Boise City FHA Loans
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
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).