Find the Best Mortgage Lenders in Boise, ID

Mortgage loan options in Boise

Besides conventional loans, the most popular mortgage loans in Boise are USDA, FHA and VA loans. Depending on your situation, certain mortgage loans may be more beneficial than others.

• USDA loan: If you meet the income requirements and are looking to buy a home in a rural or suburban area such as Kuna or Caldwell, a USDA mortgage loan may let you purchase a house with no down payment.
• FHA loan: FHA loans are government-subsidized loans that have low down payments. You can use the loan to purchase a home or for home improvement purposes. Those with lower credit scores have a better chance of being approved.
• VA loan: Boise is home to many retired veterans who might qualify for this loan. The loan does not require closing costs or a down payment but is restricted to retired military personnel.

If you’re serious about buying a home, you’ll also need to know your credit score. Different banks may require certain minimum credit ratings for specific loans. Knowing the neighborhoods you might like to purchase a home is also useful because of the effect it could have on your mortgage.

Boise neighborhoods

Choosing a specific neighborhood will impact the amount you need to borrow and the type of loan for which you may be eligible. Here are two examples of how choosing to purchase homes in different neighborhoods can affect your mortgage process:

• The North End: The North End is home to many of Boise’s historic homes and attractive to homebuyers because of its proximity to schools and Downtown Boise. The houses and landscaping potential differ with each property. The North End is one of the more expensive areas in Boise, and some homes reach roughly $1 million in value. According to the Consumer Financial Protection Bureau, mortgages for homes of that value require a jumbo loan, which is a mortgage that exceeds the amount government-sponsored businesses are willing to purchase from lenders.
• The Bench: The Bench is an up-and-coming neighborhood in Boise. The area is five minutes from Downtown and is growing a small lifestyle community of its own. It’s one of the best areas in Boise to buy a home right now because of the high appreciation rate of homes. Buyers looking to purchase a home here will likely want to find a lender that can provide an FHA loan or a conventional mortgage.