Boise City FHA Loan Rates, Closing Costs & Stats

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 128 lenders originated 2,321 FHA loans during 2023. The total origination value was $838,045,000, with an average FHA loan value of $361,071.

    Boise City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Boise City averaged 6.68% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Boise City's average FHA mortgage closing costs are $10,592.

    The average rate for the prior week (2024-04-12) was 6.47% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 5.87%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.84%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Boise City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 196 5.96% $15,955
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 136 6.10% $15,071
    QUICKEN LOANS, LLC 111 6.08% $15,850
    GUILD MORTGAGE COMPANY 93 6.36% $15,184
    LOANDEPOT.COM, LLC 80 6.28% $16,608
    S1L, Inc. 78 6.33% $14,414
    MOVEMENT MORTGAGE, LLC 73 6.48% $16,565
    AMERICAN PACIFIC MORTGAGE CORPORATION 67 6.49% $14,785
    PREMIER MORTGAGE RESOURCES, L.L.C. 56 6.07% $19,300
    IDAHO CENTRAL 49 6.50% $13,452
    AMCAP MORTGAGE, LTD. 43 6.39% $17,953
    Waterstone Mortgage Corporation 40 6.31% $16,257
    ACADEMY MORTGAGE CORPORATION 39 5.80% $14,357
    PRIMELENDING, A PLAINSCAPITAL COMPANY 33 6.31% $15,385
    SUMMIT FUNDING, INC. 32 6.37% $16,187
    Willamette Valley Bank 29 6.28% $17,599
    Sunflower Bank 28 6.32% $15,870
    GUARANTEED RATE, INC. 26 6.09% $16,309
    Bank of England 26 6.05% $14,367
    CROSSCOUNTRY MORTGAGE, LLC 24 6.59% $15,292
    NFM, INC. 18 6.31% $14,547
    BROKER SOLUTIONS, INC. 16 6.55% $16,449
    CHURCHILL MORTGAGE CORPORATION 15 6.59% $14,737
    AXIA FINANCIAL, LLC 15 6.78% $14,613
    PENNYMAC LOAN SERVICES, LLC 14 6.04% $14,929
    CMG MORTGAGE, INC. 12 6.54% $18,641
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.70% $16,631
    JMJ FINANCIAL GROUP 10 6.44% $17,309
    CASTLE & COOKE MORTGAGE, LLC 10 6.49% $14,592
    NEWREZ LLC 10 6.81% $17,771
    KBHS HOME LOANS, LLC 10 6.05% $19,301
    AMERISAVE MORTGAGE CORPORATION 10 6.30% $18,665
    BAY EQUITY LLC 9 6.18% $18,371
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.24% $11,119
    MY MOVE MORTGAGE, LLC 9 6.11% $21,310
    TBI MORTGAGE COMPANY 9 5.74% $18,101
    HOMEAMERICAN MORTGAGE CORPORATION 9 5.07% $9,333
    Franklin Loan Corporation 8 6.13% $18,841
    Mr. Cooper ( Nationstar Mortgage ) 8 6.16% $22,796
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 8 6.91% $18,166
    VERITAS FUNDING, LLC 7 6.25% $19,065
    EAGLE HOME MORTGAGE, LLC 7 5.84% $14,669
    SUN WEST MORTGAGE COMPANY, INC. 7 6.27% $15,360
    FIRST COLONY MORTGAGE CORPORATION 7 6.04% $16,354
    LAKEVIEW LOAN SERVICING, LLC 7 6.16% $13,881
    Plains Commerce Bank 6 6.98% $14,854
    CARDINAL FINANCIAL 6 6.58% $14,492
    Commerce Home Mortgage, Inc. 6 6.60% $12,380
    SECURITYNATIONAL MORTGAGE COMPANY 6 6.42% $15,533
    Paramount Residential Mortgage Group, Inc. 6 6.06% $16,097
    Sierra Pacific Mortgage Company, Inc. 5 6.05% $13,221
    Summit Mortgage Corporation 5 6.15% $20,685
    CITY FIRST MORTGAGE SERVICES, L.L.C. 5 6.64% $15,821
    LOANPAL, LLC 5 5.80% $15,702
    MOUNTAIN AMERICA 5 5.95% $11,211
    U.S. Bank 5 6.25% $17,602
    PLAZA HOME MORTGAGE, INC. 5 5.80% $14,763
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.06% $18,834
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.06% $19,804
    Flagstar Bank, FSB 4 6.09% $14,206
    AMERICAN FINANCIAL NETWORK, INC. 4 6.56% $15,686
