USDA Home Loans for Idaho – Whats the Scoop?

Idaho is quite the agricultural state and the state’s biggest city, Boise, is no exception. Between 2002 and 2007 the number of farms in Boise went to 105 from 89 according to the U.S. Census of Agriculture. With crop sales accounting for 75 percent of products sold and livestock sales accounting for 25 percent, Boise farmers keep busy.
Undoubtedly, there are Boise farmers using USDA loans to finance their homes. Part of the Rural Home Loan program, USDA loans offer several benefits and favorable terms to prospective homebuyers. The title of the program often misleads homebuyers into thinking they need to be farmers to be eligible. However, this is no longer a requirement. Although farmers may still be eligible for a USDA loan, people seeking a home in a certain area may also be eligible.
Eligible areas include open country that is not associated with an urban area. Towns, cities and villages with fewer than 25,000 people may be eligible too, especially if they are far from an urban area, not included in a Metropolitan Statistical Area and lack mortgage credit. USDA loan borrowers’ income must fall within specified parameters as well. Borrowers’ income cannot be higher than 115 percent of the area’s median income. The USDA also decides if the sought after home is a reasonable size for the family, based on the number of people who will live there. Plus, the family must currently live in inadequate housing, meaning it is unfit because for the size of the family.
The Rural Home Loan program’s financial advantages are plenty. USDA loans in Boise come with no down payment. Other than a few other federal loan programs, no mortgage option has such a feature. More benefits of USDA loans include:
-Combining the 2 percent funding fee into a loan, making it 102 percent of the home’s value
-No private mortgage insurance cost every month
-Loan lives as long as 38 years with fixed rates
-Getting legal fees and closing costs lumped into the loan
-Financing the purchase, construction, repair, renovation or refinancing of a property
Like other government programs, the federal government does not issue the loan. Instead, the USDA guarantees part of each loan to protect lenders from an unlikely default. Consequently, the USDA does not have specific financial requirements. USDA-approved lenders do have some preferences, though.
These lenders calculate the cost of the loan divided by gross monthly income to determine whether a family can afford a USDA loan in Boise. If the resulting quotient is higher than 29 percent, the family won’t qualify. Similarly, lenders’ preferred credit score is 620 or higher. Another quotient—the debt-to-income (DTI) ratio—must be 41 percent or lower. DTI ratios are the quotient of total debt divided by gross monthly income.
With a niche in agriculture, Boise farmers are essential to the industry. They deserve a home and a financing option they can afford. USDA loans serve a niche that’s just as important the farmers who use them.

Written and shared by Kevin Pearia

Boise Treasure Valley Activities – Have Some Fun!

Activities in Treasure Valley

Did you know that prior to the 1960s Treasure Valley was called the Boise River Valley or the Snake River Valley? It was only in 1959 that the name was changed to reflect that the area was akin to a treasure chest rich with opportunities and potential. The name neatly summarizes the low-lying areas from Boise, Idaho to Vale, Oregon which encompasses the cities of Boise, Meridian, Eagle, Star, Kuna, Caldwell, Middleton and a number of others.

Hiking, biking and water sports are just some of the many activities available in this beautiful part of the world and a passion for many outdoor enthusiast. The attractions and amenities on offer illustrate why Treasure Valley is always rated high nationally for a great place to live and why many people relocate to the area. If you and your loved ones enjoy the great outdoors then this is the place to be and the State caters to many outdoor activities, most of which are free!  The cost of living is reasonable and Boise housing and real estate is very affordable. So, what are you waiting for? Research moving and moving quotes, pack your belongings and head for a new and fantastic life in the Valley!

With a wealth of outdoors opportunities, you will be spoiled for choices as to what to do first. If you enjoy being at one with nature, the numerous parks in Treasure Valley are highly recommended for their open space and interesting sights, which cover many thousands of acres including some of the vast and stunning Boise National Forest, which is a haven for anglers, hikers, white water rafters, mountain bikers, horse back riding and runners. Boise Greenbelt is a perennial favorite with residents and visitors alike, who enjoy running, in-line skating, walking, hiking and biking the miles of trails that run along the beautiful Boise River. Take along a picnic, your binoculars and a camera, as a variety of birds and wildlife have made this their home, including deer, beavers, mink, eagles, red-winged blackbirds and beautiful blue herons. If you have four-legged friends of your own, they can accompany you in many parks but dogs must be kept on a leash.

