Coeur d’Alene Idaho / Touring Atlas Waterfront Project Part 3

Coeur d’Alene Idaho / Touring Atlas Waterfront Project Part 3

Driving Downtown Coeur d’Alene, experience our beautiful lake town with many things to offer for future home buyers like our Atlas Waterfront project.

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CLICK HERE FOR THE ATLAS WATERFRONT PARK PAGE

SEE TRANSCRIPTION BELOW

Michelle Garcia:

Okay. It’s Michelle Garcia. We’re here at the Atlas Waterfront Project. This is amazing.

Speaker 2:

The stairs as you go down through here. There’s a little walking path. There’s a wall that goes in there. A little curved radius wall that you can sit on, a seat wall. And then there’s access to the stairs that go down.

Michelle Garcia:

What were you saying, you had to work during the winter to shore this up>

Speaker 2:

All winter long we set all these boulders. So all these boulders have to be set before the water comes in.

Michelle Garcia:

Ah. Big job

Speaker 2:

We’re looking at 6,000 feet of wall.

Michelle Garcia:

And this goes, I’m looking at the Bell Reeve in the distance. And then the dog park area, and maybe a marina down there. Is that someday, or is that for sure?

Speaker 2:

I have a feeling it’s going to be soon.

Michelle Garcia:

Oh, okay.

Speaker 2:

Once the buildings start going up, especially these people who own the commercial buildings.

Michelle Garcia:

Yeah.

Speaker 2:

They’re going to want ways for people to park to come in. Because I imagine, if anybody’s smart, they’d put a restaurant or a bar or something at the bottom.

Michelle Garcia:

Yes. Right. I can’t wait to go to that restaurant.

Speaker 2:

Because there’s no where around. Yeah. The only one would be like Le Peep, or somewhere else.

Michelle Garcia:

Right. Yeah, there’s only a few. Like Tony’s way on the other side. There’s nothing over here.

Speaker 2:

So I imagine somebody, whoever builds that, I imagine somebody’s going to put a restaurant bar in the bottom. And then you’ll want people coming in off the water.

Michelle Garcia:

Fun fun. Okay, and so we’re looking from the other vantage point. I did a different video from the other side. So what is this, the west side? Or what do you guys refer to it?

Speaker 2:

This is the grotto.

Michelle Garcia:

The grotto. Okay.

Speaker 2:

The grotto.

Michelle Garcia:

And then behind us is all going to be residential, for the most part.

Speaker 2:

I imagine-

Michelle Garcia:

And then Atlas is right there, right?

Speaker 2:

Yep. That’s the Atlas roundabout. This will eventually tie into the Atlas roundabout.

Michelle Garcia:

Yeah, the Atlas roundabout’s right up there. And then beyond there is another parcel someone else owns, not developed yet. But that’ll probably be in the works.

Speaker 2:

That road’s going to tie into Selty’s also.

Speaker 3:

Oh, okay. So it’ll come up here through the trees there, look out on that Selty’s. Probably about where that-

Speaker 2:

Where my job trailer is?

Michelle Garcia:

Yes.

Speaker 2:

That’s where the new road is. Right through there all the way up to tie into Selty’s also.

Michelle Garcia:

Sweet. All right.

  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

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