Thanks for stopping back in to my Boise Idaho Realtor blog! I am the proud owner of AA Realtors Boise; enjoy providing the Treasure Valley with the best homes in Meridian, homes in Eagle and fast Boise Home Searches! This Idaho Realtor blog is a great way to stay up on what is happening the the real estate market around the country and right here in Idaho – don’t forget to check back often to read up on the latest developments in real estate and how they can effect YOU! On to the latest real estate news from HUD and the VA….

Good news: HUD and the U.S. Department of Veterans Affairs have issued several new rules that will help loosen the tight credit markets. This comes as great news during a time when the banks and lenders are all adjusting to new ways of having to do business.

1. Waiver of flipping restrictions
On Jan. 15, HUD announced a one-year waiver of the resale rules applicable to Federal Housing Administration-insured loans in relation to “flipping” homes. FHA’s anti-flipping rules do not allow FHA-insured loans to be used to purchase a home if a seller acquired a title within 90 days of the date of sale.

To qualify for this waiver, the sale of the property must have no commonality interest between buyer, seller or other parties participating in the sale transaction. Should the new price exceed the initial price by 20%, additional conditions must be satisfied, such as proof of the seller’s legitimate renovations or repairs that support the increase in value. If no such work has been performed, the appraiser must provide an appropriate explanation of the increase in property value. Doubtlessly this will help stem the flow of artificially inflated resale prices.

2. New rules designed to help consumers better compare settlement costs
The most significant changes to the Real Estate Settlement Procedures Act have modified the manner in which settlement charges are disclosed on the new good faith estimate forms. As of Jan. 1, 2010, HUD’s new GFE form must be used in all residential mortgages.

HUD recently clarified the level of change it will tolerate on the new GFE. Depending on the type of settlement service, the charges quoted on the GFE fall into three categories:

charges that cannot change on the GFE (HUD calls these “first bucket” charges)

charges that can increase up to 10 percent on the GFE (”second bucket” charges)

charges that can change without regard to the amount stated on the GFE (”third bucket”).

The loan origination fee would be a first bucket charge. Appraisal fees would be a second bucket charge. Daily interest fluctuation would be a third-bucket charge.

The intent of the new GFE is to disclose all charges in a simpler form so that the consumer can make an appropriate comparison of services provided by a variety of lenders. The estimates on the new GFE must be good for 10 business days and must be fully disclosed on the new HUD-1 settlement statement forms.

3. Disclosure of real estate broker commissions under RESPA
On Jan. 22, HUD’s general counsel issued a clarification of how real estate broker commission fees are to be disclosed on the HUD-1 settlement statement. RESPA now allows Realtors to charge a flat fee or a percentage fee, as long as: (a), the fee is disclosed in the listing or buyer’s broker agreement; (b), the fee charged on the HUD-1 form is equal to what was disclosed; and (c), the fee disclosed on line 700 of the HUD-1 is disclosed as part of the commission.

HUD goes on to state that RESPA does not prescribe how commissions should be distributed between the listing and seller brokers; therefore the division of compensation is negotiable.

4. New rules addressing the disclosure of VA origination fees on the new GFE
A qualifying borrower may be charged up to a 1-percent loan origination fee on VA loans, together with certain other allowable charges. But the new GFE form lumps all origination fees and other allowed charges into one category called “our origination charge.” The VA’s new circular explains how to  properly identify these charges on the GFE when the origination fee, together with other allowable fees, exceeds 1 percent of the loan amount.

Two options are available: The lender can itemize the charges in section 800 of the HUD-1 settlement statement, or the lender can issue a separate origination statement, to be signed and dated by the borrower, indicating the purpose of the charges and the amount. If a lender chooses the second option, the HUD-1 should not be separately itemized.

While the VA is encouraging lenders to comply with its new rule immediately, lenders are not required to comply with this new rule until May 1.Lenders are no longer required to issue an interest rate and discount disclosure statement for VA-guaranteed loans if the new GFE and HUD-1 have been used. But in all cases the GFE and HUD-1, as well as copies of any invoices for all third-party service providers, must be maintained in the file and submitted to the VA if a file is selected for review.The residential mortgage lending community was hit hard when the housing bubble burst in 2008. HUD and the VA, however, are taking steps to help the market recover.