Idaho has many rivers which are ideal for water sports and offer many opportunities for the mild enthusiast or the more experienced and daring. The Boise River is popular in the summer season for rafting or just an easy float in an inner-tube and the run between Barber Park and Ann Morrison Park is especially good. The season runs from June to around October and you can use the facilities independently or book with any of the experienced operators who run excursions on the water. Choose from a serene and pleasurable meander down the river or the adrenalin-filled thrills of white water rafting down the Payette River! The rivers also offer many secluded spots for fishing enthusiasts who enjoy relaxing in a quieter way!

Less than 20 miles outside the city is the Bogus Basin Mountain Resort where you can participate in snowboarding and snow tubing, downhill and cross-country skiing. If you prefer green grass to white snow, head to any of the impressive golf courses in Treasure Valley to improve your game or take lessons with a professional. The Shadow Valley course even has marshals who hand out cookies and coffee to players, which shows just how welcoming the locals are in Treasure Valley!

With so much on offer why don`t you make the best move of your life to Boise, Idaho and enjoy a healthier, happier lifestyle in this incredible location.

Why Relocate To Boise Idaho?

Boise Idaho Relocation Guide

Idaho is a beautiful state filled with mountains and lakes. The capital city of Idaho is Boise and the state is landlocked; it is surrounded by Monatana, Wyoming, Nevada, Oregon, British Colombia and Utah. The state has a population of approximately 1.5 million people. For families considering moving to Idaho, here are some practical facts that you`ll need to know.

The cost of living in Idaho is one of the lowest in all of the western states. This is based on groceries, transport, health care, average cost of housing, utilities as well as other services. Idaho has an extremely low crime rate, which is great news for families who are thinking about moving there; according to statistics from the FBI, this state has the lowest crime rate in the west of the country. The rate of crime which is serious is more than a fifth less than the national rate.

In terms of education, Idaho is one of the top states in the country for adults who are aged 25 and over that have received their high school diploma. Almost three fifths of the general fund of the state is used for educational purposes and the majority of children who are of school age go to public schools. Nearly every city in Idaho which has a population of more than 20,000 people has a university or a college as well as technical training centers which teach vocational work.

Idaho is an environmentally friendly state; due to its mountainous location, the water which flows from these higher regions is of good quality. Air quality is also of a high standard, bar during certain months when the pollen count is higher.

Housing in Idaho is very affordable and moderate; there is a wide range of choice available, from luxury estates to simple cottages, depending on your family`s budget.

The economy in Idaho is diversified and strong.  Some of the main industries include agriculture and manufacturing but retail, tourism, tech work, information services, business and health care are also sectors which are growing quite rapidly. There are plenty of employment agencies to help people with finding work all across the state.

In terms of energy supply, the state of Idaho has a distinct advantage over the rest of the country. Rates for residential electricity and natural gas are highly competitive and are some of the cheapest to be found.

If you and/or your family are thinking about moving to Idaho, consider the advantages and ensure that you plan your move well in advance. Hiring a moving company can take alot of the stress out of relocating, as alot of the hard work is done for you.

Latest Housing trends for Real Estate in Idaho

Rents in the Treasure Valley area are steadily increasing upwards this year and are predicted to continue their climb as the shortage of available units becomes apparent.   What does that mean for you?  Now is a great time to buy.

Interest rates are still low and there are a lot of Boise area homes available to choose from in varied price ranges. Read the latest real estate news trends and forecasts for the Boise Idaho area and national news.   As always, please call or write if you have any questions.

Good News for Idaho home buyers- Rules for FHA Lending have loosened.

Wanted to share an important article about FHA lending.  Many first time home buyers in the Boise Idaho area have had some difficulties acquiring mortgage loans as FICOs and FHA requirements were not compatable.  Previously credit scores were needing to be 620 or higher.  Seems some rules have changed without much fanfare or notice to the general public.

The article : FICOs and FHA: 2 big lenders loosen up explains how the new changes will affect you if you are a home buyer in Idaho needing and FHA loan and/or if you previously could not qualify you may want to check with your lender to see if your situation now qualifies you to purchase a home.

Call or write if you ever have questions about real estate in the Boise Idaho Treasure Valley area.

