I often hear from people who are upset or even disgusted when they hear about all the financial programs and help for people who are not making their Boise house payments. Real estate deals from cash for keys to full mortgage modifications changing interest rates and the principal owed. What about those of us that have made our payments on time every time but are still upside down? How can we take advantage of today’s low interest rates when we owe more on our home than it is worth?
Did you know that there is a loan product available today that allows you to finance up to 125% loan to value? That means that if your home is worth $100,000 and you owe $125,000, there is a good possibility that you can refinance your home. Through the making homes affordable act, some banks are allowing up to 125% loan to value refinance. Do you have a second on your home? Not to worry as most second mortgages are willing to subordinate in order for you to lower your payments.
Feel free to call, text or e-mail me for more information about this program and how you might be able to take advantage of today’s ridiculously low interest rates!
If you’ve thought of buying a home in Boise in the near future or just want to improve your credit, this quick video has 5 tips that can help you excel the process and improve your credit score. Everyone’s situation is different and I recommend you speak with your Boise lender on any particular situation that you might have a question about. If you don’t have a lender and need advice on your particular situation, contact me and I’ll get you in good hands!
1Posted by Chase Craig on April 20, 2011 at 6:24 pm
Boise Free Housing Counseling
Make sure you also check out “to short sale or foreclose” as it closely relates to this article. Everyone’s situation is different and it is always best to speak to someone like myself about your particular situation before you proceed.
If you or someone you know is concerned about losing their home, meeting their mortgage payment, rental issues, or even credit counseling before purchasing a home, get the help you need today. Idaho Housing and Finance Association (IHFA), in partnership with Idaho Partners for Homebuyer Education Inc. (IPHBE), offers free Housing Counseling to consumers statewide, regardless of income.
Find Out More About IHFA’s Housing Counseling Services
Foreclosure Prevention Counseling
Rental Counseling
Pre-purchase Counseling
What is Housing Counseling
Housing counselors in each IHFA branch office conduct confidential interviews with clients to discuss their housing needs and to help them find resources to meet housing challenges.
Housing counselors can assist you with a wide scope of situations, including:
Identifying resources and solutions for housing problems;
Providing information and education about housing resources, rights and responsibilities;
Providing financial planning tools, either short- or long-term.
Reviewing credit reports and helping with a debt reduction plan;
Developing a budget with homeownership in mind;
Applying for housing assistance;
Prioritizing and budgeting for housing stability;
Helping identify solutions for maintaining necessary utilities;
Making referrals to Idaho Legal Aid for landlord/tenant issues. To contact a Legal Aid office in your area, visit: www.idaholegalaid.org.
If you are having problems paying your mortgage or rent, the best thing you can do is contact your lender or landlord to ask them about payment options as soon as you suspect you may not be able to pay your monthly mortgage payment or rent.
People in the following situations may qualify for housing counseling:
Homeowners having trouble making their mortgage payment
Renters and those having difficulty paying rent or utilities
Those who are homeless or are at risk of becoming homeless
Those interested in purchasing a home
Free Housing Counseling is available statewide by calling 1-877-888-3135 or by emailing mortgageserv@ihfa.org. Housing counselors in each IHFA branch office conduct confidential interviews with clients to discuss their housing needs and to help them find resources to meet housing challenges. Please contact the location nearest you for more information. When calling, please specify the type of counseling you’d like.
Location
Phone
Services provided: Rental or Pre-purchase Housing Counseling
Foreclosure Prevention
Statewide
1-877-888-3135
X
Statewide
1-800-458-2791
X
Coeur d’Alene
(208) 667-3380
1-866-621-2994
X
Idaho Falls
(208) 522-6002
1-866-684-3756
X
Lewiston
(208) 743-0251
1-866-566-1727
X
Twin Falls
(208) 734-8531
1-800-234-3435
X
This information is provided by Idaho Housing and Finance Association. For more information head to their website.
1Posted by Chase Craig on April 7, 2011 at 9:30 pm
How does a lender qualify you for a home loan? This is a video that I created to help you better understand how a lender might go about qualifying your for a mortgage as well as calculating your debt to income ratios. Let me be clear, I strongly recommend that you discuss your specific situation with a lender. If you don’t have a specific lender that you want to discuss this information with, click here to email me or you can call me at (208)284-0829 and I’ll give you a few lenders that I recommend.
The information in this video and blog is solely to help you understand how your Boise lender calculates your debt to income to figure out what you are able to qualify for. My hope is that you will be able to use this information to your advantage when you decide to pursue purchasing a home in Boise. Not enough purchasing power? There are two ways to qualify for a more expensive home. You can either establish more monthly income or reduce your monthly debts. For most of us, it is much easier to reduce our monthly debt then it is to increase our monthly income.
Ratio’s used by the lender can vary based on your specific situation, loan program and debt risk so again, be sure to check with a lender. A couple of other common debts might include Medical bills, loans that you may have co-signed on, child support, alimony and any other revolving debt. Also, when calculating your debts, be sure to use the minimum monthly payments on said debts such as credit cards. You might pay $150 a month on your credit card but for qualifying purposes, you should use the minimum monthly payment on that credit card.
I hope that you enjoyed this video and I would appreciate any feedback.
If you have any questions regarding qualifying for a Boise home loan or anything real estate related, feel free to contact me at any time!
Chase Craig
Boise Idaho Real Estate
How does a lender qualify you for a home loan? This is a video that I created to help you better understand how a lender might go about qualifying your for a mortgage as well as calculating your debt to income ratios. Let me be clear, I strongly recommend that you discuss your specific situation with a lender. If you don’t have a specific lender that you want to discuss this information with, click here to email me or you can call me at (208)284-0829 and I’ll give you a few lenders that I recommend.
The information in this video and blog is solely to help you understand how your Boise lender calculates your debt to income to figure out what you are able to qualify for. My hope is that you will be able to use this information to your advantage when you decide to pursue purchasing a home in Boise. Not enough purchasing power? There are two ways to qualify for a more expensive home. You can either establish more monthly income or reduce your monthly debts. For most of us, it is much easier to reduce our monthly debt then it is to increase our monthly income.
Ratio’s used by the lender can vary based on your specific situation, loan program and debt risk so again, be sure to check with a lender. A couple of other common debts might include Medical bills, loans that you may have co-signed on, child support, alimony and any other revolving debt. Also, when calculating your debts, be sure to use the minimum monthly payments on said debts such as credit cards. You might pay $150 a month on your credit card but for qualifying purposes, you should use the minimum monthly payment on that credit card.
I hope that you enjoyed this video and I would appreciate any feedback.
If you have any questions regarding qualifying for a Boise home loan or anything real estate related, feel free to contact me at any time!
