Pocatello FHA Loan Rates, Closing Costs & Stats

POCATELLO, 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.

    Pocatello's 43 lenders originated 262 FHA loans during 2023. The total origination value was $69,140,000, with an average FHA loan value of $263,893.

    Pocatello FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Pocatello averaged 6.61% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Pocatello's average FHA mortgage closing costs are $8,426.

    The average rate for the prior week (2024-04-12) was 6.7% and one month ago for the week of 2024-03-15, the average rate was 6.37%.

    The average rate one year ago was 6.2%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Pocatello 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 Pocatello level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST COLONY MORTGAGE CORPORATION 27 6.56% $12,003
    IDAHO CENTRAL 27 6.34% $11,448
    AMERICAN PACIFIC MORTGAGE CORPORATION 27 6.61% $11,168
    QUICKEN LOANS, LLC 21 5.95% $13,347
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.50% $12,955
    SUMMIT FUNDING, INC. 13 5.98% $12,476
    UNITED WHOLESALE MORTGAGE, LLC 11 6.09% $12,650
    VAN DYK MORTGAGE CORPORATION 10 6.58% $7,727
    ADVANTAGE PLUS 8 6.34% $10,099
    Glacier Bank 8 6.53% $13,937
    CANOPY MORTGAGE, LLC 7 6.29% $12,301
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.50% $15,293
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.33% $15,597
    Bank of Idaho 3 6.71% $11,458
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.38% $16,201
    AMERICAN FINANCING CORPORATION 3 6.00% $18,315
    LAKEVIEW LOAN SERVICING, LLC 3 6.25% $11,730
    D. L. Evans Bank 2 5.81% $11,407
    AXIA FINANCIAL, LLC 2 6.56% $12,636
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $9,531
    PENNYMAC LOAN SERVICES, LLC 2 6.31% $18,557
    NEWREZ LLC 2 6.25% $7,890
    SUN WEST MORTGAGE COMPANY, INC. 2 6.00% $9,861
    GUILD MORTGAGE COMPANY 2 6.56% $9,677
    WESTMARK Credit Union 1 6.75% $2,871
    AUGUSTA FINANCIAL, INC. 1 5.25% $14,450
    Barrington Bank & Trust Company, N.A. 1 6.13% $11,139
    BELEM SERVICING LLC 1 7.50% $12,665
    CALCON MUTUAL MORTGAGE LLC 1 5.25% $20,819
    CMG MORTGAGE, INC. 1 7.13% $9,882
    Commerce Home Mortgage, Inc. 1 6.63% $9,536
    Franklin Loan Corporation 1 7.13% $12,436
    GENEVA FINANCIAL, LLC 1 6.50% $13,357
    JMAC LENDING, INC. 1 7.00% $13,853
    LOANDEPOT.COM, LLC 1 6.13% $14,388
    LOANPAL, LLC 1 6.25% $7,417
    MANN FINANCIAL INC. 1 5.13% $3,453
    MID AMERICA MORTGAGE, INC. 1 7.50% $4,924
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.38% $18,474
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $18,224
    NFM, INC. 1 6.25% $12,008
    POLARIS HOME FUNDING CORP. 1 6.25% $25,283
    Sierra Pacific Mortgage Company, Inc. 1 7.25% $14,777

    The top Pocatello FHA lender as defined by loan originations is FIRST COLONY MORTGAGE CORPORATION, with 27 FHA loans originated. Their average total fees are $12,003, which is $555 higher than the next largest lender, IDAHO CENTRAL.

    The lowest fee Pocatello FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($7,727), AMERICAN PACIFIC MORTGAGE CORPORATION ($11,168), IDAHO CENTRAL ($11,448), FIRST COLONY MORTGAGE CORPORATION ($12,003) and SUMMIT FUNDING, INC. ($12,476).

    The lowest rate Pocatello FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.95%), SUMMIT FUNDING, INC. (5.98%), UNITED WHOLESALE MORTGAGE, LLC (6.09%), IDAHO CENTRAL (6.34%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.50%).

