Home financing in Blaine County.

Home financing means borrowing money to buy a home and paying it back — with interest — over time. The most common type is a mortgage: a loan secured by the property itself. If you stop making payments, the lender can take the home through a process called foreclosure, so it is important to borrow only what you can realistically afford.

There are several common mortgage types you will encounter:

• **Conventional loans** – Offered by banks and credit unions, not backed by the government. Usually require a credit score of 620 or higher and a down payment of at least 3–5%.

• **FHA loans** – Backed by the Federal Housing Administration. More flexible credit and down payment requirements (as low as 3.5% down with a 580 credit score). Requires mortgage insurance.

• **USDA loans** – For eligible rural and suburban areas. Blaine County has some USDA-eligible zones, particularly around Bellevue and Carey. Zero down payment required for qualifying buyers.

• **VA loans** – For veterans and active-duty military. No down payment required, no private mortgage insurance.

• **ITIN loans** – For borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). These are offered by select credit unions and community lenders.

Blaine County's median home prices are significantly above Idaho's statewide average — often exceeding $700,000 in Ketchum and Sun Valley — so understanding loan limits and down payment assistance programs matters more here than in most Idaho counties.

Blaine County's economy is driven by tourism, hospitality, construction, and a seasonal workforce. Many residents work in trades — plumbing, electrical, framing, landscaping — or in service industries tied to the Sun Valley resort. This creates some specific challenges and opportunities when applying for a home loan:

**Seasonal or self-employed income:** If your income fluctuates by season, lenders will typically average your last two years of tax returns. Solo contractors and gig workers should be prepared to document all income sources carefully, including 1099s and profit-and-loss statements.

**Higher home prices:** Blaine County's prices regularly exceed conforming loan limits. For 2024, the conforming loan limit for a single-family home in Blaine County is $1,089,300 — one of the highest in Idaho — because it qualifies as a high-cost area. This means standard conventional loans are available at higher amounts than in most Idaho counties.

**ITIN borrowers:** A significant portion of Blaine County's workforce is Latino, many working in construction, hospitality, and agriculture. ITIN-based mortgages are available through select local and regional lenders. You do not need a Social Security number to buy a home.

**Income limits for assistance programs:** Many down payment assistance and affordable housing programs have income caps. In a high-cost county like Blaine, those caps are often set higher than in other Idaho counties — so do not assume you earn too much to qualify without checking first.

**Credit history:** If you are newer to building U.S. credit, some lenders will consider alternative credit — such as a record of on-time rent, utility, or phone payments — especially for ITIN borrowers.

Gathering your documents early makes the process much smoother. Here is what most lenders in Blaine County will ask for:

**Identity & residency:**

- Government-issued photo ID (passport, consular ID card, state ID, or driver's license)

- ITIN letter from the IRS (if you do not have a Social Security number)

- Immigration documents if applicable (some lenders require these; many do not)

**Income:**

- Last two years of federal tax returns (all pages, all schedules)

- W-2s or 1099s for the last two years

- Recent pay stubs (last 30 days) if you are a W-2 employee

- Profit-and-loss statement if self-employed or a solo contractor

- Bank statements for the last 2–3 months

**Assets:**

- Bank account statements showing your down payment funds

- Documentation of any gift funds (a gift letter is required if family is helping)

- Retirement or investment account statements if applicable

**Property:**

- Signed purchase agreement (once you are under contract)

- Homeowners insurance quote

**Credit:**

- Lenders will pull your credit report — you do not need to bring this

- If you have limited U.S. credit, ask your lender about alternative credit documentation

If any of your documents are in Spanish, some lenders and housing counselors in the region can work with you in both languages. Always keep copies of everything you submit.