Boise First Time Home Buyers are Pre-approved | My First Boise Idaho Home Loan

Idaho First Time Home Buyers are Pre-approved

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Boise Idaho first time home buyers need to take control of their purchase transaction and understand the difference between being pre-approved and pre- qualified for a home mortgage loan in Boise. It is in the Idaho first time home buyers best interests to be pre-approved.

When a first time home buyer is pre-qualified, they usually have had a conversation over the phone with an loan consultant and the basic qualifying questions are asked and no loan application has been completed.

After being pre-qualified, the Idaho first time home buyer is ready to go to the next step which is a COMPLETE BOISE LOAN APPLICATION and actual verification of all of the information/documentation provided, by the first time home buyer, on the mortgage loan application. Until it is verified, I would not recommend shopping for a home quite yet.

The Boise loan application verification process is done by the Idaho first time home buyer providing all of their required personal documentation. Once the the information is verified, the the Boise First Time Home Buyer is pre-approved and a approval letter can be issued.

The most common type of Idaho first time buyer home loan, in Boise, is a FHA home loan. The typical qualifying bullet points are

2 years of employment history-college or a trade school counts
Total mortgage payment plus total monthly debt should not exceed 41% of gross monthly income-
Middle credit score needs to be 620 or more
Co-signers are allowed (Mom and Dad)
All of the down payment can be “gifted” be a relative.
Seller can pay, up to 3% of the purchase price, towards closing costs and prepaid items.

These are just the FHA basics. For complete and more detailed qualification requirements, please send me an email. Or you can go directly to the FHA loan site an do your own research.

BOISE IDAHO FIRST TIME HOME BUYERS – TAKE CONTROL OF YOUR PRE-APPROVAL PROCESS!

Online application is also available to first time home buyers

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

Guild Mortgage – Boise Home 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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