Buying

Applying For a Twin Falls Mortgage: 6 Documents You’ll Likely Need

If you’re applying for a Twin Falls mortgage, it’s a good idea to start by organizing your financial documents. Most lenders will require various forms of documentation for your mortgage application, read on to learn more about the documents required.

Top Documents Needed For a Twin Falls Mortgage:

Tax Returns

When you apply for a mortgage loan, the lenders and banks want to know your complete financial story and will examine all aspects of your financial life. 

Depending on your employment status, the lenders usually ask for one to two years’ worth of tax returns. The main objective of this requirement is to verify that your annual income is consistent with your reported earnings, and that there are no significant fluctuations in your income from year to year.

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Paystubs, W-2s, or other proof of income

When you apply for a loan, your lender will likely ask you to provide your paystubs from the previous month or so. Although your tax returns can provide an overview of your income and financial status, paystubs help lenders determine your current earnings and ensure that everything is in order.

If you have any additional sources of income, such as social security benefits, investment or rental income, a side hustle, or child support, your lender will want additional documentation for those.

Credit Report

In order to gauge you as a borrower, your lender will likely pull your credit report (with your written permission).

Different loan programs will have different qualifications as far as your credit score and history.

  • FHA loans – This type of loan is commonly known as the first-time homebuyer loan, but you don’t need to be a first-time buyer to use it always. These loans are backed by the government and require a minimum credit score of 500 to be approved. However, your credit score will also affect your down payment. If your score is below 580, you will need to put down 10%, whereas if it’s above that, you can generally put down as little as 3.5%.
  • VA loans – VA loans don’t require a certain credit score to qualify so individual lenders can set their requirements. Low credit scores are likely easier to get away with on a VA loan than a conventional loan.
  • USDA loans – Another government backed loan program, there aren’t set credit requirements from USDA. Also, this is a zero-down program is popular in more rural areas (outside Twin Falls City generally).
  • Conventional loans – Conventional loans are not government-backed loan programs and will likely require a credit score of at least 620 and around the mid-700s to qualify for better rates.
  • Jumbo loans – The credit requirements for jumbo loans are typically the strictest because of their large amounts. You may need a score in the low-to-mid 700s or above to qualify.

Bank Statements

When evaluating your risk profile, lenders will review your bank statements, investments, and insurance assets.

Lenders require borrowers to have reserve funds to cover mortgage payments for several months in case of an emergency. Additionally, they verify that the down payment money has been in the borrower’s account for a while and did not just appear recently.

If you are receiving a gift from family or friends to purchase your home, the lender will require a letter confirming that the funds are a gift, not a loan.

The letter will need to state a variety of things, such as the person’s relationship to you, the amount of money, signatures, etc. Your lender will give you the exact requirements.

Photo ID

As with any major purchase or process, you will need to provide a form of photo ID, such as a driver’s license, to verify your identity.

I hope this helped you get a better understanding of what you’ll need for applying for a Twin Falls mortgage loan.

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Things You Need To Know Before Moving To Kimberly, Idaho

If you want to live in Twin Falls County but prefer a more relaxed lifestyle, you may consider moving to Kimberly, Idaho. It’s situated just over six miles away from Twin Falls, giving you access to all the amenities without the hustle and bustle, traffic, and noise.

Learn about about Kimberly from a local’s perspective, and what to know before moving or relocating there below.

Top 5 Things You Should Know Before Moving To Kimberly:

The location is fantastic if you want to quickly get to outdoor activities like camping, boating, hiking, etc.

If you’re an outdoor enthusiast, you will not be disappointed by the easy access to many enjoyable local spots. If you want to take the boat out, kayak or paddle board, or have a BBQ or birthday party, Murtaugh Lake is only fourteen miles east of Kimberly.

For those who enjoy camping, the South Hills area is another option. It’s roughly thirty miles south of town, making it perfect for a quick trip without taking time off from work. Along with camping, you can enjoy fantastic hiking, observe wildlife, and relax in the beautiful surroundings of the Sawtooth National Forest. 

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The average cost of a home here tends to be higher than other parts of Twin Falls County.

