Sandpoint FHA Loan Rates, Closing Costs & Stats

Sandpoint, 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.

Sandpoint's 33 lenders originated 120 FHA loans during 2021. The total origination value was $29,070,000, with an average FHA loan value of $242,250.

Sandpoint FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sandpoint averaged 6.25% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Sandpoint's average FHA mortgage closing costs are $8,576.

The average rate for the prior week (2023-01-20) was 6.33% and one month ago for the week of 2022-12-23, the average rate was 6.22%.

The average rate one year ago was 3.71%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.9%.

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

Sandpoint 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 Sandpoint level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Willamette Valley Bank 12 2.94% $10,208
QUICKEN LOANS, LLC 8 2.62% $10,701
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 3.07% $9,860
Nations Lending Corporation 4 3.28% $15,605
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.97% $9,675
PREMIER MORTGAGE RESOURCES, L.L.C. 4 2.97% $12,268
FREEDOM MORTGAGE CORPORATION 4 3.19% $4,656
Platinum Home Mortgage Corporation 3 2.92% $10,972
NEWREZ LLC 3 3.08% $5,951
Glacier Bank 3 2.83% $8,588
IDAHO CENTRAL 2 3.06% $12,310
CALIBER HOME LOANS, INC. 2 2.75% $10,623
ACADEMY MORTGAGE CORPORATION 2 3.38% $12,102
PLANET HOME LENDING, LLC 2 2.69% $6,988
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 2.88% $11,726
SUN WEST MORTGAGE COMPANY, INC. 2 2.69% $6,854
UNITED WHOLESALE MORTGAGE, LLC 2 2.81% $9,568
LEADERONE FINANCIAL CORPORATION 1 3.38% $7,031
LOANDEPOT.COM, LLC 1 3.63% $8,820
MANN FINANCIAL INC. 1 2.75% $13,657
First Mortgage Solutions, LLC 1 3.13% $9,801
First Guaranty Mortgage Corporation 1 2.75% $5,325
Northpointe Bank 1 3.00% $10,511
VILLAGE CAPITAL MORTGAGE 1 3.50% $7,188
FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $6,466
CELEBRITY HOME LOANS, LLC 1 3.38% $11,327
Barrington Bank & Trust Company, N.A. 1 3.38% $4,736
BROKER SOLUTIONS, INC. 1 2.75% $6,299
GENEVA FINANCIAL, LLC 1 3.25% $9,123
GLOBAL 1 3.00% $4,374
GUILD MORTGAGE COMPANY 1 3.13% $5,166
HOME POINT FINANCIAL CORPORATION 1 2.50% $8,292
Sunflower Bank 1 2.99% $6,165

The top Sandpoint FHA lender as defined by loan originations is Willamette Valley Bank, with 12 FHA loans originated. Their average total fees are $10,208, which is $493 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Sandpoint FHA lenders (with over 10 loans originated) are Willamette Valley Bank ($10,208), .

The lowest rate Sandpoint FHA lenders (with over 10 loans originated) are Willamette Valley Bank (2.94%), .

Sandpoint FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SANDPOINT, ID BONNER 2022 $427,800 $547,650 $662,000 $822,700

