Twin Falls First-Time Home Buyer Guide

Step 1: Figure out what's comfortable, not just what you qualify for

A lender looks at your income, your monthly debts, your credit and your savings. You should also look at what monthly payment you'd actually be comfortable with after groceries, gas, childcare and savings. Those two numbers aren't always the same, and the second one matters more.

Things that help before you apply:

• ✓Pay every bill on time for the months leading up to your application.
• ✓Avoid opening new credit cards or financing a car right before or during the process.
• ✓Keep your savings in an account you can document, and avoid large cash deposits you can't explain.
• ✓If you've changed jobs recently, that's often fine, but tell your loan officer up front.

Step 2: Know the main loan types

• ✓Conventional: a common choice for buyers with steady income and solid credit. Mortgage insurance usually applies with a smaller down payment and can often be removed later.
• ✓FHA: government-insured, often more flexible on credit history. It has its own mortgage insurance rules.
• ✓VA: for eligible veterans, service members and some surviving spouses. Ask about your eligibility.
• ✓USDA: for eligible properties in qualifying rural areas, and much of the Magic Valley outside city centers may qualify. Income limits apply.

Which one fits depends on your credit, savings, income and the home. We'll compare them side by side for your situation.

Step 3: Ask about Idaho down payment help

Idaho Housing and Finance Association (IHFA) offers programs for Idaho homebuyers, including down payment and closing cost assistance for those who qualify. Availability and requirements change, so ask us what's current when you're ready.

Step 4: Get pre-qualified before you shop

A pre-qualification letter shows sellers and agents you're a serious buyer and tells you a realistic price range. It's based on the information you provide and isn't a commitment to lend; final approval comes after underwriting.

Step 5: The timeline from offer to keys

1. 1.Offer accepted and earnest money deposited
2. 2.Full application and documents through our secure portal
3. 3.Inspection (strongly recommended) and appraisal
4. 4.Underwriting reviews everything and may ask for a few more items
5. 5.Clear to close, then you review your Closing Disclosure at least three business days before closing
6. 6.Sign, fund, and get your keys

Step 6: Plan for closing costs

Closing costs are separate from your down payment. They can include lender fees, title and escrow, the appraisal, prepaid property taxes and homeowners insurance. You'll get a Loan Estimate within three business days of applying that lists them, so you can compare offers. Sellers can sometimes contribute toward closing costs as part of the purchase contract; ask your agent.