Idaho Falls FHA Loans

IDAHO FALLS, ID

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 5.23% 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 4.92%.

    The average rate one year ago was 3%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.78%.

    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 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. Total Fees
    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
    AMERICAN FINANCING CORPORATION 6 2.75% $8,817
    MOUNTAIN AMERICA 6 2.79% $7,773
    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
    PENNYMAC LOAN SERVICES, LLC 3 3.29% $5,485
    AMERICAN FINANCIAL NETWORK, INC. 3 3.00% $9,505
    VAN DYK MORTGAGE CORPORATION 3 2.83% $7,958
    First Guaranty Mortgage Corporation 3 2.83% $9,436
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.21% $10,296
    BROKER SOLUTIONS, INC. 3 2.58% $10,855
    AmeriHome Mortgage Company, LLC 2 3.06% $5,312
    MID AMERICA MORTGAGE, INC. 2 3.44% $4,246
    CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $14,887
    Zions Bancorporation, N.A. 2 2.50% $8,424
    The Federal Savings Bank 2 2.63% $13,366
    CELEBRITY HOME LOANS, LLC 2 3.50% $10,165
    RANLIFE, INC. 2 2.88% $8,753
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 3.06% $8,667
    AMERISAVE MORTGAGE CORPORATION 2 2.56% $8,697
    VILLAGE CAPITAL & INVESTMENT LLC 2 2.69% $3,237
    UNITED SECURITY FINANCIAL CORP 2 2.63% $4,391
    Waterstone Mortgage Corporation 2 2.88% $13,488
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $7,548
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $9,558
    CHERRY CREEK MORTGAGE, LLC 1 3.50% $6,173
    GENEVA FINANCIAL, LLC 1 2.25% $12,472
    Goldwater Bank, N.A. 1 3.13% $11,479
    INTERCAP LENDING INC. 1 3.50% $9,965
    KeyBank 1 2.75% $7,844
    ACADEMY MORTGAGE CORPORATION 1 2.25% $8,150
    LOANDEPOT.COM, LLC 1 2.99% $9,727
    Manufacturers and Traders Trust Company 1 3.25% $9,381
    MORIA DEVELOPMENT, INC. 1 3.25% $6,493
    EMBRACE HOME LOANS, INC. 1 3.50% $9,590
    Nations Lending Corporation 1 3.25% $10,865
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $10,120
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $11,070
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $14,548
    SUN WEST MORTGAGE COMPANY, INC. 1 2.65% $4,121
    VISION ONE MORTGAGE, INC. 1 3.63% $8,169
    Wells Fargo Bank 1 3.00% $10,450
    Willamette Valley Bank 1 3.25% $9,258

    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 (29.0%) $329,261 (28.9%) 0.00 347
    2018-02-01 $252,250 (32.8%) $334,447 (27.8%) 0.00 305
    2018-03-01 $269,000 (38.3%) $347,477 (32.5%) 0.00 278
    2018-04-01 $259,450 (15.3%) $332,408 (11.1%) 0.00 293
    2018-05-01 $260,000 (13.6%) $321,319 (4.3%) 0.00 323
    2018-06-01 $258,990 (12.6%) $325,797 (6.0%) 0.00 360
    2018-07-01 $257,450 (5.1%) $325,728 (2.7%) 0.00 388
    2018-08-01 $259,950 (8.8%) $334,683 (8.7%) 0.00 416
    2018-09-01 $265,000 (12.8%) $332,003 (7.2%) 0.00 429
    2018-10-01 $264,900 (15.2%) $341,838 (11.0%) 0.00 406
    2018-11-01 $267,450 (17.7%) $353,850 (12.7%) 0.00 371
    2018-12-01 $259,900 (10.6%) $361,192 (10.4%) 0.00 299
    2019-01-01 $268,950 (10.9%) $363,632 (10.4%) 0.00 250
    2019-02-01 $284,950 (13.0%) $374,740 (12.1%) 0.00 249
    2019-03-01 $291,329 (8.3%) $380,493 (9.5%) 0.00 237
    2019-04-01 $299,450 (15.4%) $389,981 (17.3%) 0.00 225
    2019-05-01 $294,950 (13.4%) $382,933 (19.2%) 0.00 275
    2019-06-01 $292,000 (12.8%) $390,379 (19.8%) 0.00 305
    2019-07-01 $292,450 (13.6%) $386,809 (18.8%) 0.00 330
    2019-08-01 $290,714 (11.8%) $382,134 (14.2%) 0.00 345
    2019-09-01 $294,000 (10.9%) $390,259 (17.6%) 0.00 358
    2019-10-01 $289,450 (9.3%) $383,370 (12.2%) 0.00 352
    2019-11-01 $285,000 (6.6%) $377,655 (6.7%) 0.00 338
    2019-12-01 $290,950 (12.0%) $383,691 (6.2%) 0.00 290
    2020-01-01 $289,900 (7.8%) $379,197 (4.3%) 0.00 258
    2020-02-01 $295,000 (3.5%) $381,310 (1.8%) 0.00 247
    2020-03-01 $317,450 (9.0%) $387,880 (1.9%) 0.00 233
    2020-04-01 $319,500 (6.7%) $386,338 (-0.9%) 0.00 291
    2020-05-01 $327,000 (10.9%) $382,251 (-0.2%) 0.00 295
    2020-06-01 $345,000 (18.2%) $412,190 (5.6%) 0.00 266
    2020-07-01 $337,675 (15.5%) $408,057 (5.5%) 0.00 234
    2020-08-01 $350,000 (20.4%) $413,970 (8.3%) 0.00 207
    2020-09-01 $374,950 (27.5%) $436,079 (11.7%) 0.00 181
    2020-10-01 $380,000 (31.3%) $445,108 (16.1%) 0.00 151
    2020-11-01 $367,000 (28.8%) $442,298 (17.1%) 0.00 124
    2020-12-01 $380,000 (30.6%) $421,571 (9.9%) 0.00 105
    2021-01-01 $380,000 (31.1%) $411,517 (8.5%) 0.00 95
    2021-02-01 $380,000 (28.8%) $411,380 (7.9%) 0.00 91
    2021-03-01 $372,500 (17.3%) $451,837 (16.5%) 0.00 91
    2021-04-01 $395,000 (23.6%) $499,998 (29.4%) 0.00 96
    2021-05-01 $425,000 (30.0%) $520,756 (36.2%) 0.00 102
    2021-06-01 $429,000 (24.4%) $556,829 (35.1%) 0.00 144
    2021-07-01 $422,450 (25.1%) $531,502 (30.3%) 0.00 181
    2021-08-01 $440,000 (25.7%) $532,299 (28.6%) 0.00 225
    2021-09-01 $459,500 (22.6%) $540,964 (24.1%) 0.00 250
    2021-10-01 $465,000 (22.4%) $545,079 (22.5%) 0.00 228
    2021-11-01 $457,500 (24.7%) $544,615 (23.1%) 0.00 164
    2021-12-01 $459,950 (21.0%) $552,581 (31.1%) 0.00 143
    2022-01-01 $489,000 (28.7%) $604,432 (46.9%) 0.00 110
    2022-02-01 $525,000 (38.2%) $653,206 (58.8%) 0.00 107
    2022-03-01 $480,000 (28.9%) $584,402 (29.3%) 0.00 119
    2022-04-01 $520,000 (31.7%) $596,013 (19.2%) 0.00 172
    Idaho Falls's median listing price for 2022-04-01 was $520,000, a difference of $125,000 (31.7%) versus the prior year and $40,000 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 2022-04-01 was $596,013, a difference of $96,015 (19.2%) versus the prior year and $11,611 versus the prior month.

