Idaho Falls FHA Loan Rates, Closing Costs & Stats

IDAHO FALLS, 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.

    Idaho Falls's 68 lenders originated 779 FHA loans during 2021. The total origination value was $187,695,000, with an average FHA loan value of $240,944.

    Idaho Falls FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Idaho Falls averaged 5.96% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Idaho Falls's average FHA mortgage closing costs are $8,266.

    The average rate for the prior week (2023-01-20) was 6.03% and one month ago for the week of 2022-12-23, the average rate was 6.03%.

    The average rate one year ago was 3.52%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.62%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    CANOPY MORTGAGE, LLC 86 2.72% $10,897
    MANN FINANCIAL INC. 81 2.99% $10,410
    IDAHO CENTRAL 64 2.74% $10,349
    QUICKEN LOANS, LLC 60 2.66% $7,364
    Eagle Bank and Trust Company 56 2.73% $10,156
    Flagstar Bank, FSB 26 2.56% $10,599
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 22 2.88% $11,482
    CALIBER HOME LOANS, INC. 19 2.65% $7,364
    S1L, Inc. 18 2.71% $9,858
    FIRST COLONY MORTGAGE CORPORATION 14 2.75% $10,470
    UNITED WHOLESALE MORTGAGE, LLC 14 2.63% $7,636
    Gateway First Bank 14 3.10% $8,097
    FREEDOM MORTGAGE CORPORATION 14 2.84% $5,547
    SUMMIT FUNDING, INC. 11 3.24% $11,902
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.34% $12,511
    PACIFIC RESIDENTIAL MORTGAGE, LLC 10 3.09% $10,813
    LAKEVIEW LOAN SERVICING, LLC 9 2.97% $5,263
    Carrington Mortgage Services, LLC 9 3.29% $7,763
    GUILD MORTGAGE COMPANY 9 3.08% $9,505
    NEWREZ LLC 8 2.73% $6,316
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 2.89% $12,080
    VERITAS FUNDING, LLC 7 2.77% $11,532
    Bank of Idaho 6 2.77% $6,549
    Mr. Cooper ( Nationstar Mortgage ) 6 3.19% $3,493
    MOUNTAIN AMERICA 6 2.79% $7,773
    AMERICAN FINANCING CORPORATION 6 2.75% $8,817
    PREMIER MORTGAGE RESOURCES, L.L.C. 6 2.90% $11,832
    MOVEMENT MORTGAGE, LLC 5 3.40% $10,645
    PLANET HOME LENDING, LLC 4 2.78% $6,886
    CMG MORTGAGE, INC. 4 3.13% $9,319
    BROKER SOLUTIONS, INC. 3 2.58% $10,855
    VAN DYK MORTGAGE CORPORATION 3 2.83% $7,958
    AMERICAN FINANCIAL NETWORK, INC. 3 3.00% $9,505
    First Guaranty Mortgage Corporation 3 2.83% $9,436
    PENNYMAC LOAN SERVICES, LLC 3 3.29% $5,485
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.21% $10,296
    MID AMERICA MORTGAGE, INC. 2 3.44% $4,246
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 3.06% $8,667
    CELEBRITY HOME LOANS, LLC 2 3.50% $10,165
    Zions Bancorporation, N.A. 2 2.50% $8,424
    AMERISAVE MORTGAGE CORPORATION 2 2.56% $8,697
    AmeriHome Mortgage Company, LLC 2 3.06% $5,312
    RANLIFE, INC. 2 2.88% $8,753
    The Federal Savings Bank 2 2.63% $13,366
    UNITED SECURITY FINANCIAL CORP 2 2.63% $4,391
    VILLAGE CAPITAL MORTGAGE 2 2.69% $3,237
    Waterstone Mortgage Corporation 2 2.88% $13,488
    CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $14,887
    KeyBank 1 2.75% $7,844
    INTERCAP LENDING INC. 1 3.50% $9,965
    CHERRY CREEK MORTGAGE, LLC 1 3.50% $6,173
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $9,558
    Wells Fargo Bank 1 3.00% $10,450
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $11,070
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $14,548
    Goldwater Bank, N.A. 1 3.13% $11,479
    SUN WEST MORTGAGE COMPANY, INC. 1 2.65% $4,121
    VISION ONE MORTGAGE, INC. 1 3.63% $8,169
    Willamette Valley Bank 1 3.25% $9,258
    GENEVA FINANCIAL, LLC 1 2.25% $12,472
    MORIA DEVELOPMENT, INC. 1 3.25% $6,493
    EMBRACE HOME LOANS, INC. 1 3.50% $9,590
    M&T Bank 1 3.25% $9,381
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $7,548
    Nations Lending Corporation 1 3.25% $10,865
    LOANDEPOT.COM, LLC 1 2.99% $9,727
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $10,120
    ACADEMY MORTGAGE CORPORATION 1 2.25% $8,150