Kimberly is a highly desirable area located in Twin Falls County. The community is small yet conveniently located near Twin Falls, and you will find many options for new construction homes. Kimberly’s proximity to Twin Falls isn’t the only advantage. It is also situated near the freeway entrance, providing easy access for those who need to travel for work.

Due to some of those factors, you may notice that housing prices in Kimberly are higher compared to the rest of Twin Falls County. In 2023, the average cost of a home in the county was around $376,000, while the average cost of a home in Kimberly was approximately $439,000.

Average Cost of Twin Falls County Homes By City For 2023:

  • Buhl: $342,505
  • Filer: $348,671
  • Kimberly: $439,366
  • Twin Falls: $373,335
  • Hansen: $229,492

 *These statistics were provided by Intermountain MLS.

There are many new construction developments in Kimberly, so you will have to deal with the mess for a while during construction.

There are numerous new construction communities currently being developed, and more will undoubtedly follow in the years to come if you’re looking for new construction options.

New construction offers great advantages, including builder warranties, current incentives, and customization options. Schedule a call with me to learn more.

With a population of under 5,000 people, Kimberly is a tight-knit community.

When you are in Kimberly, you truly are reminded of a simpler time. Because of the low population you have that small town feel and your neighbors know and care about you.

Like the rest of the Magic Valley, moving to Kimberly presents an opportunity to forge lasting friendships. The shared experiences, community events, and local gatherings will form the basis of relationships that can endure the test of time. The feeling of belonging is tangible and adds to the charm of living in Kimberly.

Even though Kimberly is a small town, you can find most anything you need there.

As previously mentioned, Kimberly isn’t from Twin Falls. However, another perk to living in Kimberly is that you can find almost everything you need right in town. Whether you’re looking for a fantastic restaurant, shopping, dentist, doctor, or really whatever you’re looking for, it can be found nearby. 

I hope this helped answer your questions about moving to Kimberly, Idaho. As always, I’m here for you if you ever want to reach out and connect.

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Twin Falls County Real Estate Market Update: February 2024

 I’m looking for homeowners in Twin Falls County or anyone planning to become one, here’s what went down in March 2024 in the Twin Falls County real estate market. 

Read on for helpful tips and real truths about how the current market could impact your real estate goals if you’re considering buying or selling this spring or summer.

What You Need to Know About the Twin Falls County Market:

Number of Residential Sales

The total number of residential sales in March reached 107, a massive 59% increase in listings sold month-over-month (MoM). I think it’s safe to say that the spring real estate market is officially heating up, and we can expect to see more of the same throughout April and May. This is the time of year when we will see the largest majority of home sales because of the favorable weather, school breaks, etc. 

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Months of Inventory

We’re still firmly situated within a seller’s market, and in Twin Falls County, the Months of Inventory (MOI) remain low, sitting at 3.19 months in March 2024.

The MOI serves as a reliable gauge of the current market dynamics and potential future trends. While a balanced market typically has about 4-6 months of inventory, we’ve consistently observed the balance tipped in favor of sellers over the past five years.

Homes that are appropriately priced, well-maintained, and strategically located continue to be in high demand. It’s not uncommon for them to attract multiple offers and secure acceptances within the first week of listing.

New Listings

Though the available inventory continues to remain low, we did see 144 new listings in Twin Falls County for March. This number is up almost 11% from last month when 130 new homes hit the market.

This number should continue to rise over the next few months as the school year comes to an end and the weather warms up. The good news for buyers is that you should have more choices available; the bad news is that homes hitting the market are being absorbed almost as quickly.

When you’re out there shopping, it’s more important than ever to have a solid idea of what you’re looking for so that when you find it, you are ready to make a move on it.

Sales Price

The median sales price for a home in Twin Falls County remained basically unchanged with a median sales price of $364,950 in March, whereas in February 2024, it was $365,000 for all single-family homes. 

Looking at the prices year over year, prices continue to increase rapidly, with the median price of a home up 7.34% from $340,000 at this time in 2023. On average, homes appreciate at a rate of 3% per year; however, over the last four years, we have seen incredible gains of well over 10% annually.

Breaking it down by category, pre-existing single-family homes sold on average for $346,500, new construction for $441,957, and single-family homes with acreage sold on average for $568,750.

