COEUR D’ALENE IDAHO HITS THE NEWS IN THE WALL STREET JOURNAL!

Why Is Coeur d’Alene America’s Hottest Housing Market?

The lakeside city of Coeur d’Alene, Idaho, tops the list of the country’s hottest emerging housing markets, according to the ranking. After Coeur d’Alene, the top metro areas in the ranking are Austin, Texas, Springfield, Ohio, and Billings, Mont. Spokane, Wash., just across the state border from Coeur d’Alene, ranks fifth.

Buyers are beginning to look for more rural and less costly places to live and people moving from lager cities like Seattle and Los Angeles and come to Coeur d’Alene with cash in hand.

Another draw for people moving to Coeur d’Alene is the area’s natural beauty, having all four seasons and a wide access to outdoor activities 

With downtown Coeur d’Alene being the center of tourist destination in Idaho, it draws people all over the country.
Some buyers have been drawn to Coeur d’Alene due to its more relaxed Covid-19-related restrictions and students have been able to attend school in person for at least part time all year.
With Coeur d’Alene being the center of attention in the housing community, and with people moving out of bigger cities into more rural areas like Coeur d’Alene, we expect to grow exponentially for years to come.
To see original article by Wall Street Journal click the link bellow.

https://www.wsj.com/articles/why-is-coeur-dalene-americas-hottest-housing-market-11619644273?st=49j7caqx4qjt2pt&reflink=desktopwebshare_permalink

  1. Do VA loans require a down payment?

No! One of the biggest benefits of a VA loan is that no down payment is required for eligible buyers.

  1. Do VA loans require private mortgage insurance (PMI)?

No, VA loans do not require PMI, which can save you hundreds of dollars per month compared to conventional loans.

  1. What is the VA funding fee, and do I have to pay it?

The VA funding fee is a one-time fee that helps sustain the VA loan program.

  • First-time use: 2.15% of the loan amount (if putting 0% down).
  • Subsequent use: 3.3%.
  • Exemptions: If you have a service-connected disability, you may qualify for a waiver.
  1. What credit score and debt-to-income (DTI) ratio do I need?

There’s no official VA credit score requirement, but check with your lender. 

  • DTI ratio should generally be 41% or lower, but exceptions exist for strong borrowers.
  1. Can I use a VA loan to buy a vacation home or rental property?

No, VA loans are only for primary residences. You must live in the home you purchase.

  1. Does the home need to meet specific requirements?

Yes, VA loans have Minimum Property Requirements (MPRs) to ensure the home is safe, sound, and sanitary.

  • Common issues: peeling paint, broken windows, roof damage, or exposed wiring could cause delays.
  1. What’s the difference between a VA appraisal and a home inspection?
  • VA appraisal: Required to determine value and basic safety.
  • Home inspection: Optional but recommended to check for hidden issues.
  1. Can the seller pay my closing costs?

Yes! Sellers can contribute up to 4% of the loan amount toward your closing costs and concessions, which can help cover expenses like property taxes or discount points.

  1. Can I transfer my VA loan to someone else?

Yes! VA loans are assumable, meaning another qualified buyer can take over your loan’s terms—this can be a huge advantage if interest rates rise.

  1. Can I use my VA loan benefit more than once?

Yes! Your VA entitlement can be restored if you pay off or transfer your previous VA loan, allowing you to use the benefit again.

 

Thank you to Jaclyn Scotch for sharing her insights and expertise on VA Home Loans. Here is her contact info:

Jaclyn Scotch

Home Loan Officer

Location: Coeur d’Alene

Cell: (208) 215-1814

If you have questions about navigating today’s market or need a recommendation, reach out! I’m here to help you make smart, confident moves.

Michelle Rene

Real Estate Associate Broker, REALTOR

Cell: (208) 699-5350