Rexburg FHA Loan Rates, Closing Costs & Stats

Rexburg, 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.

    Rexburg's 28 lenders originated 73 FHA loans during 2023. The total origination value was $22,045,000, with an average FHA loan value of $301,986.

    Rexburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rexburg averaged 6.57% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Rexburg's average FHA mortgage closing costs are $9,631.

    The average rate for the prior week (2024-04-12) was 6.46% and one month ago for the week of 2024-03-15, the average rate was 6.32%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Rexburg 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 Rexburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CANOPY MORTGAGE, LLC 9 6.40% $15,455
    UNITED WHOLESALE MORTGAGE, LLC 9 6.13% $11,266
    MANN FINANCIAL INC. 8 6.78% $11,304
    CHURCHILL MORTGAGE CORPORATION 5 6.28% $12,169
    IDAHO CENTRAL 4 6.44% $13,443
    Flagstar Bank, FSB 3 6.81% $9,519
    QUICKEN LOANS, LLC 3 5.70% $14,040
    FIRST COLONY MORTGAGE CORPORATION 3 6.79% $12,365
    VERITAS FUNDING, LLC 2 6.50% $13,733
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.69% $16,940
    AMERICAN FINANCING CORPORATION 2 6.81% $13,267
    Franklin Loan Corporation 1 5.13% $12,351
    GUILD MORTGAGE COMPANY 1 6.63% $19,348
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $12,911
    BROKER SOLUTIONS, INC. 1 7.49% $13,507
    INTERCAP LENDING INC. 1 6.50% $14,987
    LOANDEPOT.COM, LLC 1 6.99% $16,520
    LOANPAL, LLC 1 5.50% $14,729
    Bank of Idaho 1 5.63% $20,443
    MOUNTAIN AMERICA 1 6.25% $7,954
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $22,662
    NFM, INC. 1 7.50% $16,480
    POLARIS HOME FUNDING CORP. 1 7.25% $15,609
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $21,575
    S1L, Inc. 1 6.50% $13,992
    SECURITYNATIONAL MORTGAGE COMPANY 1 8.50% $7,717
    Equity Prime Mortgage LLC 1 6.00% $16,816
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $15,342

    The top Rexburg FHA lender as defined by loan originations is CANOPY MORTGAGE, LLC, with 9 FHA loans originated. Their average total fees are $15,455, which is $4,189 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rexburg FHA lenders (with over 10 loans originated) are .

    The lowest rate Rexburg FHA lenders (with over 10 loans originated) are .