    Pocatello FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    POCATELLO, ID BANNOCK 2022 $420,680 $538,650 $651,050 $809,150
    POCATELLO, ID POWER 2022 $420,680 $538,650 $651,050 $809,150
    POCATELLO, ID BANNOCK 2023 $472,030 $604,400 $730,525 $907,900
    POCATELLO, ID POWER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Pocatello (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 $161,175 (8.0%) $230,559 (17.2%) 0.00 176
    2018-02-01 $163,700 (5.8%) $238,145 (18.5%) 0.00 167
    2018-03-01 $179,900 (17.5%) $242,210 (20.0%) 0.00 170
    2018-04-01 $190,175 (22.8%) $247,146 (17.8%) 0.00 167
    2018-05-01 $202,450 (21.1%) $245,457 (9.3%) 0.00 197
    2018-06-01 $189,900 (11.8%) $236,609 (6.5%) 0.00 255
    2018-07-01 $181,675 (13.6%) $225,760 (5.1%) 0.00 274
    2018-08-01 $192,400 (24.4%) $237,603 (11.2%) 0.00 258
    2018-09-01 $195,000 (23.8%) $243,645 (12.1%) 0.00 249
    2018-10-01 $212,000 (40.5%) $245,288 (11.7%) 0.00 231
    2018-11-01 $209,975 (34.3%) $253,393 (14.9%) 0.00 217
    2018-12-01 $210,000 (31.5%) $253,490 (9.9%) 0.00 202
    2019-01-01 $197,450 (22.5%) $251,390 (9.0%) 0.00 170
    2019-02-01 $209,900 (28.2%) $258,227 (8.4%) 0.00 168
    2019-03-01 $228,614 (27.1%) $265,613 (9.7%) 0.00 155
    2019-04-01 $234,114 (23.1%) $267,824 (8.4%) 0.00 146
    2019-05-01 $235,700 (16.4%) $270,954 (10.4%) 0.00 148
    2019-06-01 $237,450 (25.0%) $298,258 (26.1%) 0.00 183
    2019-07-01 $234,900 (29.3%) $302,923 (34.2%) 0.00 221
    2019-08-01 $242,982 (26.3%) $309,958 (30.5%) 0.00 234
    2019-09-01 $247,605 (27.0%) $312,590 (28.3%) 0.00 238
    2019-10-01 $251,850 (18.8%) $319,291 (30.2%) 0.00 241
    2019-11-01 $258,250 (23.0%) $323,326 (27.6%) 0.00 239
    2019-12-01 $251,225 (19.6%) $321,673 (26.9%) 0.00 226
    2020-01-01 $253,750 (28.5%) $324,959 (29.3%) 0.00 185
    2020-02-01 $265,250 (26.4%) $341,283 (32.2%) 0.00 162
    2020-03-01 $268,625 (17.5%) $341,658 (28.6%) 0.00 170
    2020-04-01 $281,175 (20.1%) $344,058 (28.5%) 0.00 182
    2020-05-01 $284,900 (20.9%) $343,498 (26.8%) 0.00 185
    2020-06-01 $294,900 (24.2%) $357,000 (19.7%) 0.00 179
    2020-07-01 $294,450 (25.4%) $360,384 (19.0%) 0.00 177
    2020-08-01 $290,000 (19.4%) $380,687 (22.8%) 0.00 148
    2020-09-01 $257,450 (4.0%) $357,113 (14.2%) 0.00 130
    2020-10-01 $241,250 (-4.2%) $384,210 (20.3%) 0.00 112
    2020-11-01 $253,650 (-1.8%) $443,106 (37.1%) 0.00 93
