Idaho Falls FHA Loan Rates, Closing Costs & Stats

IDAHO FALLS, 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.

Idaho Falls's 72 lenders originated 498 FHA loans during 2023. The total origination value was $150,580,000, with an average FHA loan value of $302,369.

Idaho Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Idaho Falls averaged 6.61% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Idaho Falls's average FHA mortgage closing costs are $9,483.

The average rate for the prior week (2024-04-05) was 6.34% and one month ago for the week of 2024-03-08, the average rate was 6.28%.

The average rate one year ago was 6.01%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.95%.

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

Idaho Falls 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 Idaho Falls level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Eagle Bank and Trust Company 46 6.38% $13,005
UNITED WHOLESALE MORTGAGE, LLC 40 5.99% $14,972
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 39 6.35% $14,878
CANOPY MORTGAGE, LLC 38 6.51% $14,927
IDAHO CENTRAL 30 6.42% $11,685
QUICKEN LOANS, LLC 28 6.07% $12,107
FIRST COLONY MORTGAGE CORPORATION 27 6.43% $13,694
MANN FINANCIAL INC. 22 6.43% $12,790
BELEM SERVICING LLC 16 6.66% $15,293
S1L, Inc. 12 6.32% $13,677
VERITAS FUNDING, LLC 9 6.79% $14,963
Flagstar Bank, FSB 8 6.46% $12,156
SUMMIT FUNDING, INC. 8 6.45% $14,260
FREEDOM MORTGAGE CORPORATION 7 6.82% $15,374
LOANDEPOT.COM, LLC 7 5.64% $13,711
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.33% $17,057
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 6.19% $13,831
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.63% $12,745
AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.60% $16,151
Gateway First Bank 4 6.38% $12,138
NEWREZ LLC 4 6.03% $13,716
AMERISAVE MORTGAGE CORPORATION 3 6.04% $14,026
VAN DYK MORTGAGE CORPORATION 3 6.58% $13,204
CARDINAL FINANCIAL 3 6.00% $13,344
BROKER SOLUTIONS, INC. 3 7.17% $19,411
CORNERSTONE HOME LENDING, INC. 2 6.06% $11,899
AMERICAN FINANCING CORPORATION 2 6.69% $18,684
AXIA FINANCIAL, LLC 2 7.06% $15,174
CASTLE & COOKE MORTGAGE, LLC 2 7.06% $18,167
CHURCHILL MORTGAGE CORPORATION 2 7.19% $20,307
CMG MORTGAGE, INC. 2 5.50% $16,345
Franklin Loan Corporation 2 6.44% $15,372
LOANPAL, LLC 2 6.25% $15,946
Magnolia Bank 2 5.75% $13,048
MOUNTAIN AMERICA 2 7.00% $13,031
PENNYMAC LOAN SERVICES, LLC 2 6.25% $13,830
POLARIS HOME FUNDING CORP. 2 6.69% $11,320
SECURITY HOME MORTGAGE, LLC. 2 6.88% $11,196
WESTMARK Credit Union 2 6.56% $3,730
Willamette Valley Bank 2 6.44% $13,355
GUARANTEED RATE, INC. 1 6.18% $12,893
ENVOY MORTGAGE, LTD 1 7.50% $10,978
AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $17,691
MOVEMENT MORTGAGE, LLC 1 6.38% $9,064
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $15,294
NEW DAY FINANCIAL, LLC 1 7.99% $7,772
ACADEMY MORTGAGE CORPORATION 1 6.13% $18,585
NFM, INC. 1 7.00% $15,033
Paramount Residential Mortgage Group, Inc. 1 6.50% $12,419
AMCAP MORTGAGE, LTD. 1 6.63% $18,984
PLANET HOME LENDING, LLC 1 5.50% $10,162
V.I.P. MORTGAGE, INC. 1 6.63% $13,728
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.00% $19,082
Carrington Mortgage Services, LLC 1 6.13% $9,661
RANLIFE, INC. 1 6.25% $14,569
RESIDENTIAL MORTGAGE, LLC 1 7.49% $10,450
Bell Bank 1 6.75% $11,968
Waterstone Mortgage Corporation 1 5.50% $13,447
SECURITYNATIONAL MORTGAGE COMPANY 1 6.50% $13,828
Bank of Utah 1 5.75% $13,559
Sunflower Bank 1 6.99% $13,713
The Federal Savings Bank 1 6.00% $27,431
The Loan Store, Inc. 1 6.75% $9,943
TOP FLITE FINANCIAL, INC. 1 7.00% $9,960
HOMESIDE FINANCIAL, LLC 1 7.25% $11,533
INTERCAP LENDING INC. 1 5.99% $15,225
Ixonia Bank 1 6.63% $13,606
KeyBank 1 5.88% $14,499
LAKEVIEW LOAN SERVICING, LLC 1 6.50% $18,111
GUILD MORTGAGE COMPANY 1 7.13% $16,105
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $18,154
U.S. Bank 1 6.25% $13,729