    Rexburg FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rexburg (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 $286,950 (13.4%) $461,584 (9.9%) 0.00 105
    2018-02-01 $284,450 (12.9%) $453,648 (4.1%) 0.00 98
    2018-03-01 $277,450 (9.3%) $449,344 (-3.3%) 0.00 100
    2018-04-01 $280,900 (4.0%) $429,479 (-6.9%) 0.00 102
    2018-05-01 $296,725 (7.6%) $417,236 (3.4%) 0.00 118
    2018-06-01 $279,900 (1.4%) $374,401 (-3.4%) 0.00 140
    2018-07-01 $298,175 (10.5%) $379,501 (-8.6%) 0.00 155
    2018-08-01 $319,200 (22.8%) $409,963 (-2.4%) 0.00 154
    2018-09-01 $315,400 (14.7%) $419,851 (-4.7%) 0.00 156
    2018-10-01 $315,400 (12.7%) $418,085 (-7.3%) 0.00 137
    2018-11-01 $308,675 (10.3%) $408,991 (-13.8%) 0.00 128
    2018-12-01 $325,900 (12.4%) $435,768 (-14.4%) 0.00 116
    2019-01-01 $313,175 (9.1%) $417,447 (-9.6%) 0.00 110
    2019-02-01 $299,900 (5.4%) $384,026 (-15.4%) 0.00 103
    2019-03-01 $299,900 (8.1%) $424,566 (-5.5%) 0.00 104
    2019-04-01 $299,900 (6.8%) $485,028 (12.9%) 0.00 109
    2019-05-01 $325,725 (9.8%) $465,569 (11.6%) 0.00 148
    2019-06-01 $334,900 (19.7%) $501,212 (33.9%) 0.00 147
    2019-07-01 $338,500 (13.5%) $509,090 (34.2%) 0.00 162
    2019-08-01 $334,964 (4.9%) $505,971 (23.4%) 0.00 157
    2019-09-01 $323,734 (2.6%) $490,542 (16.8%) 0.00 143
    2019-10-01 $323,473 (2.6%) $485,346 (16.1%) 0.00 133
    2019-11-01 $329,000 (6.6%) $502,971 (23.0%) 0.00 121
    2019-12-01 $332,500 (2.0%) $520,907 (19.5%) 0.00 101
    2020-01-01 $329,925 (5.4%) $573,541 (37.4%) 0.00 83
    2020-02-01 $329,950 (10.0%) $535,533 (39.5%) 0.00 78
    2020-03-01 $317,400 (5.8%) $483,075 (13.8%) 0.00 88
    2020-04-01 $308,400 (2.8%) $473,405 (-2.4%) 0.00 103
    2020-05-01 $338,500 (3.9%) $481,741 (3.5%) 0.00 111
    2020-06-01 $345,000 (3.0%) $539,983 (7.7%) 0.00 110
    2020-07-01 $349,000 (3.1%) $604,233 (18.7%) 0.00 96
    2020-08-01 $380,000 (13.5%) $635,302 (25.6%) 0.00 76
    2020-09-01 $475,250 (46.8%) $582,594 (18.8%) 0.00 67
    2020-10-01 $450,000 (39.1%) $612,619 (26.2%) 0.00 66
    2020-11-01 $429,450 (30.5%) $570,726 (13.5%) 0.00 54
    2020-12-01 $427,200 (28.5%) $589,271 (13.1%) 0.00 48
    2021-01-01 $482,450 (46.2%) $761,318 (32.7%) 0.00 38
    2021-02-01 $520,725 (57.8%) $850,081 (58.7%) 0.00 36
    2021-03-01 $630,250 (98.6%) $916,317 (89.7%) 0.00 42
    2021-04-01 $612,125 (98.5%) $871,359 (84.1%) 0.00 58
    2021-05-01 $585,000 (72.8%) $815,576 (69.3%) 0.00 66
    2021-06-01 $583,375 (69.1%) $816,231 (51.2%) 0.00 89
    2021-07-01 $607,000 (73.9%) $820,076 (35.7%) 0.00 107
    2021-08-01 $607,225 (59.8%) $823,167 (29.6%) 0.00 105
    2021-09-01 $630,750 (32.7%) $846,214 (45.3%) 0.00 116
    2021-10-01 $649,000 (44.2%) $893,882 (45.9%) 0.00 93
    2021-11-01 $695,000 (61.8%) $913,698 (60.1%) 0.00 65
    2021-12-01 $670,725 (57.0%) $900,040 (52.7%) 0.00 49
    2022-01-01 $660,000 (36.8%) $925,029 (21.5%) 0.00 41
    2022-02-01 $555,000 (6.6%) $794,005 (-6.6%) 0.00 42
    2022-03-01 $608,000 (-3.5%) $853,116 (-6.9%) 0.00 44
    2022-04-01 $518,450 (-15.3%) $775,798 (-11.0%) 0.00 76
    2022-05-01 $502,675 (-14.1%) $823,636 (1.0%) 0.00 103
    2022-06-01 $491,725 (-15.7%) $773,691 (-5.2%) 0.00 137
    2022-07-01 $499,000 (-17.8%) $729,127 (-11.1%) 0.00 168
    2022-08-01 $523,294 (-13.8%) $723,282 (-12.1%) 0.00 187
    2022-09-01 $554,925 (-12.0%) $711,080 (-16.0%) 0.00 183
    2022-10-01 $550,000 (-15.3%) $718,077 (-19.7%) 0.00 178
    2022-11-01 $549,450 (-20.9%) $704,893 (-22.9%) 0.00 162
    2022-12-01 $510,000 (-24.0%) $652,656 (-27.5%) 0.00 143
    2023-01-01 $494,250 (-25.1%) $676,397 (-26.9%) 0.00 120
    2023-02-01 $504,475 (-9.1%) $770,673 (-2.9%) 0.00 112
    2023-03-01 $499,225 (-17.9%) $781,944 (-8.3%) 0.00 120
    2023-04-01 $499,450 (-3.7%) $778,963 (0.4%) 0.00 124
    2023-05-01 $528,450 (5.1%) $729,549 (-11.4%) 0.00 133
    2023-06-01 $549,500 (11.8%) $712,029 (-8.0%) 0.00 164
    2023-07-01 $550,000 (10.2%) $692,272 (-5.1%) 0.00 193
    2023-08-01 $551,250 (5.3%) $755,595 (4.5%) 0.00 199
    2023-09-01 $539,950 (-2.7%) $762,067 (7.2%) 0.00 200
    2023-10-01 $529,950 (-3.7%) $778,136 (8.4%) 0.00 200
    2023-11-01 $519,225 (-5.5%) $752,672 (6.8%) 0.00 190
    2023-12-01 $499,900 (-2.0%) $753,047 (15.4%) 0.00 172
    2024-01-01 $499,900 (1.1%) $767,587 (13.5%) 0.00 137
    2024-02-01 $502,450 (-0.4%) $769,286 (-0.2%) 0.00 135
    2024-03-01 $515,450 (3.3%) $824,215 (5.4%) 0.00 142
    Rexburg's median listing price for 2024-03-01 was $515,450, a difference of $16,225 (3.3%) versus the prior year and $13,000 versus the prior month.

