Idaho Falls FHA Loans

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 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).