Days On Market

As I’ve been mentioning, this time of year is when we witness a lot of market activity. The days on the market have significantly decreased from last month. In March 2024, the average days on the market were 74 compared to 104 in February, which is a 29% decrease in days on the market month over month.

In March, the median days on market for all single-family homes sold in the county was only 30. Despite the various factors that are making housing less affordable, people are still finding ways to make it work and have reasons for moving. The competition level remains high in our local real estate market.

If you want to be a strategic seller and have a lot of showings for your property right away, it’s important to price your home correctly. This will help you sell your property quickly so that you can move on to bigger and better things.

Conclusion

Alright, so I’m sure you know what some of my concluding thoughts are for this month’s update. If you’re a buyer planning to make a move this spring or summer, it is time to get educated and prepared to ensure you have the most successful experience possible. Competition is tight out there—especially for first-timers.

As I touched on a bit last month, the Fed keeps discussing rate cuts, but currently, it doesn’t seem likely that anything is going to happen as inflation continues to grow at a pace faster than they would like to see. My personal opinion is to buckle up and get used to rates around 6% and make a plan for something you can afford at that interest rate. If/when rates do come down, great! Most lenders are offering refinances with waived or reduced fees.

Waiting for these rate drops poses a couple of different problems. Firstly, prices keep rising, practically on a monthly basis and certainly on an annual scale. If you keep putting off purchasing, by the time rates come down, the amount you save in interest will likely be offset by the increased purchase price. Secondly, when rates do drop lower, competition will inevitably increase. I’m actually relieved that the rates haven’t dropped too much yet. Currently, it’s a bit disappointing because rates are at their highest in months, but a gradual decline is necessary to avoid an influx of activity like we saw before.

Sellers, this is a great time for you if you’re willing to be strategic. Proper pricing and a well-maintained home often lead to a quick sale at or above the asking price. Depending on the type of move you’re planning to make, now could be a great time.

Again, this is all general information, and each and every situation is completely unique. I am always here to have a discussion about your real estate goals, set up a time with me to talk here. Or, if you’d like an instant home valuation, you can grab one here. Thanks for reading, I’ll catch you next month!

Hi, I'm Sabrina!

I’m your local Twin Falls real estate agent and soon-to-be friend in real estate! Whether you’re selling or buying, I am here to help my clients achieve their real estate goals. Through strong client advocacy, skillful marketing techniques, exceptional communication, and proven systems, I strive to make my client’s experience as smooth and stress-free as possible.

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What You Need To Know Before Moving To Buhl, Idaho

If you’re considering moving to Buhl, Idaho, it’s a great community located in Twin Falls County. However, there are a few things you should be aware of before making the move. Below are the top 5 things you should know before moving to Buhl. Keep reading to find out!

5 Things You Should Know Before Moving To Buhl:

The city of Buhl offers some of the most affordable housing options in Twin Falls County.

The city of Buhl provides comparatively more affordable housing options than some other areas in the Magic Valley. In 2023, the average cost of a home in Twin Falls County was around $376,000, whereas in the city of Buhl, the average cost was $342,505.

Buhl offers a variety of housing options, including new constructions, pre-existing homes, farms, and homes near the river. If you’re looking for an affordable area in Twin Falls County, Buhl is worth considering.

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Discover the best of Buhl, Idaho with its amazing local restaurants, shops, breweries, and activities. Here are some of my favorite recommendations to enjoy in the area.

Some houses in the area have access to geothermal water as their water source, and there are also several hot springs to visit.

Numerous homes in the Buhl area along the Thousand Springs Byway use geothermal water as their primary source of water for household use, pools, and hot tubs.

Miracle Hot Springs, Banbury Hot Springs, and Thousand Springs Resort all provide access to their communal pools and private rooms. These are fantastic places to decompress, unwind, and in the case of Banbury and Miracle, admire the scenic views. Apart from soaking in the hot springs, you can also find campsites, geo-domes for rent, spa services, kayak rentals, and other amenities.

If you work in Twin Falls and have to commute from Buhl, it is a bit of a drive at roughly 25 minutes each way.

