Boise City FHA Loans

BOISE CITY, ID

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Boise City's 117 lenders originated 3,627 FHA loans during 2021. The total origination value was $1,039,745,000, with an average FHA loan value of $286,668.

    Boise City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Boise City averaged 5.12% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.13% and one month ago for the week of 2022-04-15, the average rate was 5.12%.

    The average rate one year ago was 3.29%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.83%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Boise City FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Boise City level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 243 2.63% $8,423
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 188 2.97% $12,910
    GUILD MORTGAGE COMPANY 177 3.03% $12,152
    PREMIER MORTGAGE RESOURCES, L.L.C. 152 3.11% $13,553
    Willamette Valley Bank 117 3.11% $11,440
    MOVEMENT MORTGAGE, LLC 97 3.19% $10,553
    Waterstone Mortgage Corporation 81 2.93% $13,888
    LAKEVIEW LOAN SERVICING, LLC 79 2.90% $5,707
    IDAHO CENTRAL 74 2.85% $11,506
    FINANCE OF AMERICA MORTGAGE LLC 53 3.14% $11,460
    FREEDOM MORTGAGE CORPORATION 53 2.91% $6,547
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 52 3.23% $12,447
    PRIMARY RESIDENTIAL MORTGAGE, INC. 49 3.44% $14,211
    CALIBER HOME LOANS, INC. 47 2.92% $9,727
    PRIMELENDING, A PLAINSCAPITAL COMPANY 43 3.03% $12,465
    S1L, Inc. 42 3.01% $12,093
    UNITED WHOLESALE MORTGAGE, LLC 41 2.65% $9,685
    Mr. Cooper ( Nationstar Mortgage ) 40 3.26% $6,123
    Flagstar Bank, FSB 38 3.00% $11,411
    ACADEMY MORTGAGE CORPORATION 36 3.03% $12,425
    LOANDEPOT.COM, LLC 33 2.96% $10,508
    SUMMIT FUNDING, INC. 32 3.17% $13,380
    VILLAGE CAPITAL & INVESTMENT LLC 22 2.86% $3,954
    AMCAP MORTGAGE, LTD. 21 3.76% $15,653
    Carrington Mortgage Services, LLC 20 3.56% $12,326
    PACIFIC RESIDENTIAL MORTGAGE, LLC 20 3.17% $13,911
    PENNYMAC LOAN SERVICES, LLC 19 2.89% $7,179
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 3.01% $12,809
    Lend Smart Mortgage, LLC 18 2.67% $12,363
    Gateway First Bank 17 3.16% $10,969
    HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.87% $11,150
    GUARANTEED RATE, INC. 15 2.77% $10,903
    AMERISAVE MORTGAGE CORPORATION 15 2.88% $10,613
    NEWREZ LLC 13 2.96% $7,042
    PLANET HOME LENDING, LLC 13 2.70% $6,757
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 2.90% $10,246
    First Home Bank 12 3.20% $13,248
    Bank of England 12 2.79% $13,678
    AXIA FINANCIAL, LLC 11 3.34% $10,942
    LOANPAL, LLC 11 2.48% $13,307
    D. L. Evans Bank 10 2.45% $9,984
    BROKER SOLUTIONS, INC. 10 3.24% $9,955
    CALCON MUTUAL MORTGAGE LLC 9 3.04% $12,992
    Umpqua Bank 9 2.74% $11,905
    RANLIFE, INC. 8 3.06% $10,344
    MUTUAL OF OMAHA MORTGAGE, INC. 8 2.91% $10,701
    AMERICAN FINANCING CORPORATION 8 2.56% $11,190
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 3.11% $11,643
    VERITAS FUNDING, LLC 7 3.00% $10,686
    Glacier Bank 7 3.04% $12,719
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 2.57% $9,547
    AMERICAN FINANCIAL NETWORK, INC. 7 3.09% $15,412
    Summit Mortgage Corporation 7 2.93% $12,690
    TBI MORTGAGE COMPANY 7 2.75% $9,900
    HOME POINT FINANCIAL CORPORATION 7 2.68% $9,885
    Nations Lending Corporation 7 3.25% $17,351
    CROSSCOUNTRY MORTGAGE, LLC 6 3.27% $9,684
    CMG MORTGAGE, INC. 6 2.73% $13,340
    VISION ONE MORTGAGE, INC. 6 3.23% $6,368
    CHURCHILL MORTGAGE CORPORATION 5 2.70% $9,804
    Paramount Residential Mortgage Group, Inc. 5 3.18% $10,385