    The top Idaho Falls FHA lender as defined by loan originations is CANOPY MORTGAGE, LLC, with 86 FHA loans originated. Their average total fees are $10,897, which is $486 higher than the next largest lender, MANN FINANCIAL INC..

    The lowest fee Idaho Falls FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($5,547), CALIBER HOME LOANS, INC. ($7,364), QUICKEN LOANS, LLC ($7,364), UNITED WHOLESALE MORTGAGE, LLC ($7,636) and Gateway First Bank ($8,097).

    The lowest rate Idaho Falls FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.56%), UNITED WHOLESALE MORTGAGE, LLC (2.63%), CALIBER HOME LOANS, INC. (2.65%), QUICKEN LOANS, LLC (2.66%) and S1L, Inc. (2.71%).

    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

    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 (13.1%) $329,954 (7.4%) 0.00 415
    2018-10-01 $262,000 (13.9%) $339,398 (11.8%) 0.00 393
    2018-11-01 $266,750 (17.4%) $349,695 (12.0%) 0.00 361
    2018-12-01 $259,900 (10.6%) $351,340 (8.2%) 0.00 292
    2019-01-01 $267,450 (10.3%) $360,670 (9.7%) 0.00 241
    2019-02-01 $287,400 (12.9%) $376,868 (11.1%) 0.00 244
    2019-03-01 $294,214 (9.0%) $385,201 (8.9%) 0.00 232
    2019-04-01 $299,450 (15.2%) $394,336 (17.5%) 0.00 222
    2019-05-01 $294,900 (13.0%) $379,243 (16.6%) 0.00 272
    2019-06-01 $290,000 (11.6%) $379,175 (15.2%) 0.00 304
    2019-07-01 $292,400 (12.7%) $375,745 (15.6%) 0.00 326
    2019-08-01 $287,909 (10.8%) $372,011 (11.5%) 0.00 344
    2019-09-01 $288,523 (8.9%) $375,129 (13.7%) 0.00 344
    2019-10-01 $288,932 (10.3%) $377,006 (11.1%) 0.00 347
    2019-11-01 $285,000 (6.8%) $378,316 (8.2%) 0.00 330
    2019-12-01 $291,000 (12.0%) $390,150 (11.1%) 0.00 286
    2020-01-01 $289,950 (8.4%) $383,407 (6.3%) 0.00 254
    2020-02-01 $295,000 (2.6%) $390,288 (3.6%) 0.00 244
    2020-03-01 $317,500 (7.9%) $389,760 (1.2%) 0.00 227
    2020-04-01 $315,000 (5.2%) $386,911 (-1.9%) 0.00 283
    2020-05-01 $325,000 (10.2%) $382,341 (0.8%) 0.00 287
    2020-06-01 $345,000 (19.0%) $411,635 (8.6%) 0.00 261
    2020-07-01 $337,675 (15.5%) $405,604 (8.0%) 0.00 230
    2020-08-01 $350,000 (21.6%) $413,260 (11.1%) 0.00 204
    2020-09-01 $372,500 (29.1%) $440,130 (17.3%) 0.00 180
    2020-10-01 $365,000 (26.3%) $451,000 (19.6%) 0.00 137
    2020-11-01 $354,500 (24.4%) $450,851 (19.2%) 0.00 112
    2020-12-01 $376,250 (29.3%) $427,363 (9.5%) 0.00 93
    2021-01-01 $370,000 (27.6%) $410,859 (7.2%) 0.00 82
    2021-02-01 $370,250 (25.5%) $416,361 (6.7%) 0.00 85
    2021-03-01 $369,950 (16.5%) $455,474 (16.9%) 0.00 92
    2021-04-01 $395,000 (25.4%) $507,972 (31.3%) 0.00 100
