310 E. Lake St, 2nd Floor, McCall, Idaho 83638 • (208) 634-8253
A loan secured by investors, but neither insured by the FHA nor guaranteed by VA. Both fixed rate and adjustable rate loans are available with conventional financing.
An additional loan on a property which is secured by a lien junior to the senior loan. These loans often carry a shorter term and a higher interest rate than the original first or senior loan.
First Time Home Buyer
A person or couple that is purchasing a home for the first time. First-time home buyers are entitled to a number of tax credits and benefits under the present federal tax code.
A loan provided by a lending institution specifically to construct or renovate a building.
Mortgage loans that exceed the loan amounts acceptable for sale in the secondary market: these jumbos must be packaged and sold differently to investors and, therefore, have separate underwriting guidelines.
The Federal Housing Administration (FHA) does not make mortgage loans, it insures them. FHA approved loans only require downpayment of 3.5% and make concessions for borrowers with low credit scores and still provide access to low mortgage rates.
USDA Rural Home Loans
100% financing and very low rates. Although the word rural is in its name, it is not necessarily the case with all properties. Both the property and the borrower must qualify but this type of program can a good option.
These mortgage loans are available to eligible US veterans. These loans offer competitive rates and require little or no down payment.