Boise is one of the fastest growing cities in the country. Besides being known for mountainous scenery, the city is also one of the most affordable housing markets in the Northwest and West Coast. For people looking to take advantage of the current market, finding a good mortgage lender is the first step. Our partners at ConsumerAffairs looked at the best mortgage lenders in Boise based on real customer reviews and company reputations.
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.
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.
AmeriSave specializes in conventional, FHA, VA and USDA loans and has a wide variety of financing options. Customers in Boise praise the company’s quick turnaround times, simple application process and transparency.
HomeDirect aims for a stress-free application process and balances the use of cutting-edge technology and personal communication for the best possible mortgage lending experience. Boise residents praise how the company’s direct lenders work with customers every step of the way.
Boise residents who work with Summit Mortgage can be assured their mortgage loan is being handled by highly experienced loan professionals who are employees of the company instead of brokers. Summit Mortgage is praised by Boise customers for its employees’ quick and concise directions to ensure loans go through smoothly.
First Mortgage Company
First Mortgage Company has been serving Boise homebuyers for more than 30 years. The company offers an online application for quick preapproval processing. Reviews in Boise show that people appreciate the company’s broad refinancing options, low interest rates and in-depth consultations.