My First Boise Idaho Home Loan – Boise Mortgage Loans

Given the difficulties in the nation and the Idaho market, with short sales and foreclosures (REOs or bank-owned properties), knowing if you are really ready to buy is critical. Not everyone is prepared for what they have to deal with when buying a home.

And certainly being financially able is essential or you are wasting your time.

One question to ask yourself is if you are REALLY ready to buy or are you just looking right now? While you may be thinking you are ready, your behavior may suggest the time is not quite right.

The questions below will help you determine if you are truly prepared to buy…emotionally, psychologically and financially.

• Will you be paying cash or have you arranged for financing?
• Do you have a house or condo to sell?
• Do you have a lease you can break or are you tick for an extended period of time?
• If you went out today and found your dream home, what would you do?
• Do you have a good idea of what you are looking for and what you are willing to trade off?
• Why do you want to buy a new house? Do you have some good reasons (space, financial psychological) for wanting to buy?
• You know yourself better than anyone. Can you HONESTLY say that you are emotionally, psychologically and financially ready to go? This is a tough one for the first time buyer, and an “unsure answer” or “I’m scared” is perfectly alright since it’s a bit step and being nervous about it is to be expected.
• How well informed are you about the market in terms of inventory, pricing, marketing time, interest rates, etc.? It’s hard to get started on the process if you know nothing about it or the local market.

The reality is that if you are unsure it’s time to talk. Buying a home in this financial market can be an incredible opportunity, but buying a home in Idaho when you are unprepared can be catastrophic. Note, I am not here to scare you, but I am here to help you understand that your first Idaho home should be an investment in your future and laid on a foundation of sound economic thinking and resolute commitment.

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CNN scoured the Trulia website a while back to find a bunch of cheap condos offered for sale for less than the cost of a new Prius. As a side note, let me say that one of the biggest complaints that I hear about Trulia is the site shows homes for sale that are not really for sale. A buyer’s best option for online listings still lies with those a real estate agent can obtain. And, if you need a referral in the BOise, Idaho area please let me know as I know a few good ones.

I looked through Idaho condos to see if any matched those prices and was surprised to find fewer than the number I can count on one hand priced under $30,000. But once I bumped the price from $31,000 to $50,000, more than 5 dozen popped up. Good luck trying to buy one, though. Lots of agents, especially in Idaho, don’t like to work in that price range because the net commission is too low for the effort expended.

Moreover, if you’re thinking you can pick up a cheap condo and rent it out, you better check with the homeowner association to find out if rentals are allowed in the complex or if the HOA determines the rental percentage allowed. Check the financial health of the HOA. Some distressed condo complexes are saturated with foreclosures and short sales, and can’t collect enough money in dues to cover obligations.

While the Idaho market continues to be on unsettled ground there are some great condos to be had. That being said, be cautious and know that these are often the slowest to bounce back from a recessive market. Your home loan can be done through my office and I look forward to helping you. I’ll be more than a facilitator of paperwork however. My goal is to insure you get the right home loan to insure your new Idaho home or condo is a perfect fit for you for the long term.

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Boise, the capital of Idaho and its largest city with a population of over 200,000, sits at the base of a mountain range on the Boise River. Boise – Les Bois or “the trees”-was named by French trappers in the 1800’s when they came into the Boise River valley.

The elevation of Boise is 2,842 feet above sea level and is considered “high desert” with temperatures ranging from an average range of 22 – 36 degrees in January to 58 to 90 degrees in July. The Boise valley receives an average of 12 inches of precipitation per year. Boise’s climate has four definite seasons but rarely receives snow. However, snow in the mountains surrounding the valley provide numerous opportunities for outdoor activities. There isn’t a better place to be a first time home buyer.

The Boise School District offers outstanding schools which serve over 25,000 students and employs 3,900 people including 1,700 certified staff. Their purpose statement – Educating Today for a Better Tomorrow – speaks to the district’s commitment to provide a quality education to all of its students.

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 Taxes, taxes, taxes, what is the deal with property taxes.  With the declining home values, people’s accessed values are also going down.   For many this is a huge relief.  