    Century Mortgage Company DBA Century Lending Company 4 6.25% $18,085
    Equity Prime Mortgage LLC 3 5.96% $14,642
    AMERICAN FINANCING CORPORATION 3 5.83% $17,940
    MANN FINANCIAL INC. 3 6.67% $15,750
    Glacier Bank 3 6.00% $14,785
    Nations Lending Corporation 3 5.83% $20,527
    NATIONS DIRECT MORTGAGE, LLC 3 6.42% $10,277
    FREEDOM MORTGAGE CORPORATION 3 6.58% $15,738
    POLARIS HOME FUNDING CORP. 2 7.25% $14,282
    ALAMEDA MORTGAGE CORPORATION 2 6.00% $18,796
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.56% $16,576
    Bank of Idaho 2 6.88% $17,587
    BELEM SERVICING LLC 2 6.25% $16,004
    CALCON MUTUAL MORTGAGE LLC 2 5.88% $28,854
    CALIBER HOME LOANS, INC. 2 6.00% $17,709
    Carrington Mortgage Services, LLC 2 6.63% $14,308
    CORNERSTONE HOME LENDING, INC. 2 5.75% $20,915
    EVERETT FINANCIAL, INC. 2 5.88% $17,924
    First Interstate Bank 2 6.81% $9,546
    Gateway First Bank 2 6.50% $10,887
    GOLDENWEST 2 5.56% $21,558
    LEADERONE FINANCIAL CORPORATION 2 6.25% $12,894
    MID AMERICA MORTGAGE, INC. 2 6.94% $5,884
    Mortgage Research Center, LLC 2 6.25% $14,235
    PLANET HOME LENDING, LLC 2 4.31% $7,943
    Prosperity Home Mortgage, LLC 2 6.56% $17,577
    The Loan Store, Inc. 2 7.00% $16,439
    Umpqua Bank 2 5.88% $19,274
    WESTMARK Credit Union 2 6.31% $6,800
    ZILLOW HOME LOANS, LLC 2 4.81% $19,892
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $25,040
    Washington Trust Bank 1 6.75% $18,401
    Platinum Home Mortgage Corporation 1 5.75% $17,911
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $10,381
    LADERA LENDING, INC. 1 7.25% $14,872
    KeyBank 1 5.88% $9,045
    JPMorgan Chase Bank 1 7.75% $5,712
    First Federal Savings Bank of Twin Falls 1 7.00% $9,669
    PRIORITY HOME LENDING, LLC 1 5.13% $18,418
    American Mortgage & Equity Consultants, Inc. 1 7.13% $19,596
    Eagle Bank and Trust Company 1 5.63% $13,997
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $12,971
    D. L. Evans Bank 1 5.25% $12,383
    DAS Acquisition Company, LLC 1 7.00% $13,508
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.49% $20,288
    Cornerstone First Mortgage, Inc 1 7.25% $9,934
    CITYWIDE HOME LOANS, LLC 1 7.50% $18,308
    Chickasaw Community Bank 1 6.88% $10,043
    CHERRY CREEK MORTGAGE, LLC 1 5.75% $4,458
    T2 FINANCIAL LLC 1 5.75% $20,505
    CANOPY MORTGAGE, LLC 1 5.75% $18,139
    The Central Trust Bank 1 6.00% $17,270
    The Federal Savings Bank 1 5.63% $26,283
    Zions Bank 1 7.13% $14,646
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $12,544
    BETTER MORTGAGE CORPORATION 1 6.00% $20,154
    Barrington Bank & Trust Company, N.A. 1 5.75% $17,082
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.75% $27,351
    AmeriHome Mortgage Company, LLC 1 6.25% $10,140
    V.I.P. MORTGAGE, INC. 1 7.25% $25,137
    Wallick & Volk, Inc. 1 5.75% $13,717
    OCMBC, INC. 1 6.38% $22,323
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $14,006
    Northpointe Bank 1 7.00% $22,058
    North American Savings Bank, F.S.B. 1 5.38% $1,968
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $15,807
    PHH Mortgage Corporation 1 5.63% $17,333

    The top Boise City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 196 FHA loans originated. Their average total fees are $15,955, which is $883 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Boise City FHA lenders (with over 10 loans originated) are IDAHO CENTRAL ($13,452), ACADEMY MORTGAGE CORPORATION ($14,357), Bank of England ($14,367), S1L, Inc. ($14,414) and NFM, INC. ($14,547).