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sandpoint (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 $361,500 (-2.0%) $528,983 (-7.4%) 0.00 362
2018-02-01 $359,125 (2.0%) $539,315 (-2.7%) 0.00 371
2018-03-01 $369,000 (-0.8%) $571,728 (0.2%) 0.00 403
2018-04-01 $378,000 (3.1%) $570,034 (0.3%) 0.00 442
2018-05-01 $379,395 (4.2%) $574,526 (4.2%) 0.00 516
2018-06-01 $395,000 (7.5%) $591,708 (7.7%) 0.00 609
2018-07-01 $397,350 (5.7%) $596,366 (9.0%) 0.00 642
2018-08-01 $425,000 (9.3%) $629,074 (11.3%) 0.00 717
2018-09-01 $399,900 (9.6%) $652,285 (15.1%) 0.00 615
2018-10-01 $398,250 (8.4%) $639,757 (14.6%) 0.00 566
2018-11-01 $397,725 (7.7%) $639,342 (16.3%) 0.00 492
2018-12-01 $399,000 (8.1%) $683,067 (28.1%) 0.00 430
2019-01-01 $405,750 (12.2%) $790,935 (49.5%) 0.00 343
2019-02-01 $437,300 (21.8%) $863,036 (60.0%) 0.00 308
2019-03-01 $449,193 (21.7%) $856,101 (49.7%) 0.00 318
2019-04-01 $449,725 (19.0%) $808,541 (41.8%) 0.00 350
2019-05-01 $450,000 (18.6%) $783,531 (36.4%) 0.00 406
2019-06-01 $449,450 (13.8%) $760,174 (28.5%) 0.00 483
2019-07-01 $449,975 (13.2%) $736,971 (23.6%) 0.00 557
2019-08-01 $462,455 (8.8%) $757,052 (20.3%) 0.00 527
2019-09-01 $466,136 (16.6%) $776,043 (19.0%) 0.00 468
2019-10-01 $469,415 (17.9%) $801,367 (25.3%) 0.00 412
2019-11-01 $478,000 (20.2%) $832,616 (30.2%) 0.00 361
2019-12-01 $527,000 (32.1%) $896,812 (31.3%) 0.00 339
2020-01-01 $541,000 (33.3%) $914,162 (15.6%) 0.00 284
2020-02-01 $529,000 (21.0%) $925,960 (7.3%) 0.00 275
2020-03-01 $544,225 (21.2%) $957,269 (11.8%) 0.00 273
2020-04-01 $524,000 (16.5%) $914,254 (13.1%) 0.00 309
2020-05-01 $529,000 (17.6%) $901,331 (15.0%) 0.00 328
2020-06-01 $549,750 (22.3%) $903,954 (18.9%) 0.00 353
2020-07-01 $570,000 (26.7%) $958,677 (30.1%) 0.00 348
2020-08-01 $596,000 (28.9%) $1,055,203 (39.4%) 0.00 304
2020-09-01 $593,200 (27.3%) $1,078,129 (38.9%) 0.00 239
2020-10-01 $634,000 (35.1%) $1,166,716 (45.6%) 0.00 202
2020-11-01 $684,225 (43.1%) $1,403,268 (68.5%) 0.00 151
2020-12-01 $774,250 (46.9%) $1,592,753 (77.6%) 0.00 122
2021-01-01 $800,000 (47.9%) $1,740,518 (90.4%) 0.00 90
2021-02-01 $789,450 (49.2%) $1,815,194 (96.0%) 0.00 81
2021-03-01 $699,225 (28.5%) $1,775,569 (85.5%) 0.00 79
2021-04-01 $696,225 (32.9%) $1,713,123 (87.4%) 0.00 95
2021-05-01 $726,000 (37.2%) $1,519,220 (68.6%) 0.00 136
2021-06-01 $762,450 (38.7%) $1,274,769 (41.0%) 0.00 192
2021-07-01 $707,500 (24.1%) $1,119,126 (16.7%) 0.00 279
2021-08-01 $750,000 (25.8%) $1,119,153 (6.1%) 0.00 286
2021-09-01 $749,900 (26.4%) $1,184,064 (9.8%) 0.00 289
2021-10-01 $749,000 (18.1%) $1,298,318 (11.3%) 0.00 234
2021-11-01 $741,950 (8.4%) $1,274,666 (-9.2%) 0.00 168
2021-12-01 $742,000 (-4.2%) $1,317,658 (-17.3%) 0.00 135
2022-01-01 $799,000 (-0.1%) $1,386,408 (-20.4%) 0.00 85
2022-02-01 $870,725 (10.3%) $1,316,106 (-27.5%) 0.00 90
2022-03-01 $954,500 (36.5%) $1,333,108 (-24.9%) 0.00 107
2022-04-01 $875,000 (25.7%) $1,237,886 (-27.7%) 0.00 143
2022-05-01 $838,250 (15.5%) $1,238,649 (-18.5%) 0.00 244
2022-06-01 $825,000 (8.2%) $1,212,987 (-4.9%) 0.00 372
2022-07-01 $799,800 (13.1%) $1,242,712 (11.0%) 0.00 466
2022-08-01 $825,000 (10.0%) $1,242,529 (11.0%) 0.00 499
2022-09-01 $812,250 (8.3%) $1,252,389 (5.8%) 0.00 472
2022-10-01 $799,000 (6.7%) $1,217,311 (-6.2%) 0.00 440
2022-11-01 $799,000 (7.7%) $1,185,648 (-7.0%) 0.00 368
2022-12-01 $799,000 (7.7%) $1,202,000 (-8.8%) 0.00 326
Sandpoint's median listing price for 2022-12-01 was $799,000, a difference of $57,000 (7.7%) versus the prior year and $0 versus the prior month.