    JMJ FINANCIAL GROUP 5 2.53% $14,335
    GENEVA FINANCIAL, LLC 5 3.20% $11,120
    Commerce Home Mortgage, Inc. 5 3.58% $10,349
    LEADERONE FINANCIAL CORPORATION 5 3.40% $11,857
    BAY EQUITY LLC 4 2.94% $11,161
    Bank of Idaho 4 2.69% $8,648
    FIRST COLONY MORTGAGE CORPORATION 4 3.31% $13,017
    First Guaranty Mortgage Corporation 4 2.88% $8,929
    Washington Trust Bank 4 2.75% $8,771
    AmeriHome Mortgage Company, LLC 4 2.97% $5,288
    The Federal Savings Bank 3 2.83% $11,371
    MOUNTAIN AMERICA 3 2.46% $11,003
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.96% $13,792
    Equity Prime Mortgage LLC 3 3.75% $7,366
    BELEM SERVICING LLC 3 2.92% $10,322
    LOANLEADERS OF AMERICA, INC. 3 2.83% $11,629
    NP, Inc. 3 3.08% $9,902
    MID AMERICA MORTGAGE, INC. 2 2.88% $4,708
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.06% $10,713
    HomeStreet Bank 2 2.50% $10,654
    SECURITYNATIONAL MORTGAGE COMPANY 2 2.81% $9,810
    SUN WEST MORTGAGE COMPANY, INC. 2 2.81% $5,088
    Neighborhood Loans, Inc. 2 3.19% $13,446
    First Federal Savings Bank of Twin Falls 2 3.13% $16,229
    U.S. Bank 2 3.06% $10,274
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.06% $10,453
    ZILLOW HOME LOANS, LLC 2 3.06% $10,163
    KeyBank 2 2.88% $11,167
    INTERCAP LENDING INC. 1 2.50% $9,116
    KELLER MORTGAGE, LLC 1 2.63% $10,904
    HOMESIDE FINANCIAL, LLC 1 3.25% $10,658
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.00% $13,003
    Magnolia Bank 1 3.25% $7,356
    MANN FINANCIAL INC. 1 2.88% $10,027
    Manufacturers and Traders Trust Company 1 3.13% $10,131
    Mortgage Research Center, LLC 1 3.25% $13,447
    Franklin Loan Corporation 1 3.00% $14,272
    Florida Capital Bank 1 3.13% $10,184
    First Interstate Bank 1 3.25% $10,503
    OCMBC, INC. 1 2.88% $10,849
    Plains Commerce Bank 1 2.63% $12,356
    ENVOY MORTGAGE, LTD 1 2.75% $13,435
    PLAZA HOME MORTGAGE, INC. 1 3.88% $9,651
    PREMIA MORTGAGE, LLC 1 2.75% $11,067
    EMBRACE HOME LOANS, INC. 1 2.99% $10,766
    Eagle Bank and Trust Company 1 2.50% $13,719
    DIRECTORS MORTGAGE, INC. 1 4.13% $16,295
    Citizens Bank 1 2.50% $8,886
    BKCO MORTGAGE, LLC 1 2.25% $9,390
    BECKAM FUNDING CORP. 1 2.88% $10,511
    UNITED SECURITY FINANCIAL CORP 1 3.38% $7,373
    Barrington Bank & Trust Company, N.A. 1 2.88% $10,003
    VAN DYK MORTGAGE CORPORATION 1 2.88% $14,425
    Austin Capital Bank SSB 1 3.25% $11,302
    Zions Bancorporation, N.A. 1 3.25% $9,412
    JAMES B. NUTTER & COMPANY 1 3.00% $4,224

    The top Boise City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 243 FHA loans originated. Their average total fees are $8,423, which is $4,488 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Boise City FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,954), LAKEVIEW LOAN SERVICING, LLC ($5,707), Mr. Cooper ( Nationstar Mortgage ) ($6,123), FREEDOM MORTGAGE CORPORATION ($6,547) and PLANET HOME LENDING, LLC ($6,757).

    The lowest rate Boise City FHA lenders (with over 10 loans originated) are D. L. Evans Bank (2.45%), LOANPAL, LLC (2.48%), QUICKEN LOANS, LLC (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.65%) and Lend Smart Mortgage, LLC (2.67%).

    Boise City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BOISE CITY, ID ADA 2022 $515,200 $659,550 $797,250 $990,800
    BOISE CITY, ID BOISE 2022 $515,200 $659,550 $797,250 $990,800
    BOISE CITY, ID CANYON 2022 $515,200 $659,550 $797,250 $990,800
    BOISE CITY, ID GEM 2022 $515,200 $659,550 $797,250 $990,800
    BOISE CITY, ID OWYHEE 2022 $515,200 $659,550 $797,250 $990,800

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).