Boise City FHA Loan Rates, Closing Costs & Stats

BOISE CITY, ID

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 6.34% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Boise City's average FHA mortgage closing costs are $9,303.

The average rate for the prior week (2022-11-25) was 6.15% and one month ago for the week of 2022-10-28, the average rate was 6.79%.

The average rate one year ago was 3.53%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.04%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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
JMJ FINANCIAL GROUP 5 2.53% $14,335
Paramount Residential Mortgage Group, Inc. 5 3.18% $10,385
LEADERONE FINANCIAL CORPORATION 5 3.40% $11,857
GENEVA FINANCIAL, LLC 5 3.20% $11,120
Commerce Home Mortgage, Inc. 5 3.58% $10,349
BAY EQUITY LLC 4 2.94% $11,161
First Guaranty Mortgage Corporation 4 2.88% $8,929
Bank of Idaho 4 2.69% $8,648
FIRST COLONY MORTGAGE CORPORATION 4 3.31% $13,017
Washington Trust Bank 4 2.75% $8,771
AmeriHome Mortgage Company, LLC 4 2.97% $5,288
BELEM SERVICING LLC 3 2.92% $10,322
The Federal Savings Bank 3 2.83% $11,371
NP, Inc. 3 3.08% $9,902
LOANLEADERS OF AMERICA, INC. 3 2.83% $11,629
Equity Prime Mortgage LLC 3 3.75% $7,366
MOUNTAIN AMERICA 3 2.46% $11,003
SOVEREIGN LENDING GROUP INCORPORATED 3 2.96% $13,792
SECURITYNATIONAL MORTGAGE COMPANY 2 2.81% $9,810
ZILLOW HOME LOANS, LLC 2 3.06% $10,163
SUN WEST MORTGAGE COMPANY, INC. 2 2.81% $5,088
KeyBank 2 2.88% $11,167
MID AMERICA MORTGAGE, INC. 2 2.88% $4,708
Neighborhood Loans, Inc. 2 3.19% $13,446
AMERICAN FINANCIAL RESOURCES, INC. 2 4.06% $10,453
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.06% $10,713
First Federal Savings Bank of Twin Falls 2 3.13% $16,229
HomeStreet Bank 2 2.50% $10,654
U.S. Bank 2 3.06% $10,274
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
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
M&T Bank 1 3.13% $10,131
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 MORTGAGE ($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

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 (15.1%) 1.11 2,217
2018-02-01 $313,000 (17.3%) $392,118 (17.7%) 1.14 1,945
2018-03-01 $318,995 (15.7%) $399,375 (14.3%) 1.12 1,934
2018-04-01 $329,950 (14.2%) $413,893 (14.4%) 1.12 1,956
2018-05-01 $341,243 (17.1%) $427,988 (14.8%) 1.14 2,033
2018-06-01 $343,990 (18.6%) $424,503 (14.1%) 1.15 2,228
2018-07-01 $343,020 (19.9%) $424,092 (15.8%) 1.14 2,336
2018-08-01 $343,945 (21.5%) $419,045 (14.9%) 1.15 2,465
2018-09-01 $339,000 (19.0%) $410,626 (11.7%) 1.14 2,744
2018-10-01 $333,400 (15.0%) $412,428 (10.5%) 1.13 2,931
2018-11-01 $334,450 (13.2%) $417,975 (10.6%) 1.13 2,833
2018-12-01 $336,990 (12.7%) $420,220 (10.8%) 1.16 2,526
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 $346,423 (8.6%) $434,626 (8.8%) 1.13 2,259
2019-04-01 $357,450 (8.3%) $442,455 (6.9%) 1.13 2,270
2019-05-01 $368,500 (8.0%) $453,272 (5.9%) 1.15 2,395
2019-06-01 $373,100 (8.5%) $460,007 (8.4%) 1.17 2,599
2019-07-01 $374,091 (9.1%) $460,623 (8.6%) 1.17 2,747
2019-08-01 $367,535 (6.9%) $455,318 (8.7%) 1.16 2,817
2019-09-01 $363,240 (7.2%) $448,790 (9.3%) 1.16 2,921
2019-10-01 $359,900 (8.0%) $444,438 (7.8%) 1.16 2,978
2019-11-01 $364,912 (9.1%) $446,522 (6.8%) 1.20 2,727
2019-12-01 $366,734 (8.8%) $447,513 (6.5%) 1.22 2,403
2020-01-01 $369,900 (9.1%) $448,591 (5.8%) 1.24 2,135
2020-02-01 $378,384 (11.3%) $458,843 (6.5%) 1.24 1,920
2020-03-01 $383,950 (10.8%) $478,001 (10.0%) 1.20 1,865
2020-04-01 $386,450 (8.1%) $477,883 (8.0%) 1.21 2,292
2020-05-01 $389,900 (5.8%) $486,929 (7.4%) 1.19 2,322
2020-06-01 $393,973 (5.6%) $494,030 (7.4%) 1.16 1,906
2020-07-01 $399,950 (6.9%) $511,994 (11.2%) 1.16 1,484
2020-08-01 $399,990 (8.8%) $522,312 (14.7%) 1.15 1,180
2020-09-01 $407,743 (12.3%) $534,883 (19.2%) 1.17 982
2020-10-01 $425,000 (18.1%) $545,737 (22.8%) 1.22 878
2020-11-01 $441,051 (20.9%) $571,319 (28.0%) 1.29 775
2020-12-01 $436,125 (18.9%) $554,968 (24.0%) 1.30 679
2021-01-01 $444,990 (20.3%) $582,883 (29.9%) 1.33 569
2021-02-01 $467,695 (23.6%) $605,178 (31.9%) 1.36 532
2021-03-01 $477,470 (24.4%) $618,661 (29.4%) 1.35 638
2021-04-01 $485,295 (25.6%) $642,356 (34.4%) 1.31 741
2021-05-01 $515,000 (32.1%) $689,675 (41.6%) 1.36 923
2021-06-01 $533,293 (35.4%) $691,412 (40.0%) 1.40 1,255
2021-07-01 $538,500 (34.6%) $684,672 (33.7%) 1.42 1,577
2021-08-01 $531,564 (32.9%) $671,546 (28.6%) 1.42 1,963
2021-09-01 $525,450 (28.9%) $660,468 (23.5%) 1.40 2,219
2021-10-01 $529,990 (24.7%) $661,413 (21.2%) 1.41 2,206
2021-11-01 $529,998 (20.2%) $674,191 (18.0%) 1.42 1,944
2021-12-01 $542,450 (24.4%) $679,305 (22.4%) 1.47 1,496
2022-01-01 $559,000 (25.6%) $696,046 (19.4%) 1.51 1,095
2022-02-01 $585,673 (25.2%) $737,588 (21.9%) 1.52 912
2022-03-01 $592,448 (24.1%) $757,119 (22.4%) 1.48 1,028
2022-04-01 $612,950 (26.3%) $773,111 (20.4%) 1.46 1,254
2022-05-01 $619,450 (20.3%) $784,419 (13.7%) 1.42 2,001
2022-06-01 $585,125 (9.7%) $736,621 (6.5%) 1.30 2,934
2022-07-01 $569,000 (5.7%) $706,591 (3.2%) 1.29 3,740
2022-08-01 $552,500 (3.9%) $687,630 (2.4%) 1.28 4,010
2022-09-01 $549,900 (4.7%) $681,795 (3.2%) 1.29 4,063
2022-10-01 $539,900 (1.9%) $675,707 (2.2%) 1.27 3,973
2022-11-01 $522,458 (-1.4%) $665,166 (-1.3%) 1.26 3,633
Boise City's median listing price for 2022-11-01 was $522,458, a difference of $-7,540 (-1.4%) versus the prior year and $-17,442 versus the prior month.

