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 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 5.58%.

    The average rate one year ago was 7.22%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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

    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).