Understanding Purchasing a Home with a HECM Loan in Idaho.
Understanding Purchasing a Home with a Home Equity Conversion Mortgage "HECM".
Curtis Mangus
HECM Mortgage Specialist
NMLS # 9752 Equal Housing Lender NMLS #1169
PURCHASING A HOME WITH A HECM LOAN, MORE INFORMATION.
MOST COMMON MYTHS REGARDING HECM LOANS.
Do you want to double your purchasing power and have extra money in the bank? Review the examples below and see what homes you can buy in Idaho with a HECM loan.
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Example 1: You sold your home and have $200,000 equity and would like to buy a home in Idaho. Links below are homes in the cities listed that you can own for $150,000 to $200,000. After paying cash for your new home you will have NO Mortgage Payments. You will be responsible for property taxes, utilities, homeowner insurance and possibly HOA fee's in most cases.
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Example 2: You sold your home and have $200,000 equity and met the requirements for a HECM loan, you would like to buy a home in Idaho. Links below are homes in the cities listed that you can own for $300,000 to $400,000. After putting down $200,000 for your new home you will have NO Mortgage Payments. You will be responsible for property taxes, utilities, homeowner insurance and possibly HOA fee's in most cases.
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Example 3: You sold your home and have $500,000 equity and met the requirements for a HECM loan, you would like to buy a home in Idaho. Links below are homes in the cities listed that you can own for $500,000 to $600,000. After putting down $300,000 for your new home you will have NO Mortgage Payments. You will be responsible for property taxes, utilities, homeowner insurance and possibly HOA fee's in most cases. But now you have $200,000 left over that you can use for your retirement, vacation home, etc.
Borrower requirements under the Federal Gov't Housing & Urban Development "HUD" for Purchase to get a HECM loan are:
- The minimum age is 62 years old.
- The home must be the borrower's primary residence.
- The borrower must be able to pay the home's property taxes, insurance premiums, homeowners association dues and any other ongoing property costs.
- The borrower must have no delinquent federal debt.
- Single-family homes.
- 2- to 4-unit homes with 1 unit occupied by the borrower.
- Condominiums approved by the U.S. Department of Housing and Urban Development.
- FHA-approved manufactured homes.
- Any new construction requires a certificate of occupancy.
PURCHASING A HOME WITH A HECM LOAN, MORE INFORMATION.
Have more questions? contact Allen Pedersen Realtor and certified Realtor for HECM loan for Idaho. 208-703-3499 or fill in the GET IN TOUCH form. Thank you for visiting.