Boise City's median listing price comes in at 126% of the national average.

Boise City's average listing price for 2022-11-01 was $665,166, a difference of $-9,025 (-1.3%) versus the prior year and $-10,541 versus the prior month.

For the 2022-11-01 period, Boise City had 3,633 MLS listings, a difference of -340 listings (-9%) versus the prior month and 1,689 listings (87%) 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 29 days 2,228 sqft
2018-04-01 26 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 33 days 2,141 sqft
2018-10-01 38 days 2,128 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 33 days 2,146 sqft
2019-05-01 30 days 2,211 sqft
2019-06-01 33 days 2,243 sqft
2019-07-01 38 days 2,233 sqft
2019-08-01 39 days 2,189 sqft
2019-09-01 40 days 2,158 sqft
2019-10-01 40 days 2,133 sqft
2019-11-01 51 days 2,135 sqft
2019-12-01 59 days 2,153 sqft
2020-01-01 60 days 2,132 sqft
2020-02-01 44 days 2,110 sqft
2020-03-01 32 days 2,139 sqft
2020-04-01 33 days 2,160 sqft
2020-05-01 52 days 2,176 sqft
2020-06-01 59 days 2,179 sqft
2020-07-01 56 days 2,187 sqft
2020-08-01 53 days 2,111 sqft
2020-09-01 57 days 2,040 sqft
2020-10-01 59 days 2,025 sqft
2020-11-01 54 days 2,023 sqft
2020-12-01 57 days 1,968 sqft
2021-01-01 50 days 1,969 sqft
2021-02-01 36 days 1,977 sqft
2021-03-01 35 days 2,020 sqft
2021-04-01 34 days 2,007 sqft
2021-05-01 33 days 2,025 sqft
2021-06-01 26 days 2,025 sqft
2021-07-01 29 days 2,044 sqft
2021-08-01 29 days 2,022 sqft
2021-09-01 33 days 2,021 sqft
2021-10-01 42 days 2,025 sqft
2021-11-01 48 days 2,040 sqft
2021-12-01 50 days 2,052 sqft
2022-01-01 53 days 2,085 sqft
2022-02-01 30 days 2,119 sqft
2022-03-01 26 days 2,126 sqft
2022-04-01 29 days 2,139 sqft
2022-05-01 23 days 2,166 sqft
2022-06-01 26 days 2,100 sqft
2022-07-01 36 days 2,096 sqft
2022-08-01 47 days 2,095 sqft
2022-09-01 56 days 2,102 sqft
2022-10-01 62 days 2,110 sqft
2022-11-01 69 days 2,110 sqft
Boise City's median listing age (time on market) for 2022-11-01 was 69 days. This is 44% longer than the same period one year ago.

Boise City's median square footage for active listings during the 2022-11-01 period was 2,110 sqft. One year prior, the average listing was 2,040 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).