Moving to Idaho in a year

9 Replies

Yes, you will need a source of income to get any loan unless you have a co-signer or if you are paying in all cash.  And, if you are moving, then you will need proof of income in the state that you are moving to even if it is a signed letter from a local company.

Where are you moving to in Idaho? We are moving there next summer.

Originally posted by @Isaac Islas :

@Craig Anderson Thank you it’s Boise or Pocatello

Two good choices, those are the areas that we are looking into as well when we move.  Chubbuck, which is a suburb of Pocatello, is expanding with new builds and growth. Good Luck! 

@Craig Anderson and @Isaac Islas We would love to welcome both of you to Eastern Idaho. If you have any needs when you decide Pocatello or any of the cities near there, feel free to reach out for any help or guidance. There is a lot of growth in all of the Eastern Idaho cities as possibly people are realizing Boise is much more expensive and overcrowded. Still peaceful around here, for now.

Actually, different lenders have different requirements on the jobs. Most are risk averse these days but I know some that will do loans based on a firm verifiable (in writing and on phone) with the new employer before you even get your first paycheck. I just sent an email to two of my lender partners to make sure that would work on a FHA/FHA 203k loan. I will update this post when I hear back from them.

One of my agents lives in Blackfoot Idaho and works the Pocatello market. Don is correct that Boise is more expensive than Pocatello. I am a member of both MLS's so I will do an analysis on pricing since I have never taken the time to compare similar properties in both.

Best of luck!

I gather from your interest in the FHA/203k loan you're looking at a personal residence/probable house hack? Just to give you a head's up so you can adjust and plan accordingly if coming to the Boise metro; prices are still SKYROCKETING, especially if you're looking for something with minimal to no rehab needed. A buddy just sold his house in Boise, multiple offers, all of them the same parameters: all cash, no contingencies (inspection, appraisal, etc waived), quick close. Winner paid $50k above asking just so they could lock it down. Sold their home in San Diego so they were flush with cash. That is how it is going here now. I spoke to our Realtor recently, as I referred another buddy to her whose coming from the Bay Area. She told me that there is no negotiating here right now, and one of her agents had a buyer place on offer on a house with all contingencies waived and $30k above asking and they still didn't get it. There's deals here, you just got to be quick, know your criteria and ready to pull the trigger.

@Isaac Islas

Both Pocatello and Boise are great areas!

Pocatello puts you closer to Jackson Hole (2.5hrs), Big Sky (3.5hrs), and Yellowstone(2.5hrs) which all have great tourist and outdoor recreating opportunities year round. Salt Lake airport (international) is also only a 2hr+15min drive. It’s a quaint little town nestled into small mountains with a few breweries, upcoming food scene, and it’s fair share of outdoor enthusiasts.

Boise has great outdoor rec opportunities as well, but with the amenities of a larger city (228k population vs 56k). Their food scene is far more developed and they’re quite pedestrian and cyclist friendly, too.

Pocatello’s average sold home price in the last six months is currently sitting right around $245k ($250k for Chubbuck), and while I’m not certain to what Boise’s metrics are, my understanding is that they are relatively higher.

Good luck in your endeavors, Isaac, and if you end up coming through Pocatello, I’m happy to give ya some recommendations for the area in regard to food/activities! If you decide to rent/buy here I’d love to get you in touch with some of the investors I work with and/or help you find home :)