    For the 2022-04-01 period, Idaho Falls had 172 MLS listings, a difference of 53 listings (45%) versus the prior month and 76 listings (79%) 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 2,939 sqft
    2018-02-01 0 days 2,941 sqft
    2018-03-01 0 days 3,028 sqft
    2018-04-01 0 days 2,941 sqft
    2018-05-01 0 days 2,910 sqft
    2018-06-01 0 days 2,818 sqft
    2018-07-01 0 days 2,779 sqft
    2018-08-01 0 days 2,792 sqft
    2018-09-01 0 days 2,784 sqft
    2018-10-01 0 days 2,812 sqft
    2018-11-01 0 days 2,962 sqft
    2018-12-01 0 days 2,996 sqft
    2019-01-01 0 days 2,957 sqft
    2019-02-01 0 days 2,970 sqft
    2019-03-01 0 days 2,952 sqft
    2019-04-01 0 days 2,981 sqft
    2019-05-01 0 days 2,913 sqft
    2019-06-01 0 days 2,900 sqft
    2019-07-01 0 days 2,849 sqft
    2019-08-01 0 days 2,799 sqft
    2019-09-01 0 days 2,769 sqft
    2019-10-01 0 days 2,772 sqft
    2019-11-01 0 days 2,692 sqft
    2019-12-01 0 days 2,693 sqft
    2020-01-01 0 days 2,726 sqft
    2020-02-01 0 days 2,726 sqft
    2020-03-01 0 days 2,829 sqft
    2020-04-01 0 days 2,800 sqft
    2020-05-01 0 days 2,858 sqft
    2020-06-01 0 days 3,006 sqft
    2020-07-01 0 days 2,906 sqft
    2020-08-01 0 days 2,850 sqft
    2020-09-01 0 days 2,752 sqft
    2020-10-01 0 days 2,652 sqft
    2020-11-01 0 days 2,500 sqft
    2020-12-01 0 days 2,416 sqft
    2021-01-01 0 days 2,333 sqft
    2021-02-01 0 days 2,168 sqft
    2021-03-01 0 days 2,708 sqft
    2021-04-01 0 days 2,739 sqft
    2021-05-01 0 days 2,800 sqft
    2021-06-01 0 days 2,868 sqft
    2021-07-01 0 days 2,784 sqft
    2021-08-01 0 days 2,770 sqft
    2021-09-01 0 days 2,792 sqft
    2021-10-01 0 days 2,770 sqft
    2021-11-01 0 days 2,809 sqft
    2021-12-01 0 days 2,849 sqft
    2022-01-01 0 days 2,835 sqft
    2022-02-01 0 days 2,998 sqft
    2022-03-01 0 days 2,803 sqft
    2022-04-01 0 days 2,976 sqft
    Idaho Falls's median listing age (time on market) for 2022-04-01 was 0 days.

    Idaho Falls's median square footage for active listings during the 2022-04-01 period was 2,976 sqft. One year prior, the average listing was 2,739 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).