    2020-12-01 $262,475 (4.5%) $444,989 (38.3%) 0.00 93
    2021-01-01 $269,000 (6.0%) $454,903 (40.0%) 0.00 74
    2021-02-01 $312,825 (17.9%) $522,257 (53.0%) 0.00 68
    2021-03-01 $356,225 (32.6%) $589,658 (72.6%) 0.00 60
    2021-04-01 $329,475 (17.2%) $474,399 (37.9%) 0.00 67
    2021-05-01 $320,000 (12.3%) $475,227 (38.4%) 0.00 79
    2021-06-01 $379,900 (28.8%) $523,206 (46.6%) 0.00 97
    2021-07-01 $351,450 (19.4%) $506,293 (40.5%) 0.00 130
    2021-08-01 $380,500 (31.2%) $494,766 (30.0%) 0.00 140
    2021-09-01 $391,950 (52.2%) $478,983 (34.1%) 0.00 156
    2021-10-01 $399,250 (65.5%) $461,819 (20.2%) 0.00 152
    2021-11-01 $355,975 (40.3%) $439,896 (-0.7%) 0.00 142
    2021-12-01 $351,000 (33.7%) $438,953 (-1.4%) 0.00 111
    2022-01-01 $364,900 (35.7%) $462,178 (1.6%) 0.00 75
    2022-02-01 $416,249 (33.1%) $582,260 (11.5%) 0.00 54
    2022-03-01 $442,450 (24.2%) $588,233 (-0.2%) 0.00 63
    2022-04-01 $449,900 (36.6%) $552,066 (16.4%) 0.00 85
    2022-05-01 $417,500 (30.5%) $500,637 (5.4%) 0.00 134
    2022-06-01 $393,250 (3.5%) $474,373 (-9.3%) 0.00 181
    2022-07-01 $409,900 (16.6%) $467,250 (-7.7%) 0.00 234
    2022-08-01 $401,250 (5.5%) $460,982 (-6.8%) 0.00 247
    2022-09-01 $386,225 (-1.5%) $436,830 (-8.8%) 0.00 281
    2022-10-01 $385,950 (-3.3%) $444,250 (-3.8%) 0.00 293
    2022-11-01 $382,238 (7.4%) $434,749 (-1.2%) 0.00 269
    2022-12-01 $379,000 (8.0%) $433,403 (-1.3%) 0.00 250
    2023-01-01 $382,500 (4.8%) $435,045 (-5.9%) 0.00 229
    2023-02-01 $406,975 (-2.2%) $457,570 (-21.4%) 0.00 210
    2023-03-01 $416,425 (-5.9%) $469,595 (-20.2%) 0.00 190
    2023-04-01 $425,000 (-5.5%) $484,797 (-12.2%) 0.00 183
    2023-05-01 $462,225 (10.7%) $513,627 (2.6%) 0.00 201
    2023-06-01 $447,400 (13.8%) $526,368 (11.0%) 0.00 201
    2023-07-01 $419,900 (2.4%) $516,795 (10.6%) 0.00 233
    2023-08-01 $423,675 (5.6%) $513,251 (11.3%) 0.00 248
    2023-09-01 $421,950 (9.3%) $506,705 (16.0%) 0.00 252
    2023-10-01 $399,900 (3.6%) $495,905 (11.6%) 0.00 278
    2023-11-01 $389,725 (2.0%) $470,800 (8.3%) 0.00 270
    2023-12-01 $384,500 (1.5%) $464,016 (7.1%) 0.00 253
    2024-01-01 $385,888 (0.9%) $458,535 (5.4%) 0.00 219
    2024-02-01 $390,925 (-3.9%) $472,385 (3.2%) 0.00 206
    2024-03-01 $399,900 (-4.0%) $490,417 (4.4%) 0.00 221
    Pocatello's median listing price for 2024-03-01 was $399,900, a difference of $-16,525 (-4.0%) versus the prior year and $8,975 versus the prior month.