    The lowest rate Boise City FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION (5.80%), UNITED WHOLESALE MORTGAGE, LLC (5.96%), PENNYMAC LOAN SERVICES, LLC (6.04%), KBHS HOME LOANS, LLC (6.05%) and Bank of England (6.05%).

    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
    BOISE CITY, ID ADA 2023 $586,500 $750,800 $907,550 $1,127,900
    BOISE CITY, ID BOISE 2023 $586,500 $750,800 $907,550 $1,127,900
    BOISE CITY, ID CANYON 2023 $586,500 $750,800 $907,550 $1,127,900
    BOISE CITY, ID GEM 2023 $586,500 $750,800 $907,550 $1,127,900
    BOISE CITY, ID OWYHEE 2023 $586,500 $750,800 $907,550 $1,127,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Boise City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $299,495 (15.3%) $375,872 (15.2%) 1.11 2,217
    2018-02-01 $313,000 (17.3%) $392,118 (17.8%) 1.14 1,945
    2018-03-01 $318,990 (15.8%) $399,375 (14.4%) 1.12 1,934
    2018-04-01 $329,950 (14.3%) $413,893 (14.5%) 1.12 1,956
    2018-05-01 $341,240 (17.1%) $427,721 (14.8%) 1.14 2,032
    2018-06-01 $343,990 (18.6%) $424,251 (14.1%) 1.15 2,227
    2018-07-01 $342,945 (19.9%) $423,902 (15.8%) 1.15 2,335
    2018-08-01 $344,195 (21.7%) $419,033 (14.9%) 1.15 2,462
    2018-09-01 $339,000 (19.0%) $410,592 (11.7%) 1.14 2,741
    2018-10-01 $333,400 (15.0%) $412,357 (10.5%) 1.13 2,929
    2018-11-01 $334,675 (13.3%) $418,030 (10.6%) 1.13 2,832
    2018-12-01 $336,990 (12.7%) $420,351 (10.8%) 1.16 2,525
    2019-01-01 $339,000 (13.2%) $423,886 (12.8%) 1.17 2,305
    2019-02-01 $339,945 (8.6%) $430,836 (9.9%) 1.15 2,233
    2019-03-01 $346,575 (8.7%) $434,484 (8.8%) 1.13 2,259
    2019-04-01 $357,673 (8.4%) $443,942 (7.3%) 1.14 2,268
    2019-05-01 $368,950 (8.1%) $453,677 (6.1%) 1.15 2,390
    2019-06-01 $373,337 (8.5%) $458,888 (8.2%) 1.17 2,590
    2019-07-01 $374,357 (9.2%) $459,735 (8.5%) 1.17 2,737
    2019-08-01 $368,084 (6.9%) $454,486 (8.5%) 1.17 2,806
    2019-09-01 $363,481 (7.2%) $447,959 (9.1%) 1.16 2,911
    2019-10-01 $359,900 (8.0%) $443,608 (7.6%) 1.16 2,967
    2019-11-01 $364,924 (9.0%) $446,369 (6.8%) 1.20 2,716
    2019-12-01 $367,146 (9.0%) $447,676 (6.5%) 1.22 2,394
    2020-01-01 $369,900 (9.1%) $449,125 (6.0%) 1.24 2,126
    2020-02-01 $378,900 (11.5%) $459,449 (6.6%) 1.24 1,911
    2020-03-01 $384,223 (10.9%) $478,372 (10.1%) 1.20 1,856
    2020-04-01 $386,579 (8.1%) $478,121 (7.7%) 1.21 2,282
    2020-05-01 $389,900 (5.7%) $487,445 (7.4%) 1.19 2,312
    2020-06-01 $394,368 (5.6%) $494,614 (7.8%) 1.16 1,897
    2020-07-01 $399,950 (6.8%) $512,787 (11.5%) 1.16 1,475
    2020-08-01 $399,995 (8.7%) $523,247 (15.1%) 1.15 1,171
    2020-09-01 $408,159 (12.3%) $535,775 (19.6%) 1.17 972