The top Idaho Falls FHA lender as defined by loan originations is Eagle Bank and Trust Company, with 46 FHA loans originated. Their average total fees are $13,005, which is $1,967 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Idaho Falls FHA lenders (with over 10 loans originated) are IDAHO CENTRAL ($11,685), QUICKEN LOANS, LLC ($12,107), MANN FINANCIAL INC. ($12,790), Eagle Bank and Trust Company ($13,005) and S1L, Inc. ($13,677).

The lowest rate Idaho Falls FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.99%), QUICKEN LOANS, LLC (6.07%), S1L, Inc. (6.32%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (6.35%) and Eagle Bank and Trust Company (6.38%).

Idaho Falls FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
IDAHO FALLS, ID BONNEVILLE 2022 $420,680 $538,650 $651,050 $809,150
IDAHO FALLS, ID BUTTE 2022 $420,680 $538,650 $651,050 $809,150
IDAHO FALLS, ID JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
IDAHO FALLS, ID BONNEVILLE 2023 $472,030 $604,400 $730,525 $907,900
IDAHO FALLS, ID BUTTE 2023 $472,030 $604,400 $730,525 $907,900
IDAHO FALLS, ID JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Idaho Falls (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 $242,450 (28.3%) $328,662 (29.2%) 0.00 340
2018-02-01 $254,675 (34.0%) $339,142 (30.5%) 0.00 297
2018-03-01 $269,900 (38.6%) $353,742 (36.0%) 0.00 274
2018-04-01 $260,000 (15.6%) $335,485 (13.1%) 0.00 287
2018-05-01 $261,075 (15.3%) $325,139 (6.3%) 0.00 317
2018-06-01 $259,900 (13.0%) $329,255 (7.2%) 0.00 347
2018-07-01 $259,573 (7.5%) $325,082 (2.3%) 0.00 373
2018-08-01 $259,900 (8.5%) $333,650 (8.3%) 0.00 397
2018-09-01 $265,000 (12.8%) $329,954 (7.3%) 0.00 415
2018-10-01 $264,000 (14.8%) $339,966 (12.0%) 0.00 394
2018-11-01 $267,000 (17.5%) $350,297 (12.2%) 0.00 362
2018-12-01 $259,900 (10.6%) $352,077 (8.4%) 0.00 293
2019-01-01 $267,475 (10.3%) $361,070 (9.9%) 0.00 241
2019-02-01 $287,400 (12.9%) $376,868 (11.1%) 0.00 244
2019-03-01 $294,214 (9.0%) $384,834 (8.8%) 0.00 231
2019-04-01 $299,450 (15.2%) $393,540 (17.3%) 0.00 221
2019-05-01 $294,900 (13.0%) $379,834 (16.8%) 0.00 270
2019-06-01 $290,000 (11.6%) $379,689 (15.3%) 0.00 302
2019-07-01 $292,400 (12.7%) $376,222 (15.7%) 0.00 324
2019-08-01 $287,909 (10.8%) $372,446 (11.6%) 0.00 342
2019-09-01 $288,523 (8.9%) $375,581 (13.8%) 0.00 342
2019-10-01 $288,932 (9.4%) $377,475 (11.0%) 0.00 345
2019-11-01 $285,000 (6.7%) $378,745 (8.1%) 0.00 329
2019-12-01 $291,500 (12.2%) $390,681 (11.0%) 0.00 285
2020-01-01 $289,950 (8.4%) $383,965 (6.3%) 0.00 253
2020-02-01 $295,000 (2.6%) $390,900 (3.7%) 0.00 243
2020-03-01 $317,500 (7.9%) $390,374 (1.4%) 0.00 226
2020-04-01 $315,000 (5.2%) $387,422 (-1.6%) 0.00 282