    Pocatello's median listing price comes in at 0% of the national average.

    Pocatello's average listing price for 2024-03-01 was $490,417, a difference of $20,822 (4.4%) versus the prior year and $18,032 versus the prior month.

    For the 2024-03-01 period, Pocatello had 221 MLS listings, a difference of 15 listings (7%) versus the prior month and 31 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Pocatello (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,177 sqft
    2018-02-01 0 days 2,207 sqft
    2018-03-01 0 days 2,214 sqft
    2018-04-01 0 days 2,254 sqft
    2018-05-01 0 days 2,298 sqft
    2018-06-01 0 days 2,236 sqft
    2018-07-01 0 days 2,127 sqft
    2018-08-01 0 days 2,261 sqft
    2018-09-01 0 days 2,276 sqft
    2018-10-01 0 days 2,361 sqft
    2018-11-01 0 days 2,426 sqft
    2018-12-01 0 days 2,451 sqft
    2019-01-01 0 days 2,266 sqft
    2019-02-01 0 days 2,395 sqft
    2019-03-01 0 days 2,546 sqft
    2019-04-01 0 days 2,537 sqft
    2019-05-01 0 days 2,570 sqft
    2019-06-01 0 days 2,430 sqft
    2019-07-01 0 days 2,360 sqft
    2019-08-01 0 days 2,340 sqft
    2019-09-01 0 days 2,311 sqft
    2019-10-01 0 days 2,299 sqft
    2019-11-01 0 days 2,296 sqft
    2019-12-01 0 days 2,361 sqft
    2020-01-01 0 days 2,307 sqft
    2020-02-01 0 days 2,258 sqft
    2020-03-01 0 days 2,441 sqft
    2020-04-01 0 days 2,479 sqft
    2020-05-01 0 days 2,500 sqft
    2020-06-01 0 days 2,536 sqft
    2020-07-01 0 days 2,478 sqft
    2020-08-01 0 days 2,352 sqft
    2020-09-01 0 days 2,245 sqft
    2020-10-01 0 days 2,076 sqft
    2020-11-01 0 days 2,198 sqft
    2020-12-01 0 days 2,143 sqft
    2021-01-01 0 days 2,209 sqft
    2021-02-01 0 days 2,485 sqft
    2021-03-01 0 days 2,538 sqft
    2021-04-01 0 days 2,341 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 2,290 sqft
    2021-07-01 0 days 2,364 sqft
    2021-08-01 0 days 2,529 sqft
    2021-09-01 0 days 2,546 sqft
    2021-10-01 0 days 2,352 sqft
    2021-11-01 0 days 2,256 sqft
    2021-12-01 0 days 2,255 sqft
    2022-01-01 0 days 2,200 sqft
    2022-02-01 0 days 2,727 sqft
    2022-03-01 0 days 2,728 sqft
    2022-04-01 0 days 2,792 sqft
    2022-05-01 0 days 2,320 sqft
    2022-06-01 0 days 2,260 sqft
    2022-07-01 0 days 2,287 sqft
    2022-08-01 0 days 2,254 sqft
    2022-09-01 0 days 2,188 sqft
    2022-10-01 0 days 2,280 sqft
    2022-11-01 0 days 2,296 sqft
    2022-12-01 0 days 2,282 sqft
    2023-01-01 0 days 2,292 sqft
    2023-02-01 0 days 2,506 sqft
    2023-03-01 0 days 2,512 sqft
    2023-04-01 0 days 2,662 sqft
    2023-05-01 0 days 2,625 sqft
    2023-06-01 0 days 2,641 sqft
    2023-07-01 0 days 2,518 sqft
    2023-08-01 0 days 2,522 sqft
    2023-09-01 0 days 2,493 sqft
    2023-10-01 0 days 2,324 sqft
    2023-11-01 0 days 2,207 sqft
    2023-12-01 0 days 2,165 sqft
    2024-01-01 0 days 2,175 sqft
    2024-02-01 0 days 2,305 sqft
    2024-03-01 0 days 2,298 sqft
    Pocatello's median listing age (time on market) for 2024-03-01 was 0 days.

    Pocatello's median square footage for active listings during the 2024-03-01 period was 2,298 sqft. One year prior, the average listing was 2,512 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).