All mortgage plans can be distinguished into categories in two different ways. Firstly, conventional and government loans. Secondly, all the various mortgage programs may be classified as fixed rate loans, adjustable rate loans and their combinations.

Conventional and Government Loans

Any mortgage loan other than an FHA, VA or an RD loan is considered conventional.

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Contact one of our loan consultants for more information if you’d like to find out more about FHA loans and loan limits.

If you are looking for an FHA home loan right now, please feel free to click here and we’ll have a loan consultant contact you immediately.

VA loans

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment an no monthly mortgage insurance. In addition, it is easier to qualify for a VA loan than a conventional loan. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan. If you’re currently active duty or in one of the guard units this may be a great option for you.

RD Loan Programs

The Rural Development of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. There are property geographic requirements as well as family annual income limits. Many of the areas outside Idaho’s major cities (Boise, Meridian, Nampa, Caldwell, Idaho Falls, Pocatello, Ceour D’Alene) qualify for these loans. If you’d like to see if your property qualifies for an RD loan please click here.

Idaho Housing Association

Idaho Housing Association (IHA) has served Idahoans for 34 years and has helped provide outstanding customer service to more than 53,500 families and individuals who have become homeowners through their loan program. Their loans provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Most of these programs are fixed rate mortgages and have interest rates lower than the current market. To see if you would qualify for the ZERO DOWN PROGRAM click here and we’ll have a loan consultant contact you immediately.

Conforming Loans

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

The 2008 conforming loan limits for first mortgages remain at the limits set in 2006 and 2007:

Jumbo Loans

Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.

If you are looking for a jumbo loan and need more information or advice, we invite you to take advantage of our loan consultants and let them guide you to the most appropriate program to fit your needs. Please click here now and we’ll contact you with options.

Home Ownership Accelerator

This revolutionary mortgage product combines your checking account with your mortgage to help pay off your home loan in less than half the time of a conventional loan programs. Although this program isn’t a good fit for everyone, if you ever have dreams of paying off your home it’s something you should look into. Click the Home Ownership Accelerator logo to learn more.