2020-05-01 $325,000 (10.2%) $382,808 (0.8%) 0.00 286
2020-06-01 $345,000 (19.0%) $413,042 (8.8%) 0.00 259
2020-07-01 $337,675 (15.5%) $406,416 (8.0%) 0.00 228
2020-08-01 $350,000 (21.6%) $414,207 (11.2%) 0.00 202
2020-09-01 $372,500 (29.1%) $441,407 (17.5%) 0.00 178
2020-10-01 $365,000 (26.3%) $452,841 (20.0%) 0.00 135
2020-11-01 $354,500 (24.4%) $452,978 (19.6%) 0.00 110
2020-12-01 $376,250 (29.1%) $429,850 (10.0%) 0.00 91
2021-01-01 $370,000 (27.6%) $412,898 (7.5%) 0.00 80
2021-02-01 $370,250 (25.5%) $418,466 (7.1%) 0.00 83
2021-03-01 $369,950 (16.5%) $457,891 (17.3%) 0.00 90
2021-04-01 $397,000 (26.0%) $510,978 (31.9%) 0.00 98
2021-05-01 $425,000 (30.8%) $528,690 (38.1%) 0.00 101
2021-06-01 $426,000 (23.5%) $559,917 (35.6%) 0.00 139
2021-07-01 $425,000 (25.9%) $528,546 (30.1%) 0.00 173
2021-08-01 $442,500 (26.4%) $532,943 (28.7%) 0.00 215
2021-09-01 $457,475 (22.8%) $534,187 (21.0%) 0.00 239
2021-10-01 $465,000 (27.4%) $540,918 (19.5%) 0.00 220
2021-11-01 $450,000 (26.9%) $545,001 (20.3%) 0.00 159
2021-12-01 $472,500 (25.6%) $560,704 (30.4%) 0.00 140
2022-01-01 $495,000 (33.8%) $599,189 (45.1%) 0.00 109
2022-02-01 $528,250 (42.7%) $639,341 (52.8%) 0.00 104
2022-03-01 $480,000 (29.8%) $584,891 (27.7%) 0.00 117
2022-04-01 $520,000 (31.0%) $596,107 (16.7%) 0.00 160
2022-05-01 $525,000 (23.5%) $614,484 (16.2%) 0.00 285
2022-06-01 $487,125 (14.4%) $587,344 (4.9%) 0.00 425
2022-07-01 $474,900 (11.7%) $560,541 (6.1%) 0.00 562
2022-08-01 $455,000 (2.8%) $528,340 (-0.9%) 0.00 593
2022-09-01 $451,250 (-1.4%) $529,558 (-0.9%) 0.00 566
2022-10-01 $450,000 (-3.2%) $534,708 (-1.2%) 0.00 536
2022-11-01 $450,000 (0.0%) $524,283 (-3.8%) 0.00 511
2022-12-01 $440,000 (-6.9%) $515,412 (-8.1%) 0.00 466
2023-01-01 $449,225 (-9.3%) $518,141 (-13.5%) 0.00 405
2023-02-01 $457,500 (-13.4%) $527,184 (-17.5%) 0.00 374
2023-03-01 $475,000 (-1.0%) $540,117 (-7.7%) 0.00 351
2023-04-01 $470,000 (-9.6%) $542,523 (-9.0%) 0.00 345
2023-05-01 $479,750 (-8.6%) $558,519 (-9.1%) 0.00 373
2023-06-01 $477,200 (-2.0%) $548,974 (-6.5%) 0.00 407
2023-07-01 $475,000 (0.0%) $550,467 (-1.8%) 0.00 466
2023-08-01 $466,250 (2.5%) $559,699 (5.9%) 0.00 456
2023-09-01 $459,950 (1.9%) $573,598 (8.3%) 0.00 455
2023-10-01 $447,500 (-0.6%) $566,911 (6.0%) 0.00 478
2023-11-01 $441,975 (-1.8%) $541,525 (3.3%) 0.00 451
2023-12-01 $435,000 (-1.1%) $523,897 (1.7%) 0.00 423
2024-01-01 $435,000 (-3.2%) $523,548 (1.0%) 0.00 349
2024-02-01 $445,000 (-2.7%) $532,274 (1.0%) 0.00 303
2024-03-01 $480,000 (1.1%) $569,816 (5.5%) 0.00 310
Idaho Falls's median listing price for 2024-03-01 was $480,000, a difference of $5,000 (1.1%) versus the prior year and $35,000 versus the prior month.