Want to find the best homes in Boise online? Maybe you are relocating to Idaho and need to find a home for rent in Boise? Either way Larry Stevens of AA Realtors Boise can help you find the perfect place to call home. Contact Larry today, or visit his Boise Realtor Website today to start finding the best homes in Idaho today!

article credit to:

Hafez Daraee is an attorney in Jordan Schrader Ramis’ Dirt Law and business-law practice groups.

Larry Stevens of AA REALTORS Boise is your number one source for the latest Idaho Real Estate News, the best homes in Idaho online, as well as homes for rent in Boise, Meridian, and throughout the Treasure Valley! Rates and prices are still at historic lows! There has NEVER been a better time to buy a home in Boise, or to invest in Idaho Real Estate than right now – the Feds are changing the game every day and these great low prices and rates may not last! Think you can’t afford to buy a home? Contact Larry your Boise Realtor to find out if you qualify to buy a home in Idaho, he knows real estate and can help you get the most home for your dollar. Looking to rent in Boise ? Larry can help there too! AA REALTORS provides some of the best rental homes in Idaho! Now, on to the latest real estate news:

The American Recovery and Reinvestment Act of 2009 provides a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000.This home buyer tax credit is available to qualified homebuyers who are under contract for a home by April 30th, 2010, and the home LOSES/FUNDS/RECORDS by June 30th, 2010. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers. In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first-time homebuyers in the amount not to exceed 5% of the sales price or $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of 365 days after you close loan, then it goes to 3% above your current note rate.The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. The borrower must be a first-time homebuyer and qualify for an IdaMortgage loan. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate. UPDATE! Have you owned your home for 5 of the last 8 years? For homeowners who have owned their homes 5 of the last 8 years, IHFA is now offering a Tax Credit 2nd Loan for up to $6,000.

Stay tuned to this Boise Idaho Real Estate blog to keep up on the latest happenings in Idaho Real Estate – to start finding your Idaho dream home visit your Boise Realtor Larry Stevens online at www.aarealtorsboise.com today!

AA REALTORS BOISE helps keep you up to date on whats going on in today’s fast paced real estate market. As your Boise Realtor he can help you not only stay informed on Idaho Real Estate but can also help you find the best homes in Boise, homes in Meridian, as well as GREAT homes for rent in Boise! Here’s the latest:

The Federal Reserve announced on Thursday that as part of an exit strategy to begin “normalization of the economy” it will raise interest rates on short-term loans to banks — sending stocks across the world tumbling and raising fears that mortgage rates may also increase.

Even though home mortgage rates are at record lows, the Federal Reserve’s recent actions point to a change in its policy of bailing out all of Fannie and Freddie’s mortgage-backed securities. It has been this practice which in truth has kept mortgage rates artificially low. However, it has also helped homeowners riddled with past due mortgage payments and buried under debt.

The move came as a surprise to many, what with the financial system is still treading on eggshells. The carbon scoring left on the sector by the credit fiasco will be difficult to recover from. And even though this move will not have a direct effect on home mortgages, auto loans, or credit card rates, the stock market is already overreacting.

Current Mortgage Rates

Mortgage rates continued to drop for the second week in a row. This is a good sign of a recovering housing market. According to the National Association of Realtors, home sales actually rose last year especially in the third quarter.

The 30-year fixed-rate mortgage averaged at 4.93 percent this week, down from last week’s 4.97 percent average. The 15-year fixed-rate mortgage also dropped from 4.34 percent to 4.33 percent this week. Adjustable rate mortgages followed suit with the 5/1 ARM down to 4.12 percent and the 1-year ARM at 4.33 percent.