Real estate taxes for Idaho first time home buyers are paid twice a year to Ada County tax assessor and are collected in your monthly Boise mortgage payment (if you have impounds) and held in an escrow account until the tax bill comes due. 

How can I lower my Ada County Property Taxes?

Right now many properties in Ada county are accessed 5-10% above appraised values .  If you feel your property taxes are too high, you can contact Ada County Assessor, in Boise, and petition to have your property reassessed.  If you have purchased or refinanced recently, you may be able to use that appraisal.  If not, a new one will cost $400-$500.  Give me a call and I will be glad to assist.

For Idaho first Time buyers in 2009, this will not be a problem.  The properties that are being purchase now are mostly well under the assessed values.  When a home is purchased the taxes are based on the new-lower value which in turn will drop the taxes. 

If someone purchases a rental property, there will not be a home owners exemption on that property which means the taxes will be quite a bit higher until the exemption is filed.  After that, the taxes will be reduced in the following tax year. 

Another issue that Boise home buyers need to be aware of, is that if they buy a rental and the taxes are higher, that also means that it could affect their qualifying ratios.  It could be a deal breaker.  One way to get around this is to collect extra taxes at closing which will allow the Idaho home buyer to qualify at the lower tax rate.  A Realtor should be all over this and avoid a potential disaster.   

A few more posts about Boise home loans: 

Guild Mortgage Idaho– Boise Home loans – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

To learn more about Guild Mortgage and myself please visit my other site for a Boise mortgage

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Most Boise Idaho first time home buyers focus only on “what is the rate”?  When the most important question is “WHERE ARE MY BOISE HOME LOANS BEING PROCESSED?”   The interest rate is very important, but where the mortgage loans are underwritten and funded is primary.

IF YOUR IDAHO FIRST  TIME HOME BUYERS LOANS CAN’T BE CLOSED ON TIME OR CLOSED AT ALL, THE RATE MEANS NOTHING!

Guild Mortgage is located near the intersection of Chinden and Cloverdale here in Boise.  All Idaho first time home buyer loans are processed, underwritten, and funded all in our Boise Idaho location.  If necessary, a first time home buyer can contact our underwriter and even meet face-to-face.

 This is a HUGE ADVANTAGE for Idaho first time home buyers.  You will know exactly where your Boise loan is in the process at all times…never leaving you in the dark. 

The “In House Process”  is the key to ensuring a Boise Idaho First Time Home Buyer’s file will be closing on time every time. 

 Many other mortgage Boise lenders have their files underwritten in a centralized processing center (some large city out of Idaho). Out-of-state processing will take weeks instead of days.   An Idaho First time home buyer looses all control.

Guild Mortgage offers all types of Idaho First Time buyer home loans. There are basically 2 types of Boise home loans available to the consumer: Government and conventional. Most of the time a Idaho First Time Home Buyer will have a FHA (Federal Housing Administration) loan.  FHA mortage loan allows buyers to put down the minimum amount, 3.5%, which can be “Gifted” by a family member.  All of the mortgage Boise loan closing costs can be paid by the seller (6% of the purchase price). 

The required 3.5% can also be financed with a small second mortgage loan (the 1st mortgage is the FHA loan) through Idaho Housing Authority.

BOISE IDAHO FIRST TIME HOME BUYERS-TAKE CONTROL OF YOUR BOISE HOME LOAN PROCESS!

Other posts like this one-

• The “New” Home Buyer Tax credit For Boise Idaho
• Boise Idaho First Time Home Buyers Mortgage Loan Application
• No HVCC for Boise Idaho First Time Home Buyers
• Boise First Time Home Buyers Leverage Tax Credit
• Boise Idaho Home Buyers Free Credit Report
• Private Mortgage Insurance Really Stinks!

To learn more about Guild Mortgage Home Loans and myself please visit my other site.

Guild Mortgage –  Boise Mortgage Loans – Craig Ballhagen 208-713-3309

Idaho First Time Home Buyer Instant Gratification

Request for No Obligation Boise Home loan Analysis

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