Idaho Falls's median listing price comes in at 0% of the national average.

Idaho Falls's average listing price for 2024-03-01 was $569,816, a difference of $29,699 (5.5%) versus the prior year and $37,542 versus the prior month.

For the 2024-03-01 period, Idaho Falls had 310 MLS listings, a difference of 7 listings (2%) versus the prior month and -41 listings (-12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Idaho Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,953 sqft
2018-02-01 0 days 2,975 sqft
2018-03-01 0 days 3,012 sqft
2018-04-01 0 days 2,944 sqft
2018-05-01 0 days 2,926 sqft
2018-06-01 0 days 2,836 sqft
2018-07-01 0 days 2,784 sqft
2018-08-01 0 days 2,794 sqft
2018-09-01 0 days 2,790 sqft
2018-10-01 0 days 2,817 sqft
2018-11-01 0 days 2,959 sqft
2018-12-01 0 days 2,995 sqft
2019-01-01 0 days 2,941 sqft
2019-02-01 0 days 2,968 sqft
2019-03-01 0 days 2,965 sqft
2019-04-01 0 days 2,988 sqft
2019-05-01 0 days 2,880 sqft
2019-06-01 0 days 2,887 sqft
2019-07-01 0 days 2,819 sqft
2019-08-01 0 days 2,780 sqft
2019-09-01 0 days 2,765 sqft
2019-10-01 0 days 2,755 sqft
2019-11-01 0 days 2,688 sqft
2019-12-01 0 days 2,691 sqft
2020-01-01 0 days 2,735 sqft
2020-02-01 0 days 2,760 sqft
2020-03-01 0 days 2,854 sqft
2020-04-01 0 days 2,800 sqft
2020-05-01 0 days 2,864 sqft
2020-06-01 0 days 3,027 sqft
2020-07-01 0 days 2,914 sqft
2020-08-01 0 days 2,859 sqft
2020-09-01 0 days 2,833 sqft
2020-10-01 0 days 2,702 sqft
2020-11-01 0 days 2,567 sqft
2020-12-01 0 days 2,624 sqft
2021-01-01 0 days 2,396 sqft
2021-02-01 0 days 2,326 sqft
2021-03-01 0 days 2,716 sqft
2021-04-01 0 days 2,757 sqft
2021-05-01 0 days 2,800 sqft
2021-06-01 0 days 2,826 sqft
2021-07-01 0 days 2,728 sqft
2021-08-01 0 days 2,755 sqft
2021-09-01 0 days 2,795 sqft
2021-10-01 0 days 2,792 sqft
2021-11-01 0 days 2,798 sqft
2021-12-01 0 days 2,852 sqft
2022-01-01 0 days 2,884 sqft
2022-02-01 0 days 2,991 sqft
2022-03-01 0 days 2,772 sqft
2022-04-01 0 days 2,940 sqft
2022-05-01 0 days 2,959 sqft
2022-06-01 0 days 2,882 sqft
2022-07-01 0 days 2,842 sqft
2022-08-01 0 days 2,815 sqft
2022-09-01 0 days 2,806 sqft
2022-10-01 0 days 2,816 sqft
2022-11-01 0 days 2,905 sqft
2022-12-01 0 days 2,883 sqft
2023-01-01 0 days 2,888 sqft
2023-02-01 0 days 2,945 sqft
2023-03-01 0 days 2,998 sqft
2023-04-01 0 days 3,001 sqft
2023-05-01 0 days 2,973 sqft
2023-06-01 0 days 2,884 sqft
2023-07-01 0 days 2,826 sqft
2023-08-01 0 days 2,887 sqft
2023-09-01 0 days 2,882 sqft
2023-10-01 0 days 2,813 sqft
2023-11-01 0 days 2,740 sqft
2023-12-01 0 days 2,714 sqft
2024-01-01 0 days 2,735 sqft
2024-02-01 0 days 2,732 sqft
2024-03-01 0 days 2,773 sqft
Idaho Falls's median listing age (time on market) for 2024-03-01 was 0 days.

Idaho Falls's median square footage for active listings during the 2024-03-01 period was 2,773 sqft. One year prior, the average listing was 2,998 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).