With the Idaho Housing & Finance association loan (IHFA) in order to qualify for a 100% financing you need to be a first time homebuyer to qualify for the IHFA tax credit 2nd mortgage. A first-time home buyer is defined as someone who has not owned a home within the last three years. This 2nd mortgage uses the $8000 tax credit that the government is giving people who purchase a home in 2009 and allowing people to get financing through the tax credit 2nd mortgage IHFA has available.

If you are not a first-time home buyer you can still get 100% financing through IHFA if you have a good credit rating of atleast 700. This loan program is called the Good Credit Rewards program. Both of these programs along with all of the IHFA loans that are available have borrower income limits.

The USDA Rural Development loan is a true 100% financing. USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. USDA loans have borrower income limits.

If you or anyone you know is looking to buy a home with 100% financing and have any questions about purchasing a home feel free to call or email me.

Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825

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In the last couple of years, many people in Arizona have obtained an FHA loan on their home as other mortgage options have gone by the wayside. When they got the current FHA loan that they have, they probably got a good rate at the time, but guess what?

Rates are now lower.

Which means many people are wondering exactly what it takes to participate in the Arizona FHA streamline program.

As you probably know, FHA doesn’t actually lend you money, they only insure your loan. This means that FHA has a direct interest in keeping your monthly payment as low as possible, because if your monthly payment is lower, you are less likely to default on your loan.

Enter the FHA streamline program. FHA designed the FHA streamline program to be as easy as possible for current FHA borrowers who are in good standing to get a lower rate without having to completely re-qualify for a new loan.

The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.

Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are probably eligible to participate in the FHA streamline program regardless of what your current credit score is.

True, many lenders are now requiring a minimum of 620 credit score, but some are not.

Do you live in Arizona and are wondering if the FHA streamline program is right for you? Contact us today and can see if we can help get you qualified for the program.

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Copyright © 2008
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
)

Related posts:

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The Pending Home Sales Index rose more than expected with a 3.2% advance in March, against forecasts that it would be unchanged after a revised 2.0% gain in February. The index now stands at 84.6. Annually, pending sales have risen 1.1% since March 2008…(read more)

Mortgage rates are notoriously volatile when the Federal Open Market Committee meets and today is such a day. Today’s meeting is one of 8 scheduled FOMC meetings this year. The Federal Open Market Committee is a rotating, 12-member sub-group within the Federal Reserve that debates about financial…

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