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If you live in Idaho and you are a first-time homebuyer right now is one of the best times to purchase a home. Not only are interest rates very low but Idaho real estate prices are amazing!!!! Oh and I forgot to mention that first-time homebuyers get up to an $8,000 tax credit if they purchase a home before December 1, 2009.  There are income restrictions

Along with all of the benefits above there are several programs available today that allow for zero down 100% financing. Just so you understand what I am saying……. Right now interest rates are at/near all time lows, housing prices are amazing and if you buy a home this year before December 1, 2009 you can get up to $8,000 and you can finance the home with Zero down.

So what is stopping you from purchasing a home?

If you are like many other Idaho first-time homebuyers there are many questions you have when purchasing your first home. Below I have outlined some of the most frequently asked questions to help you along your journey into purchasing your first home.

What is a First-Time Homebuyer?

A first-time homebuyer is considered to be any person who has not owned a home in the previous 3 years. So even if you have owned a home in the past but have not owned a home in the last three years you qualify as a first-time homebuyer. So you would qualify for the $8,000 tax credit if you purchase a home before December 1, 2009.  Check with your tax advisor about income restrictions.

Why should I buy instead of rent?

When you rent a home you pay money every month to your landlord and you are not taking advantage of the tax benefits associated with owning a home. When you make your mortgage payment every month you are paying interest and that interest is a tax write off on your federal income taxes. You can also deduct the property taxes you pay as a homeowner.

Do I need money for a Down Payment?

No you don’t necessarily need any money for a down payment. There are many programs that still offer 100% financing.

How do I know if I can get a loan?

The first part in the process of finding a home is start by getting pre-qualified. When you get pre-qualified you are finding out how big of a loan you qualify for based off of your income, credit and other factors. The most important part of the pre-qualification process is to make sure you look at your finances and figure out how much of a payment you are comfortable making every month. What you qualify for and the amount you feel comfortable paying every month are two totally separate items.

What Items do I need to take with me when I apply/pre-qualify for a mortgage?

1. Social Security numbers/Birthdates for you and your spouse
2. Copies of your checking and savings account numbers for the past 6 months
3. Statements for any stocks, bonds or retirement accounts
4. 2 most recent paystubs detailing earnings
5. Copies of your last 2 years income tax statements

Other items may be required

I hope this answered some of your questions regarding buying your first home. If you have any questions or would like to get pre-qualified feel free to contact me.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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