August 21, 2023

What are the best Home Loans in Boise, Idaho?

By: Categories: homebuying process, housing market


Are you considering making Boise, Idaho, your new home? Tresidio Homes is excited to guide you through the exciting journey of buying a new construction home in our vibrant city. In this blog, we'll explore various lending options to help you find the right financing solution and make your dream home a reality. 

Boise's Housing Market: The Right Time to Move

Boise, Idaho, has emerged as a sought-after destination for individuals and families alike. With its stunning natural beauty, a strong job market, and a thriving cultural scene, it's no surprise that people are flocking to this city. While the real estate market here has seen steady growth over the years, there are still opportunities for homebuyers to buy or build their perfect home. 

What are HECM Loans?

If you're a homeowner aged 62 or older, you might be interested in a Home Equity Conversion Mortgage (HECM), also known as alifestyle loan. This unique financial tool allows you to tap into the equity in your current home to purchase a new one. With a HECM loan, you can downsize, relocate, or move closer to family without worrying about traditional mortgage payments.

A HECM loan provides significant benefits, such as:

  1. No Monthly Mortgage Payments: As long as you live in the new home as your primary residence, you won't be required to make monthly mortgage payments.

  2. Flexible Repayment Options: If you decide to move out of the home, the loan can be repaid when the house is sold. The loan balance will be due, but any remaining equity belongs to you or your heirs.

  3. Financial Security: By using your existing home's equity, you can secure your financial future and create opportunities for a more comfortable retirement.

To find out if a HECM loan is the right fit for your circumstances, consult a financial advisor or a reputable lender experienced in these specialized loans.

Other Lending Options for New Construction Homes in Boise

While HECM loans are an excellent choice for qualifying homeowners, there are several other lending options to consider when buying a new construction home in Boise:

  1. Traditional Mortgage Loans 

These are the most common and well-known type of home loans. They come with a range of interest rates and terms to fit your financial situation. A down payment will typically be required, and your credit score will play a crucial role in determining your eligibility.

  1. FHA Loans

Backed by the Federal Housing Administration, FHA loans offer lower down payment requirements and more relaxed credit score criteria, making them ideal for first-time homebuyers or those with limited savings.

  1. VA Loans

If you are a military service member, veteran, or eligible surviving spouse, VA loans provide attractive terms, including zero down payment and competitive interest rates.

  1. Construction Loans 

If you plan to build a custom home or participate in a home construction project, a construction loan can help you finance the process. Once the home is completed, the loan can be converted into a traditional mortgage.

Why Choose Tresidio Homes?

At Tresidio Homes, we are dedicated to helping you find your dream home in the Treasure Valley. Our expert team will work with you every step of the way, from exploring lending options to customizing your home to match your lifestyle.

With a commitment to quality craftsmanship and homebuilding experiences, Tresidio Homes is your trusted partner in making your homeownership dreams a reality.

Don't miss out on the incredible opportunities that Boise's real estate market has to offer. When the time is right for you to move, don’t hesitate. Let Tresidio Homes guide you to the perfect home for your future. Contact us today!