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It's easy to see...
Drive into the "valley of plenty," via Highway 16's Freeze-out Hill and you’ll see orchards and fields stretched out before stark foothills where a century ago outlaws found refuge. Head on into Emmett and you’ll soon feel that legendary small-town serenity. New housing developments are nearly hidden in the rolling hills surrounding town.

This is a place where big city life meets small town quiet living, and we like it just fine...
From the tree-shaded park across from the railroad depot to the drive-in café where neighbors meet over a flavored soda, Emmett is a town linked to its past but poised for the future. We invite you to get to know our town, and look around the rest of the Treasure Valley as well - we can show you some of the best homes and properties available and have the experience you'll want when the time comes to make the move.

Talk to our agents and you'll see why we love where we live!



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EVANS REALTY LLC Blog

Why It Just Became Much Easier To Buy a Home

Why It Just Became Much Easier To Buy a Home | Simplifying The Market

Why It Just Became Much Easier To Buy a Home

   Buying MythsDown PaymentsFirst Time Home BuyersFor BuyersHousing Market UpdatesInterest RatesMove-Up Buyers
 

Since the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of homeownership, including the feelings of security and stability and the financial benefits that come with rising home equity. At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for remote work.

However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing:

  • The ability to save for a down payment
  • The ability to qualify for a mortgage at the current lending standards

This past week, both of those challenges have been mitigated to some degree for many purchasers. The FHFA (which handles mortgages by Freddie MacFannie Mae, and the Federal Housing Administration) is raising its loan limit for prospective purchasers in 2022. The term used to describe the maximum loan amount they will entertain is the Conforming Loan Limit.

What Is the Difference Between a Conforming Loan and a Non-Conforming Loan?

Investopedia explains the difference in a recent post:

“Conforming loans are the only loans that meet the requirements to be acquired by Fannie Mae and Freddie Mac. Jumbo loans, which exceed the conforming limit, are the most common type of nonconforming loan.”

What Difference Does It Make to Me as a Home Buyer?

Forbes article earlier this year explains the benefits of a conforming loan and why they exist:

“Since lenders can’t sell non-conforming loans to Fannie Mae or Freddie Mac to free up their cash, they’re a bit riskier for the lender. This is especially true for jumbo loans, which aren’t backed by any government guarantees. If you default on a jumbo loan, it’s a huge blow to the lender.

Thus, lenders generally charge higher interest rates to compensate, and they can have even more requirements. For example, lenders who give out jumbo loans often require that you make a down payment of at least 20% and show that you have at least six months’ worth of cash in reserve, if not more.”

What Happened Last Week?

The FHFA has significantly increased its Conforming Loan Limits for 2022. Sandra L. Thompson, FHFA Acting Director, explains in the press release that:

“Compared to previous years, the 2022 Conforming Loan Limits represent a significant increase due to the historic house price appreciation over the last year. While 95 percent of U.S. countie?s will be subject to the new baseline limit of $647,200, approximately 100 counties will have conforming loan limits approaching $1 million.”

This means that more homes now qualify for a conforming loan with lower down payment requirements and easier lending standards – the two challenges holding many buyers back over the last year.

The Federal Housing Administration (FHA) also increased its Conforming Loan Limits for 2022. That could also mean an easier path to homeownership for many prospective buyers. As the Forbes article explains:

“FHA loans can be very beneficial if you don’t have as much savings, or if your credit score could use some work.”

Bottom Line

Buying your first or your next home may have just gotten much easier (less stringent qualifying standards) and less expensive (possibly lower mortgage rate). Let’s connect to discuss how these changes may impact you.

Resources:
  1. To get more information on the new FHFA Conforming Loan Limits, click here.
  2. To get more information on the new FHA Conforming Loan Limits, click here.



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WHERE WE SERVE
Emmett, Idaho is located in western Idaho and in Gem County. It is less than 30 miles from the state capital of Boise. Originally named after the son of postmaster Thomas Cahalan, Emmett serves as the county seat and has a resident population of about 5,500 in the city and 18,500 in the county. Our main communities are Sweet, Ola, Letha, and Emmett. This area has a rich history in agriculture and is home to some of the finest fruit orchards in the Northwest.


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WHO WE ARE

Evans Realty was established in 1985. Our original Emmett office location has housed a real estate office since the 1940's. With generations of real estate agents and brokers, we are a landmark within our community, attracting buyers and sellers of all types, within our community, as well as visitors just passing through.


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WHAT WE DO

With the ever changing real estate market, our knowledgeable agents specialize in everything from first time home buyers, farms & ranches, and commercial properties, to auction and bank owned properties, and HUD homes. We combine exceptional customer service, and cutting edge technology with downhome ethics to ease our clients through the purchase and sale process.



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