Idaho Home Loans

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 An FHA loan is a government-backed mortgage insured by the Federal Housing Administration that offers flexible credit guidelines and low down payment options. FHA loans can be used for both home purchases and refinances, including rate-and-term and cash-out refinances. For purchases, buyers may qualify with as little as 3.5% down, making FHA a popular option for first-time buyers and homeowners seeking affordable financing.

 A USDA loan is a government-backed mortgage guaranteed by the U.S. Department of Agriculture and designed to help eligible buyers purchase homes in qualifying rural and suburban areas. USDA loans are available for home purchases and refinances and often require no down payment for qualified borrowers. They feature competitive interest rates and flexible income guidelines, making them an attractive option for buyers looking to achieve homeownership with minimal upfront costs.

 A VA loan is a government-backed mortgage guaranteed by the U.S. Department of Veterans Affairs and available to eligible veterans, active-duty service members, and qualifying spouses. VA loans can be used for both home purchases and refinances, including cash-out and streamline refinance options. They offer benefits such as no down payment requirements, competitive interest rates, and no private mortgage insurance.

 A HECM (Home Equity Conversion Mortgage) is a government-insured reverse mortgage available to homeowners aged 62 and older. It allows borrowers to convert home equity into tax-free funds for purposes such as retirement income, home improvements, or paying off existing debt. HECM loans can be used to purchase a new home or refinance an existing mortgage, and they do not require monthly mortgage payments as long as the borrower continues to live in the home and maintain it.

 An FHA 203(k) loan is a government-backed mortgage that allows homebuyers or homeowners to finance both the purchase (or refinance) of a home and its renovation costs in a single loan. It can be used for primary residences and offers low down payment options, making it easier to buy a fixer-upper or improve an existing home. This loan is ideal for those looking to combine financing and home improvements without taking out a separate construction loan.

 A Fannie Mae HomeStyle loan is a conventional mortgage that lets borrowers finance both the purchase (or refinance) of a home and the cost of renovations in a single loan. It can be used for primary residences, second homes, or investment properties, offering flexible loan amounts and terms. This loan is ideal for buyers looking to customize or improve a property while financing it under one convenient mortgage.

 A manufactured home loan,  is a mortgage designed specifically for buying or refinancing a manufactured or mobile home. These loans can be used for both purchases and refinances, and often offer competitive rates and flexible terms compared to standard mortgages. They allow borrowers to finance the home itself, and in some cases the land it sits on, making homeownership more accessible for those seeking manufactured housing.

 A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, making it ideal for high-value properties. Jumbo loans can be used for both purchases and refinances and typically require strong credit and financial documentation. They offer competitive rates and flexible terms for borrowers looking to finance luxury homes or properties above standard loan limits.

 A Non-QM (Non-Qualified Mortgage) loan is a mortgage designed for borrowers who don’t meet traditional underwriting guidelines, such as self-employed individuals or those with irregular income. Non-QM loans can be used for both purchases and refinances and offer flexible documentation options, including bank statements or asset-based qualification. They provide an alternative path to homeownership when conventional or government-backed loans aren’t a fit.