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 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).