    2020-10-01 $425,000 (18.1%) $546,599 (23.2%) 1.22 869
    2020-11-01 $441,828 (21.1%) $572,633 (28.3%) 1.29 766
    2020-12-01 $436,500 (18.9%) $556,074 (24.2%) 1.30 670
    2021-01-01 $444,995 (20.3%) $584,527 (30.2%) 1.33 560
    2021-02-01 $469,316 (23.9%) $607,164 (32.2%) 1.37 523
    2021-03-01 $477,500 (24.3%) $620,704 (29.8%) 1.35 630
    2021-04-01 $487,378 (26.1%) $644,480 (34.8%) 1.32 733
    2021-05-01 $519,000 (33.1%) $691,614 (41.9%) 1.38 916
    2021-06-01 $536,227 (36.0%) $692,916 (40.1%) 1.41 1,247
    2021-07-01 $539,900 (35.0%) $685,192 (33.6%) 1.42 1,570
    2021-08-01 $533,675 (33.4%) $672,196 (28.5%) 1.42 1,958
    2021-09-01 $527,000 (29.1%) $661,304 (23.4%) 1.41 2,213
    2021-10-01 $529,990 (24.7%) $662,101 (21.1%) 1.41 2,199
    2021-11-01 $529,950 (20.0%) $674,225 (17.7%) 1.42 1,936
    2021-12-01 $541,968 (24.2%) $678,126 (22.0%) 1.47 1,488
    2022-01-01 $559,900 (25.8%) $697,559 (19.3%) 1.51 1,086
    2022-02-01 $586,900 (25.1%) $738,218 (21.6%) 1.53 903
    2022-03-01 $592,495 (24.1%) $758,477 (22.2%) 1.48 1,019
    2022-04-01 $610,990 (25.4%) $774,367 (20.2%) 1.46 1,246
    2022-05-01 $618,448 (19.2%) $785,536 (13.6%) 1.41 1,993
    2022-06-01 $585,995 (9.3%) $737,112 (6.4%) 1.31 2,927
    2022-07-01 $569,900 (5.6%) $707,053 (3.2%) 1.28 3,732
    2022-08-01 $552,500 (3.5%) $688,012 (2.4%) 1.28 4,002
    2022-09-01 $549,450 (4.3%) $680,749 (2.9%) 1.28 4,055
    2022-10-01 $539,500 (1.8%) $675,458 (2.0%) 1.27 3,965
    2022-11-01 $522,400 (-1.4%) $665,201 (-1.3%) 1.26 3,625
    2022-12-01 $515,000 (-5.0%) $661,509 (-2.5%) 1.27 3,103
    2023-01-01 $524,900 (-6.3%) $661,143 (-5.2%) 1.30 2,491
    2023-02-01 $552,495 (-5.9%) $696,121 (-5.7%) 1.33 2,045
    2023-03-01 $574,900 (-3.0%) $725,453 (-4.4%) 1.36 1,943
    2023-04-01 $584,900 (-4.3%) $752,477 (-2.8%) 1.36 1,951
    2023-05-01 $609,850 (-1.4%) $765,029 (-2.6%) 1.38 2,051
    2023-06-01 $599,950 (2.4%) $762,356 (3.4%) 1.35 2,242
    2023-07-01 $599,900 (5.3%) $750,807 (6.2%) 1.36 2,394
    2023-08-01 $584,950 (5.9%) $742,946 (8.0%) 1.34 2,552
    2023-09-01 $575,000 (4.7%) $737,434 (8.3%) 1.34 2,616
    2023-10-01 $555,995 (3.1%) $727,803 (7.8%) 1.31 2,619
    2023-11-01 $587,400 (12.4%) $757,711 (13.9%) 1.40 2,235
    2023-12-01 $579,000 (12.4%) $749,838 (13.4%) 1.41 1,888
    2024-01-01 $589,448 (12.3%) $753,094 (13.9%) 1.44 1,576
    2024-02-01 $589,900 (6.8%) $763,319 (9.7%) 1.42 1,547
    2024-03-01 $580,000 (0.9%) $750,508 (3.5%) 1.37 1,741
    Boise City's median listing price for 2024-03-01 was $580,000, a difference of $5,100 (0.9%) versus the prior year and $-9,900 versus the prior month.

    Boise City's median listing price comes in at 137% of the national average.