If you live in Buhl and need to travel to Twin Falls for work, you should expect to spend around an hour daily commuting to and from your workplace. While this may not be too terrible for some, individuals who prefer having amenities nearby may consider Buhl a bit of a drive.

You can access local amenities like stores, restaurants, and healthcare facilities here. However, for more unique needs, you may have to travel to Twin Falls.

There are a lot of options for dining and entertainment in Buhl.

You will find an abundance of thriving local businesses based here. Buhl’s downtown is lovely, there are great views of the Snake River, and Buhl truly has so much charm. 

When in town, some of my top places to visit are Cloverleaf Creamery (even though they now have a spot in Twin Falls, it’s always fun to go to the original), Holesinsky Vineyard (they have amazing events year-round and some truly spectacular wines), and just walking Main Street to explore all the different shops.

Known as the Trout Capital of America, Buhl has several hatcheries producing trout that go all over the world.

There are a variety of fish hatcheries in Buhl, some of which even offer opportunities for the community to come view and learn about the process. You can find this trout featured in many local restaurants as well.

Whether you live here or are just passing through Buhl is a treasure to explore and enjoy, I hope you get an opportunity to visit soon!

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Things To Know Before Buying A House In Twin Falls, Idaho

If you’re buying a house in Twin Falls, Idaho, there are some things you’ll want to do before you begin your home search. Continue reading to learn the steps you’ll need to take to make your home-buying experience a breeze.

Top 5 Steps To Take Before Buying A House In Twin Falls, ID

Assess Your Finances: Build A Strong Foundation

buying-a-home-twin-falls

Before you start looking for a home, it’s important to focus on your finances. The first step is to meet with an experienced lender who can help you evaluate your financial situation thoroughly. This assessment will help you determine your budget by considering your income, expenses, and potential mortgage rates.

When buying a house in Twin Falls, I recommend working with a local lender and getting multiple opinions. You have a window after you begin getting pre-qualified to shop lenders; make sure you get the best rate and fees possible for yourself. 

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Research Neighborhoods: Find The Best Fit

buying-a-home-twin-falls

When it comes to real estate, location is everything. Before buying a house in Twin Falls, make sure you do your research on the neighborhood. I recommend driving the neighborhood; drive it to work, the gym, your favorite restaurants, etc. Make sure it fits with the lifestyle you’re looking for. You’ll also want to consider things like other homes in the neighborhood, school districts, amenities, and more.

I also recommend visiting the area during both the daytime and nighttime; this will help ensure you get a good feel for traffic level, sound level, etc., and ensure it aligns with the lifestyle you’re looking for. 

Define Your Priorities: Identify Your Must-Haves And Deal Breakers

buying-a-home-twin-falls

When you start searching for a new home, it’s important to determine what matters most to you. Think about factors like the location, size, layout, and specific features that are essential for your lifestyle. If there are any deal breakers, make sure to include them on your list.

Understand The Home Buying Process: Knowledge Is Empowering

Most people aren’t buying or selling a house annually or frequently. Make sure that if it’s your first time buying a home you work with a Realtor who can help you understand the process. Even if you’ve bought before, you may still need a refresher.

If you want to learn more about the home buying process you can click here. Or, you can download my home buying guide above.

Work With A Professional: Don't Go It Alone

real-estate-agent-twin-falls

Whether you’re purchasing a pre-existing home or building a new one, I always recommend working with a reliable Realtor. They will look out for your best interests, ensure the paperwork is handled properly, and ensure the closing is on time. In addition to protecting your interests, in Idaho, the seller’s agent usually pays the buyer’s agent, which means that you won’t have to pay anything extra!

If you’re searching for a real estate agent, it’s important to interview multiple agents to ensure you find the right fit for you. If you are in the market to buy a home in Twin Falls, I would be delighted to have the opportunity to introduce myself and see if we could work together.

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Hi, I'm Sabrina!

I’m your local Twin Falls real estate agent and soon-to-be friend in real estate! Whether you’re selling or buying, I am here to help my clients achieve their real estate goals. Through strong client advocacy, skillful marketing techniques, exceptional communication, and proven systems, I strive to make my client’s experience as smooth and stress-free as possible.

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