Home financing in Jerome County.

Home financing means borrowing money to purchase, build, or improve a home — then repaying that loan over time, usually in monthly installments that include principal (the amount you borrowed) and interest (the cost of borrowing it).

The most common product is a mortgage loan. A lender reviews your income, credit history, debts, and the value of the property you want to buy. If approved, they give you the funds to close the purchase, and the home itself serves as collateral — meaning the lender can reclaim it if payments stop.

There are several types of home loans:

• **Conventional loans** — offered by private banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, they allow lower credit scores (as low as 580) and down payments as low as 3.5%. A common entry point for first-time buyers.

• **USDA Rural Development loans** — because much of Jerome County qualifies as rural, many buyers here can access 0% down payment loans through the USDA program. This is one of the most underused options in the Magic Valley area.

• **VA loans** — for eligible veterans and active-duty military. No down payment required.

• **ITIN loans** — for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). Several lenders in Idaho offer these products specifically for immigrant families.

Take your time understanding each option before choosing. There is no rush — the right loan is the one that fits your real situation.

Jerome County sits in Idaho's Magic Valley region, anchored by the city of Jerome and surrounded by farms, dairy operations, and food-processing industries. A large portion of the workforce is employed in agriculture, manufacturing (including Chobani's large local plant), and trades — many as hourly or seasonal workers, sole proprietors, or 1099 contractors.

This matters for financing because lenders evaluate income stability and documentation. Here's how that plays out locally:

**Dairy and farm workers:** Income may be seasonal or hourly. Some lenders will average two years of bank statements rather than requiring traditional pay stubs. Ask specifically about bank-statement loan programs.

**Solo contractors and tradespeople:** If you file a Schedule C (self-employed income), lenders will typically want two years of tax returns. Your qualifying income may be lower than your gross earnings because of business deductions — this is normal and worth discussing with a loan officer before you apply.

**ITIN holders:** If you don't have a Social Security Number, you are not automatically disqualified. Several Idaho-based and regional lenders offer ITIN mortgage products. These typically require 2–3 years of ITIN tax returns, a larger down payment (often 10–20%), and proof of steady income.

**First-time buyers:** Idaho Housing and Finance Association (IHFA) defines first-time buyers broadly — you may qualify even if you've owned a home before, as long as you haven't owned one in the past three years.

**Income limits:** USDA and IHFA programs have household income limits. For a family of four in Jerome County, the USDA limit is generally around $110,650 (2024 figures — always confirm current limits directly with the program). These limits are higher than many people expect, so don't assume you earn too much to qualify without checking.

Gathering your paperwork before you talk to a lender makes the process smoother and faster. Requirements vary by loan type and lender, but most home loan applications will ask for the following:

**Identity and residency:**

• Government-issued photo ID (passport, consular ID/matrícula consular, driver's license)

• ITIN letter from the IRS (if applicable) or Social Security card

• Visa or immigration documents (if applicable — not all lenders require these)

**Income and employment:**

• Last two years of federal tax returns (1040s), including all schedules

• W-2s or 1099s for the past two years

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

• Profit and loss statement if self-employed (your accountant can prepare this)

• 12–24 months of bank statements (especially important for bank-statement loan programs)

**Assets:**

• Bank account statements (last 2–3 months)

• Any retirement or investment account statements

• Documentation of the source of your down payment (lenders need to verify it isn't a hidden loan)

**Property:**

• Purchase agreement or contract (once you've found a home)

• Address of the property you intend to buy

**Tip:** Keep organized copies — physical or digital — of all these documents. You may need to provide them more than once during the process. A local nonprofit housing counselor can help you prepare your file for free before you ever sit down with a lender.