For those homeowners still plagued with mortgage debt, Obama announced today a new plan to assist homeowners. A total of $1.5 billion will be dedicated to the cause. It is intended to prevent further foreclosures. Whether this “not” stimulus plan will be a successful remedy to the woes of the economy , or is yet just another duct tape patch, is yet to be seen.

Looking for the best real estate in Idaho? You need to work with a qualified Boise Realtor who knows the business and can help you avoid common mistakes and even pitfalls seasoned home buyers can make. Larry Stevens of AA REALTORS BOISE can help you buy your next home in Idaho or sell your current Idaho home. Call or visit him online today!!

Have you been waiting for the real estate market to settle down before making a move or buying a new home in Idaho? Don’t! There has never been a better time to buy a home in Idaho than right now and Larry Stevens of AA REALTORS BOISE can help you find the home in Boise, Meridian, or anywhere in Idaho that you have been searching for! No doubt this is the most interesting time in real estate history, and buying a home is one of the biggest decisions you will make – but buying a home doesn’t have to be a daunting task! Larry Stevens of AA REALTORS BOISE can make buying your next home hassle free. Here are some things to consider before you buy your next home…

Q: Why are rates this low?
A: In an effort to stabilize the housing market by making homes more affordable for consumers, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Will rates stay this low?
A: Maybe yes, maybe no….either way don’t count on it because the lending landscape is likely to change soon. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It all depends on which lenders are in their sample, the time of the survey and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate. Regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see – so there has been no better time to buy a home in Idaho than now!

Q: What else should I know?
A: The lowest rates are only given to the most credit-worthy customers who can make sizable down payments. Shop around not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another. Larry Stevens can help you find a qualified Idaho Lender via his Boise Realtor Website.

Q: Is now the best time to buy a home?
A: For the qualified home buyer in Idaho there has NEVER been a BETTER time! Idaho Home buyers have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

Not sure if you qualify to buy a home in Idaho? Contact AA REALTORS BOISE to find out if you qualify or to begin looking for that perfect home in Idaho. Working with a professional Boise Realtor can help make your next move a success! Larry Stevens of AA REALTORS has years of experience in the Idaho Real Estate market and can help you find homes in Boise, Meridian, Eagle or anywhere in the Treasure Valley. Maybe you are interested in homes for rent in Boise? AA REALTORS has a number of homes for rent in Idaho visit our Boise Realtor website today!

Home Prices Continue to Drop – Buy a Home Now! Attention Prospective Boise Idaho Home Buyers! Idaho Home prices and mortgage rates are at historic lows! There literally has never been a better time to buy a home in Idaho than RIGHT NOW! You could be saving thousands of dollars on the purchase of your dream home in Idaho! The first step is to find a Boise Realtor you know you can trust, after you talk to Larry Stevens you will already be well on your way to getting informed about the home buying process, and one step closer to finding that perfect Idaho home. Here is some great information on current home prices…

22% of homes currently on the market in the United States as of December 1, 2009 have experienced at least one price cut, the lowest level in price reductions since April 2009. The total amount slashed from home prices also dropped from $28.1 billion in November to $24.7 billion in December, representing a 12% decrease. The average discount for price-reduced homes slightly increased to 11% off of the original listing price compared to 10% in the previous four months. The number of listings available on the market also decreased by 9% from the previous month.

Nationally,the South has the lowest levels of price reductions, with 19% of current listings experiencing at least one price cut, a 21% decrease from the previous month. Kentucky, Louisiana, Arkansas Oklahoma and Mississippi are all seeing less than 15% of listings with price reductions.

The expiration of tax incentives for home buyers may be the cause as we saw some of the highest levels of reductions last month. Normally home prices would be expected to somewhat level out as those sellers are increasingly in sync with market prices but with the expansion of the tax credit to repeat home buyers and extension to April 30, expect to see an increase in price reductions at the higher end of the market in the first quarter of 2010.