    Boise City's average listing price for 2024-03-01 was $750,508, a difference of $25,055 (3.5%) versus the prior year and $-12,811 versus the prior month.

    For the 2024-03-01 period, Boise City had 1,741 MLS listings, a difference of 194 listings (13%) versus the prior month and -202 listings (-10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Boise City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 60 days 2,238 sqft
    2018-02-01 42 days 2,278 sqft
    2018-03-01 28 days 2,228 sqft
    2018-04-01 25 days 2,196 sqft
    2018-05-01 23 days 2,224 sqft
    2018-06-01 25 days 2,224 sqft
    2018-07-01 29 days 2,219 sqft
    2018-08-01 31 days 2,195 sqft
    2018-09-01 32 days 2,141 sqft
    2018-10-01 38 days 2,127 sqft
    2018-11-01 44 days 2,119 sqft
    2018-12-01 52 days 2,120 sqft
    2019-01-01 56 days 2,127 sqft
    2019-02-01 41 days 2,117 sqft
    2019-03-01 36 days 2,120 sqft
    2019-04-01 32 days 2,146 sqft
    2019-05-01 30 days 2,213 sqft
    2019-06-01 32 days 2,245 sqft
    2019-07-01 37 days 2,235 sqft
    2019-08-01 38 days 2,190 sqft
    2019-09-01 39 days 2,158 sqft
    2019-10-01 39 days 2,134 sqft
    2019-11-01 50 days 2,136 sqft
    2019-12-01 59 days 2,153 sqft
    2020-01-01 59 days 2,134 sqft
    2020-02-01 43 days 2,114 sqft
    2020-03-01 32 days 2,139 sqft
    2020-04-01 32 days 2,160 sqft
    2020-05-01 52 days 2,176 sqft
    2020-06-01 57 days 2,180 sqft
    2020-07-01 55 days 2,188 sqft
    2020-08-01 49 days 2,113 sqft
    2020-09-01 53 days 2,040 sqft
    2020-10-01 57 days 2,025 sqft
    2020-11-01 51 days 2,024 sqft
    2020-12-01 54 days 1,970 sqft
    2021-01-01 47 days 1,970 sqft
    2021-02-01 35 days 1,979 sqft
    2021-03-01 32 days 2,020 sqft
    2021-04-01 33 days 2,008 sqft
    2021-05-01 32 days 2,025 sqft
    2021-06-01 26 days 2,025 sqft
    2021-07-01 28 days 2,046 sqft
    2021-08-01 29 days 2,024 sqft
    2021-09-01 33 days 2,023 sqft
    2021-10-01 41 days 2,025 sqft
    2021-11-01 47 days 2,038 sqft
    2021-12-01 49 days 2,054 sqft
    2022-01-01 53 days 2,085 sqft
    2022-02-01 30 days 2,120 sqft
    2022-03-01 26 days 2,127 sqft
    2022-04-01 29 days 2,144 sqft
    2022-05-01 23 days 2,168 sqft
    2022-06-01 26 days 2,100 sqft
    2022-07-01 36 days 2,098 sqft
    2022-08-01 46 days 2,096 sqft
    2022-09-01 55 days 2,101 sqft
    2022-10-01 61 days 2,110 sqft
    2022-11-01 69 days 2,110 sqft
    2022-12-01 78 days 2,107 sqft
    2023-01-01 81 days 2,124 sqft
    2023-02-01 65 days 2,168 sqft
    2023-03-01 44 days 2,215 sqft
    2023-04-01 43 days 2,269 sqft
    2023-05-01 38 days 2,310 sqft
    2023-06-01 38 days 2,297 sqft
    2023-07-01 43 days 2,266 sqft
    2023-08-01 44 days 2,228 sqft
    2023-09-01 46 days 2,186 sqft
    2023-10-01 51 days 2,127 sqft
    2023-11-01 53 days 2,169 sqft
    2023-12-01 59 days 2,160 sqft
    2024-01-01 66 days 2,188 sqft
    2024-02-01 50 days 2,201 sqft
    2024-03-01 37 days 2,163 sqft
    Boise City's median listing age (time on market) for 2024-03-01 was 37 days. This is -17% shorter than the same period one year ago.

    Boise City's median square footage for active listings during the 2024-03-01 period was 2,163 sqft. One year prior, the average listing was 2,215 sqft.

    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).