    2021-05-01 $425,000 (30.8%) $525,466 (37.4%) 0.00 103
    2021-06-01 $422,500 (22.5%) $557,133 (35.4%) 0.00 141
    2021-07-01 $422,500 (25.1%) $526,451 (29.8%) 0.00 175
    2021-08-01 $439,500 (25.6%) $531,142 (28.5%) 0.00 217
    2021-09-01 $455,000 (22.2%) $532,514 (21.0%) 0.00 241
    2021-10-01 $460,000 (26.0%) $539,118 (19.5%) 0.00 222
    2021-11-01 $449,975 (26.9%) $542,561 (20.3%) 0.00 161
    2021-12-01 $471,200 (25.2%) $557,438 (30.4%) 0.00 142
    2022-01-01 $492,000 (33.0%) $603,590 (46.9%) 0.00 110
    2022-02-01 $527,000 (42.3%) $635,461 (52.6%) 0.00 106
    2022-03-01 $478,750 (29.4%) $581,159 (27.6%) 0.00 119
    2022-04-01 $520,000 (31.7%) $593,234 (16.8%) 0.00 162
    2022-05-01 $524,500 (23.4%) $612,479 (16.6%) 0.00 287
    2022-06-01 $487,000 (15.3%) $586,070 (5.2%) 0.00 427
    2022-07-01 $472,450 (11.8%) $559,630 (6.3%) 0.00 564
    2022-08-01 $455,000 (3.5%) $527,587 (-0.7%) 0.00 595
    2022-09-01 $450,000 (-1.1%) $528,776 (-0.7%) 0.00 568
    2022-10-01 $450,000 (-2.2%) $533,849 (-1.0%) 0.00 538
    2022-11-01 $449,975 (0.0%) $523,406 (-3.5%) 0.00 513
    2022-12-01 $438,000 (-7.1%) $507,520 (-9.0%) 0.00 478
    Idaho Falls's median listing price for 2022-12-01 was $438,000, a difference of $-33,200 (-7.1%) versus the prior year and $-11,975 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 2022-12-01 was $507,520, a difference of $-49,918 (-9.0%) versus the prior year and $-15,886 versus the prior month.

    For the 2022-12-01 period, Idaho Falls had 478 MLS listings, a difference of -35 listings (-7%) versus the prior month and 336 listings (237%) 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 2,784 sqft
    2018-10-01 0 days 2,810 sqft
    2018-11-01 0 days 2,956 sqft
    2018-12-01 0 days 2,985 sqft
    2019-01-01 0 days 2,937 sqft
    2019-02-01 0 days 2,968 sqft
    2019-03-01 0 days 2,967 sqft
    2019-04-01 0 days 2,985 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 2,690 sqft
    2019-12-01 0 days 2,697 sqft
    2020-01-01 0 days 2,739 sqft
    2020-02-01 0 days 2,762 sqft
    2020-03-01 0 days 2,856 sqft
    2020-04-01 0 days 2,800 sqft
    2020-05-01 0 days 2,865 sqft
    2020-06-01 0 days 3,022 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 2,876 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 2,880 sqft
    Idaho Falls's median listing age (time on market) for 2022-12-01 was 0 days.

    Idaho Falls's median square footage for active listings during the 2022-12-01 period was 2,880 sqft. One year prior, the average listing was 2,852 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).