Cities experiencing significant increases in percentage of listings with price reductions from June 2009 to December 2009 include:

-Kansas City, MO – 40% increase in price reductions
-Omaha, NE – 39% increase in price reductions
-Houston, TX – 32% increase in price reductions
-Minneapolis, MN – 29% increase in price reductions
-Arlington, VA – 28% increase in price reductions

Cities showing signs the highest percentage of declines for listings with price reductions from June 2009 to December 2009 include:

-Las Vegas, NV – 30% decrease in price reductions
-San Jose, CA – 30% decrease in price reductions
-Long Beach, CA – 25% decrease in price reductions
-Honolulu, HI – 23% decrease in price reductions
-Albuquerque, NM – 22% decrease in price reductions

*stats courtesy of RISmedia

These great rates and home prices simply can not last forever! Tax credits and extended federal home buyer programs add an extra incentive to make now the best time to look into buying a home in Idaho. Don’t waste hours of time searching the internet, struggling to find a Realtor who knows the business – save yourself the stress and call Larry Stevens today. Larry Stevens of AA REALTORS BOISE has the skills and experience to make your next move the RIGHT move, Larry has the knowledge you will need to avoid possible home buying pitfalls; he can guide you through the home buying process from start to finish. Looking to buy a home in Meridan Idaho? Maybe you want to find a home for rent in Boise? Contact AA REALTORS BOISE today to find the perfect Idaho home for you!!

Great news for potential Idaho homebuyers! Idaho Housing and Finance Association has awarded $34.2 million in American Recovery and Reinvestment Act funds through the Tax Credit Assistance Program and Tax Credit Exchange Program to developers to help restart Low-Income Housing Tax Credit developments that may have stalled because of declining equity prices. This will doubtlessly stimulate the sluggish Idaho Home Construction industry as well as the Idaho Homebuyers market as new and more affordable Boise Idaho Homes will become available while interest and mortgage rates are at an all time low! Don’t miss your chance to find your Idaho Dreamhome in this historically unique Idaho real estate market! Contact Larry Steves, your Boise Realtor, today !

The funding is intended to help kick-start the nation’s ill economy, with it’s primary focus being creating and saving jobs in the near term and investing in an updated infrastructure that will provide long-term economic benefits. Funds will not be committed until all applicable federal requirements have been satisfied.

Gerald Hunter, IHFA president and executive director said, “Idahoans will directly benefit from this funding through the new jobs created and through the additional affordable housing that will soon be available for Idaho residents.”
The Tax Credit Exchange Program funds projects for construction or acquisition and rehabilitation of low-income housing to continue where developers are unable to proceed due to lack of real estate investors. In this way, the near-term goal of creating and retaining jobs is achieved, as well as the long-term benefit of increasing the affordable housing supply.

Low-Income Housing Tax Credits provide a dollar-for-dollar federal tax liability reduction for owners of newly constructed or substantially rehabilitated rental housing, encouraging developers to build affordable rental housing.

Cities that are home to awardees of this funding include:

Ketchum, $7,523,333 – Buhl, $1,432,032 -  Montpelier, $1,938,101 – Caldwell, $5,950,000 -   McCall, $4,659,074 – Chubbuck, $393,100 -  Fruitland, $2,465,000 -  Marsing, $646,000 -  Grand View, $408,000

More great Idaho Real Estate news from your Boise Realtor Larry Stevens! Looking to buy a home in Boise, or a home in the Treasure Valley? Maybe you want to Rent a Home in Boise? No matter what your Idaho Real Estate need – Larry Stevens at AA REALTORS BOISE can help you find the home of your dreams or sell your current home with ease! Here is the latest real estate news regarding pending home sales! Check back here often for the very best in Boise Idaho Real Estate news and Boise Homeowner Tips from AA REALTORS BOISE!

According to the National Association of Realtors, pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001.The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7% to 114.1 from 110.0 in
September, and is 31.8% above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

NAR chief economist, Lawrence Yun said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

Home sales could dip in the months ahead, Yun cautioned. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December 2009 until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.

The PHSI in the Northeast surged 19.9% to 100.2 in October and is 44.2% above a year ago. In the Midwest the index rose 11.6% to 109.6 and is 36.6% higher than October 2008. Pending home sales in the South increased 5.4% to an index of 115.4, which is 31.6% above a year ago. In the West the index fell 11.2% to 127.7 but is 21.9% above October 2008.

