2022 Boise Idaho Real Estate Blog


Main Idaho Real Estate Insights

How much do you know about getting a Home Loan in Idaho?  Check your knowledge below!  This morning, the lovely Jill Catano, Lending Ninja with Paramount Residential Mortgage Group met with our team and tested our knowledge about some important mortgage facts for 2019.

1. How much does an investor need to put down on a 1 unit purchase?
Answer: 15% down
Also, 2-4 Units = 25% down

2. What is the maximum seller contribution on a VA loan?
Answer: 4%

3. What is the waiting period to purchase using an FHA loan after a Bankruptcy Chapter 13?
Answer: 1 year
A Bankruptcy Chapter 7 is 2 year period through FHA

4. Idaho Housing has a new forgivable grant program; At what year is it 100% forgivable?
Answer: After year 7 (month 84)

5. For an IHFA loan that has a 2nd Mortgage, what is the minimum credit score?
Answer: 640 credit score
For a Standard Idaho Housing Financing Association Loan the requirement is a minimum credit score of 620

6. Which social media platform is critical for showcasing homes to Millennials in 2019!
Answer: Instagram

7. What is the required documentation for a seasonal employee to be able to use their income?
Answer: The last 2 years of tax returns or 2 full seasons of paychecks including the final paycheck & the previous year's tax return?

8. What is the benefit of Loan Recasting?
Answer: It reduces your monthly payment
Recast options are a great way to help our Jumbo buyers with cash from an equity sale to lock in a lower rateand pay a small ($150-$300) fee to recast the loan.  It can also reduce the monthly payment after a large principle reduction payment.

9. Do Jumbo loans require 20% down to avoid PMI?
Answer: No
Not all Jumbo Loans are alike – Make sure to shop around for the best options/guidelines.

10. What is the 2019 Conforming Loan Limit?
Answer: $484,350

11. What is the 2019 FHA Loan Limit in ADA & CANYON County?
Answer: $331,200
The Standard National FHA limit is $314,200


Last Question
Who is the mortgage loan officer with the most creative solutions
for our buyers?

Jill Cattano, aka Mortgage Ninja and Wonder Woman!

Jill Cattano
Jill Cattano, Idaho Home Loan Professional
Professional Loan Officer, NMLS#1609902
7950 Horseshoe Bend Rd #103 Boise, ID 83714

Paramount Residential Mortgage Group

Email  | C: 561.303.7751


Paramount Residential Mortgage Group, Inc.
ID License Number MLO-21321

Posted by tlangford at 1/21/2019 11:53:00 PM

Client Care



Let's get started