Areas We Serve
Griffin Funding is dedicated to serving our Idaho veterans and providing them with the best loans to help them achieve their goals. Whether you’re looking for a home loan service in Boise, ID, or Nampa, ID, we can help. We provide VA loans in the following areas:
- Boise City
- Idaho Falls
- Coeur d'Alene
- Twin Falls
- Post Falls
- And more!
We are licensed to provide loans to all Idaho residents, not just those listed, so make sure to give us a call to discuss your options for VA loans.
How Do VA Loans Work in Idaho
VA home loans work the same way in Idaho that they do in any other state. These loans, while guaranteed by the Department of Veterans Affairs (VA) are not available through the VA. Instead, you’ll need to go through a private bank or non-bank lender.
When applying for a home loan, you will need to meet two sets of requirements to be approved: the VA’s requirements and the requirements of the lender. To make the approval process as smooth as possible, follow these steps:
- Get a Certificate of Eligibility (COE) from the VA.
- Submit your VA loan application. We may ask for more information before sending you your quote.
- You’ll receive a quote from Griffin Funding, which you’ll be able to lock in immediately.
- Complete the test inspection and appraisal.
- After your appraisal, we’ll review your documents and finalize your VA loan.
Once you apply for a VA purchase loan, you’ll receive your loan approval within 24 hours. With your approval in hand, you can move forward with purchasing the house you chose.
VA Loan Advantages in Idaho
VA loans exist because they provide service members and veterans with benefits that regular civilians don’t get. VA benefits in Idaho include:
- Low interests rates
- Zero down payment
- No private mortgage insurance
- Lower credit score accepted (as low as 580)
- No penalty fee if loan is paid off early
- Limited closing costs
If you want to start reaping the rewards of a VA loan, contact us immediately or begin filling out our online application.
VA Loan Limits in Idaho
VA loan limits no longer apply to veterans or service members with their full loan entitlement. VA loan limits still apply to those with diminished VA entitlement.
While the VA does not limit how much money you can borrow from a lender, it does limit the amount of the loan that you can receive without putting any money down.
VA loan limits are determined by the county in which the home is located. Loan limits for Idaho counties are:
- Blaine: $625,000
- Camas: $625,000
- Lincoln: $625,000
- Teton: $822,375
- All other Idaho Counties: $647,200
You may also qualify for the Idaho disabled veteran property tax exemption if you became disabled while on duty.
Requirements for VA Home Loans in Idaho
Idaho VA loan requirements differ from conventional home loans because they’re typically more flexible. Some of the eligibility requirements include:
Low Credit Score Requirement
Compared to a traditional home loan, VA loans require lower credit scores from borrowers. A minimum credit score, depending on the lender. Griffin Funding accepts FICO scores as low as 5850 on VA home loans.
The VA itself does not set a required minimum credit score because they are not the ones issuing the loans.
Lenders will also verify your income in a number of ways. This ensures that you’ll have the funds to pay back the loan. Lenders can ask for bank statements, tax returns, and pay stubs to verify any income you tell them about on your VA loan application.
The VA also has its own requirements, including:
- Appraisal : For the VA to approve your benefits, they will need an appraisal done on the home you wish to purchase to ensure that all of their requirements are met and that you're paying what the house is worth.
- Active-Duty Service Requirements : Whether you're an active duty service member or a veteran, you'll need to meet or have met the minimum active-duty service requirement to be eligible for a VA home loan in Idaho.
Learn more about VA loan eligibility and how to get a VA home loan.
Types of VA Mortgage Programs
Moving into a house is well within reach with an Idaho VA loan. However, you might want to consider the different types of loans available for you. These include:
- VA Purchase Loan: A VA purchase loan can be used to buy, build, or renovate a home with 0% down, as long as that home will be your primary residence.
- VA Streamline Refinance Loan (IRRRL): An interest rate reduction refinance loan allows you to refinance your home for more savings in the long term.
- VA Cash-Out Refinance Loan:This loan allows you to get cash in exchange for equity from your home so that you can access capital when you need it.
Apply for a VA Loan in Idaho
A VA loan might be right for you if you’re looking for an Idaho mortgage while on a limited budget and you’re serving or have served in the US military. Griffin Funding is proud to serve military members as their trusted Idaho mortgage lenders and help make this process a positive experience. We can you secure a VA loan in Boise, Meridian, and more.
Ready to start the VA loan application process? Complete an application online to begin the process of buying your home and take advantage of your VA benefits. If you’d like to learn more about our VA programs, please contact us today.