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 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 6.2% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.27% and one month ago for the week of 2024-10-04, the average rate was 5.59%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

    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
    2024-04-01 $484,500 (3.1%) $584,265 (7.7%) 0.00 347
    2024-05-01 $492,000 (2.6%) $598,915 (7.2%) 0.00 391
    2024-06-01 $489,900 (2.7%) $605,643 (10.3%) 0.00 441
    2024-07-01 $487,375 (2.6%) $593,073 (7.7%) 0.00 473
    2024-08-01 $480,000 (3.0%) $589,936 (5.4%) 0.00 521
    2024-09-01 $472,500 (2.7%) $595,626 (3.8%) 0.00 549
    2024-10-01 $461,500 (3.1%) $562,056 (-0.9%) 0.00 542
    Idaho Falls's median listing price for 2024-10-01 was $461,500, a difference of $14,000 (3.1%) versus the prior year and $-11,000 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 2024-10-01 was $562,056, a difference of $-4,855 (-0.9%) versus the prior year and $-33,570 versus the prior month.

    For the 2024-10-01 period, Idaho Falls had 542 MLS listings, a difference of -7 listings (-1%) versus the prior month and 64 listings (13%) 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
    2024-04-01 0 days 2,799 sqft
    2024-05-01 0 days 2,869 sqft
    2024-06-01 0 days 2,904 sqft
    2024-07-01 0 days 2,895 sqft
    2024-08-01 0 days 2,880 sqft
    2024-09-01 0 days 2,859 sqft
    2024-10-01 0 days 2,783 sqft
    Idaho Falls's median listing age (time on market) for 2024-10-01 was 0 days.

    Idaho Falls's median square footage for active listings during the 2024-10-01 period was 2,783 sqft. One year prior, the average listing was 2,813 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).