Here it is January 2011 Natioanal & Idaho Housing trend Report

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the Housing Trends JANUARY – 2011 Newsletter http://idahorealestatenews.housingtrendsenewsletter.com

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://idahorealestatenews.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

Paul Heim Silvercreek Realty 1109 S. Wells, Suite 200 Boise ID 83642 208-344-5700 2 buyboise@gmail.com

Idaho Real Estate Housing Trends

DECEMBER-2010 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the DECEMBER-2010 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

Jingle Mail? What is it and is it your best bet?

Over these last few years of our housing collapse, while working as an Idaho real estate agent in this current economy, I have been approached by a number of people whom desire my opinion.  They have a mortgage, good employment but fret over how upside down they are on their homes value.  Are you upside down or underwater on your home or property?

There has been a new wave of people simply dropping the keys in the mail and walking away from their homes and defaulting, although capable of fulfilling their obligations.   Hence the coin ‘jingle mail’.  I am not addressing those that are in a distressed situation where payment is impossible and whom may try to short sale but those that would not qualify for a short sale because of sound income, savings and employment.

Now there are the moral obligations to consider, but along with it seems to come a million excuses to get around them.  But lets look forward time-wise and calculate the costs.  These are some of the things I have seen and heard occur to people.

• When you default you will destroy your credit, and I am not talking about a 1 year set back on your credit score, but perhaps seven to ten years before you can get another mortgage.
• You may find that some of your existing creditors such as your credit card provider may send you a nice ‘Dear John’ letter cutting your credit or cancelling it all together.  Now I am not a big proponent of credit, but it would be pretty inconvenient today to try to rent a car, reserve a hotel room and a myriad of other things without one.
• So you moved on, your renting a new place for cheap, or maybe you bought that second home first prior to defaulting.  Maybe it was a great bargain, got it on auction or it was a foreclosure sale, like the one someone will get when they buy yours.  Life sounds peachy now, maybe it goes something like this; ‘were putting extra money away, even taking an extra vacation.  I can expect my values to increase and get a realistic return profit someday,  Wow I am making money as I sleep’.  Sounds good in theory but while your sleeping soundly with your head on that pillow, dreaming about how you beat the system, there is someone somewhere going over files determining whom and in what order they intend to pursue for judgement.  Maybe it will be the bank, worse yet probably one of them cut throat folks that buy defaulted loans and hence the rights to sue you for a judgement.  I think the owner of every one of them has someone named Vinny on the payroll.   When you receive that letter the party is over.   I have seen judgement’s come against people, seen huge payroll garnishments, excessive legal fees, etc….  So now what?  Probably decide that bankruptcy is a good choice.  While it does exist to assist people to start over it also comes with its own draw backs and expenditures.

All said and done, keep in mind that the financial gain you seem to make at the start is short sighted, it can and will probably costs you more over the next ten years of your life both financially and emotionally.  Does it seem fair?  I would have to say yes and no.  We all make decisions everyday, hopefully for the better but it doesn’t always turn out how we hoped.  But that doesn’t excuse us of the responsibility of those decisions.  Lord knows I made a few over the years that were maybe good ideas but bad timing, or just a bad idea all together.  Life happens, we move forward.  If your loosing sleep on how much value you lost in your home then you need to refocus.  Keep your savings plan, retirement plan,  if possible make an extra payment per year or two.  If you pay a little extra per month that in the end of the year equals to or greater than your monthly payment, you would be shocked at how many years that will knock off your mortgage.  For example, a thousand dollars off your principle now, over 30 years can save you over three thousand dollars.  When you closed on your home, remember that spreadsheet they showed you for amortization? Its what I call, ‘the truth and scary’ report.  The one that shows you what you will end up paying at the end of the term for your home after interest.  You can beat that system by paying principle early.  If you do this over the next five years not only will you have reduced your mortgage considerably, but eventually we hope the market will catch back up and you can meet it in the middle.  Either way, I think over ten years (the time it will take to re-establish your name and credit) you will come out far stronger and better situated then taking the quick gain. I wish all of you success in your worthy endeavors.

Idaho Real Estate Updates

SEPTEMBER – 2010 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

Please click here to view the SEPTEMBER – 2010 Newsletter Housing Trends eNewsletter.

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

‘How to Buy foreclosures’ and ‘When to reduce your Price’

5 Tips for Buying a Foreclosure

Get prequalified for a loan and set aside funds, and you’ll be ready to purchase a foreclosed home. Read

6 Reasons to Reduce Your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Idaho Real Estate and Home sales.