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

    Rexburg's average listing price for 2024-03-01 was $824,215, a difference of $42,271 (5.4%) versus the prior year and $54,929 versus the prior month.

    For the 2024-03-01 period, Rexburg had 142 MLS listings, a difference of 7 listings (5%) versus the prior month and 22 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rexburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,452 sqft
    2018-02-01 0 days 2,488 sqft
    2018-03-01 0 days 2,588 sqft
    2018-04-01 0 days 2,588 sqft
    2018-05-01 0 days 2,594 sqft
    2018-06-01 0 days 2,436 sqft
    2018-07-01 0 days 2,444 sqft
    2018-08-01 0 days 2,472 sqft
    2018-09-01 0 days 2,453 sqft
    2018-10-01 0 days 2,435 sqft
    2018-11-01 0 days 2,489 sqft
    2018-12-01 0 days 2,521 sqft
    2019-01-01 0 days 2,536 sqft
    2019-02-01 0 days 2,496 sqft
    2019-03-01 0 days 2,469 sqft
    2019-04-01 0 days 2,375 sqft
    2019-05-01 0 days 2,348 sqft
    2019-06-01 0 days 2,420 sqft
    2019-07-01 0 days 2,400 sqft
    2019-08-01 0 days 2,553 sqft
    2019-09-01 0 days 2,549 sqft
    2019-10-01 0 days 2,545 sqft
    2019-11-01 0 days 2,552 sqft
    2019-12-01 0 days 2,525 sqft
    2020-01-01 0 days 2,525 sqft
    2020-02-01 0 days 2,346 sqft
    2020-03-01 0 days 2,325 sqft
    2020-04-01 0 days 2,028 sqft
    2020-05-01 0 days 2,176 sqft
    2020-06-01 0 days 2,379 sqft
    2020-07-01 0 days 2,519 sqft
    2020-08-01 0 days 2,756 sqft
    2020-09-01 0 days 2,767 sqft
    2020-10-01 0 days 2,779 sqft
    2020-11-01 0 days 2,574 sqft
    2020-12-01 0 days 2,240 sqft
    2021-01-01 0 days 2,208 sqft
    2021-02-01 0 days 2,321 sqft
    2021-03-01 0 days 2,473 sqft
    2021-04-01 0 days 2,187 sqft
    2021-05-01 0 days 2,259 sqft
    2021-06-01 0 days 2,394 sqft
    2021-07-01 0 days 2,638 sqft
    2021-08-01 0 days 2,661 sqft
    2021-09-01 0 days 2,539 sqft
    2021-10-01 0 days 2,296 sqft
    2021-11-01 0 days 2,413 sqft
    2021-12-01 0 days 2,523 sqft
    2022-01-01 0 days 2,399 sqft
    2022-02-01 0 days 2,189 sqft
    2022-03-01 0 days 2,202 sqft
    2022-04-01 0 days 2,200 sqft
    2022-05-01 0 days 2,118 sqft
    2022-06-01 0 days 2,098 sqft
    2022-07-01 0 days 2,215 sqft
    2022-08-01 0 days 2,231 sqft
    2022-09-01 0 days 2,267 sqft
    2022-10-01 0 days 2,336 sqft
    2022-11-01 0 days 2,418 sqft
    2022-12-01 0 days 2,293 sqft
    2023-01-01 0 days 2,220 sqft
    2023-02-01 0 days 2,115 sqft
    2023-03-01 0 days 2,247 sqft
    2023-04-01 0 days 2,204 sqft
    2023-05-01 0 days 2,187 sqft
    2023-06-01 0 days 2,078 sqft
    2023-07-01 0 days 2,020 sqft
    2023-08-01 0 days 2,070 sqft
    2023-09-01 0 days 2,065 sqft
    2023-10-01 0 days 2,105 sqft
    2023-11-01 0 days 2,098 sqft
    2023-12-01 0 days 2,084 sqft
    2024-01-01 0 days 2,152 sqft
    2024-02-01 0 days 2,119 sqft
    2024-03-01 0 days 2,224 sqft
    Rexburg's median listing age (time on market) for 2024-03-01 was 0 days.

    Rexburg's median square footage for active listings during the 2024-03-01 period was 2,224 sqft. One year prior, the average listing was 2,247 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).