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).