“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said.

There has never been a more exciting or profitable time to be involved in Idaho Real Estate! Prices and rates are still at historic lows, and with government incentive plans and tax credits the time to make the most of this real estate market is NOW! Don’t delay, Larry Stevens at AA REALTORS BOISE can help you find the Idaho homes of your dreams at rates that fit your needs! Contact your Boise Realtor, Larry Stevens, today!

After months of looking, in the midst of this tough economy, you land a job offer — now for the tough part, how to explain to your family it’s out of state. With the job market in a crunch relocation may become a very necessary reality for many Idaho homeowners. Whether you are moving to get work with a new company, or are relocating to stay with the same company, there are any numbers of reasons that you may be facing a unexpected move in your future. Don’t despair! Larry Stevens, your Boise Realtor, has these great relocation tips to help make your next move more manageable:

Study Up as a Family
Like most studying, this research will start with online. City and state official websites are a good starting point to get a sense of the school system, recreation and services. Read local blogs to get the feel of a neighborhood or city. Divide up the research among the family so everyone gets to be an expert on a particular subject. Moving to Idaho? Contact AA REALTORS BOISE today to make your move a breeze!

Don’t Avoid the Undesirable Topics
With everything that goes into moving your family, it is easy to turn reloating into a endless series of  “to do” lists. Set aside some time to let your family talk out loud about the move and how it is effecting them individually. Some times will seem to fly by, other times it may seem overwhelming. Comfort each other in the difficult time – you are making this move together.

Locate Activities BEFORE you move
If a family member has a special hobby or sport, seek out the best ways to connect with that passion BEFORE you get to the new location- it’ll feel more like home when everyone is able to do what they love.

Start gathering medical and school records
Even in today’s modern world we still aren’t completely free of the paper trail. Start gathering data from your physician, dentist and school administrators earlier rather than later. This will make the transition to your new area easier, and should any emergencies come up during the move you will be ready with this information.

Work with a Real Estate Professional
Finding the right Realtor who knows the area can make all the difference between a simple and a difficult relocation experience. Whether you want to purchase a new home immediately or are opting to rent an first to familiarize yourself with the area, these real estate professionals can provide both guidance and support during your relocation. Relocating outside of Idaho? Talk to Larry Stevens at AA REALTORS BOISE to see if he can refer you to a Realtor in your new location. Having a professional in the real estate business helping you can make all the difference in the world. Don’t hesitate – Contact AA REALTORS BOISE today to find the best homes in Boise online, to relocate to the Boise area, or for any Boise Idaho Real Estate service needs!

Keep up to date on current Idaho Real Estate Statistics and economic data courtesy of my Meridian Realtor blog and Hennessey Appraisals. As your Meridian Idaho Realtor I strive to provide you with the very best in Idaho Real Estate information and trends, as part of this I gather the most up to date real estate data and statistics to keep you informed and educated on this most interesting real estate market. Looking for the latest available homes in Boise or homes in Idaho ? Visit my Meridian Idaho Real Estate Website to search for homes in Boise, gain valuable Idaho Home Buyer Tips and Idaho Home Seller Tips, or contact your Meridian Realtor today to find out what I can do to help you find that perfect home, or sell your current home!

Inside you will find information on Real Estate statistics on Ada and Canyon County for the month of October 2009 as well as good basic economic info as seen here:

“ECONOMIC TRENDS
Nation & Area trends and economic data:

The Nation’s unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut morejobs than expected. The largest job losses were in construction, manufacturing, retail trade, and government.

The Labor Department states that the economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.6 million to 15.1 million, and the unemployment rate has doubled to 9.8 percent. The unemployment rate rose from 9.7 percent in August, matching expectations.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

More than a half-million unemployed people gave up looking for work last month. Had they continued searching, the official jobless rate would have been higher. All told, 15.1 million Americans are now out of work.
Idaho
Idaho employers remained cautious about the economy in September, but the state’s seasonally adjusted unemployment rate dropped to 8.8 percent, from 8.9 percent in August. Unemployment in September 2008 was 5.4 percent.
Idaho ranks #1 (worst state) in increase in July Unemployment rates from 2007 – 2009 at 193.3%.

