CONVENTIONAL HOME LOANS
Lower Rates with More Flexibility
A conventional mortgage in Idaho refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA). Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.
Lower Interest Rates for Borrowers with Good Credit
Flexible Mortgage Insurance Options
Fewer Penalties and Fees
Flexible Loan Terms
Conventional Loan Programs
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) features interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments may increase or decrease based on the market, which can affect monthly payments. There are a number of scenarios where an ARM could be right for you.
Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you have the option of selecting a 10, 15, 20, 25 or 30-year term. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.
Jumbo Mortgage
A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $548,250; however, the limit is $822,375 in higher cost areas.