The monthly Idaho Department of Labor forecast showed the number of unemployed workers falling by more than 1,200 from August to September 2009, the largest one-month decline on record.

Total unemployment slipped under 66,000 in September for the first time since June, but that is still 25,000 more than in September 2008 when the unemployment rate was 5.4 percent. Over $50 million in state and federal unemployment benefits was paid to nearly 37,000 workers during September, but unemployed workers are now exhausting all the benefit entitlements at a rate of over 100 a week. Since the year began Idaho has paid $493 million in benefits to over 67,000 people – nearly twice the amount paid in all of 2008, which was the previous record.

The slight improvement in the jobless rate resulted from over 2,500 people dropping out of the labor force, the Idaho Department of Labor said. It was only the seventh time since the mid-1970s that the labor force contracted between August and September.

Unemployment area counties Aug-09 Ada 9.2.%, Canyon 12.0%, Gem 12.0% Owyhee 3.9%, Payette 10.3%, Elmore 8.5%, Washington 9.8% Ada County is Idaho’s largest urban and regional center of government, industry, and education. Ada County is the most populous county in Idaho at 373,406 residents, over twice the size of the next largest county, Canyon. It ranks 31st
among Idaho’s 44 counties in total area, and nearly 29.1 percent of the county is federally owned. The population has been rapidly growing over the past decade adding 99,081 residents since 1997. This figures to an astounding 36.1
percent growth rate for the decade 1997 to 2007, well above the state’s growth rate of 22.0 percent over the same period.

Ada County’s low unemployment rate, outdoor lifestyle, and relatively mild climate, continue to attract an increasing and diverse number of people from around Idaho as well as from out of state.”

This great information is courtesy of Hennessey Appraisals

Read the whole report: TheHennesseyReport-Oct2009

Looking to make the most of the current real estate market in Idaho by investing in an Idaho Foreclosure property? There may be no better time than now thanks to the Neighborhood Stabilization Program. This program may be the perfect way to gain that little bit of extra footing you need to buy a new home. Add that to the fact that mortgage rates and home prices are at all time lows and that equals prime time to buy real estate!

This is a deferred loan program available for borrowers with less than 120% of Area Median Income. Idaho Housing and Finance Association has available $10 million in NSP2 funding. As part of the American Recovery and Reinvestment Act of 2009, the funds will be used to provide direct homeownership assistance to low-to-moderate income homebuyers who are purchasing foreclosed homes.

These efforts could have a significant impact on stabilizing neighborhoods by increasing home sales and leveling out the number of homes sitting in foreclosure inventory.

Can be used for:

Downpayment, closing costs, and interest buy down.

Maximum of 20% or $40,000 whichever is less.

Based on NEED!

In the form of a silent 2nd against the property in the form of a 0% deferred due on sale loan.

Home must remain as the borrowers primary residence.

Borrower MUST complete 8 classroom hours of the Finally Home Homebuyer Education Class.

1st Mortgage must be an IHFA product by and IHFA approved lender.

No minimum FICO score, but must obtain DU Approve/Eligible Findings.

Home has to be foreclosed on or REO

The qualified properties for Caldwell,Must have a Caldwell address as recognized by the USPS. The homes must have completed the foreclosure process.

The selling institution must certify that at the time they acquired the property, the home was either vacant, or if occupied,was occupied by the homeowner. If they cannot certify to this, the home is not eligible for NSP funds.

The sales price must be at least 1% less than the new appraised value.

Home inspection not required, but if stated on the PSA, will be reviewed.

Other eligibility requirement apply call or email for complete details!

Program subject to change AT ANY TIME!

Want to find out more about buying homes in Boise or making the most of this new program to begin investing in Idaho real estate? Contact Your Meridian Realtor Larry Stevens today!