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

Sandpoint's average listing price for 2022-12-01 was $1,202,000, a difference of $-115,658 (-8.8%) versus the prior year and $16,352 versus the prior month.

For the 2022-12-01 period, Sandpoint had 326 MLS listings, a difference of -42 listings (-11%) versus the prior month and 191 listings (141%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sandpoint (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,868 sqft
2018-02-01 0 days 1,851 sqft
2018-03-01 0 days 1,878 sqft
2018-04-01 0 days 1,882 sqft
2018-05-01 0 days 1,885 sqft
2018-06-01 0 days 1,914 sqft
2018-07-01 0 days 1,926 sqft
2018-08-01 0 days 1,959 sqft
2018-09-01 0 days 2,059 sqft
2018-10-01 0 days 2,023 sqft
2018-11-01 0 days 2,033 sqft
2018-12-01 0 days 2,056 sqft
2019-01-01 0 days 2,033 sqft
2019-02-01 0 days 2,076 sqft
2019-03-01 0 days 2,066 sqft
2019-04-01 0 days 2,015 sqft
2019-05-01 0 days 2,076 sqft
2019-06-01 0 days 2,028 sqft
2019-07-01 0 days 1,987 sqft
2019-08-01 0 days 2,039 sqft
2019-09-01 0 days 2,116 sqft
2019-10-01 0 days 2,199 sqft
2019-11-01 0 days 2,110 sqft
2019-12-01 0 days 1,956 sqft
2020-01-01 0 days 1,893 sqft
2020-02-01 0 days 1,882 sqft
2020-03-01 0 days 1,959 sqft
2020-04-01 0 days 1,957 sqft
2020-05-01 0 days 2,013 sqft
2020-06-01 0 days 2,030 sqft
2020-07-01 0 days 2,094 sqft
2020-08-01 0 days 2,087 sqft
2020-09-01 0 days 2,062 sqft
2020-10-01 0 days 2,216 sqft
2020-11-01 0 days 2,325 sqft
2020-12-01 0 days 2,339 sqft
2021-01-01 0 days 2,240 sqft
2021-02-01 0 days 2,244 sqft
2021-03-01 0 days 2,180 sqft
2021-04-01 0 days 2,109 sqft
2021-05-01 0 days 2,139 sqft
2021-06-01 0 days 2,008 sqft
2021-07-01 0 days 2,010 sqft
2021-08-01 0 days 2,020 sqft
2021-09-01 0 days 2,032 sqft
2021-10-01 0 days 2,001 sqft
2021-11-01 0 days 1,948 sqft
2021-12-01 0 days 1,961 sqft
2022-01-01 0 days 1,990 sqft
2022-02-01 0 days 1,958 sqft
2022-03-01 0 days 2,043 sqft
2022-04-01 0 days 1,975 sqft
2022-05-01 0 days 1,914 sqft
2022-06-01 0 days 1,870 sqft
2022-07-01 0 days 1,901 sqft
2022-08-01 0 days 1,952 sqft
2022-09-01 0 days 2,000 sqft
2022-10-01 0 days 2,020 sqft
2022-11-01 0 days 1,955 sqft
2022-12-01 0 days 1,865 sqft
Sandpoint's median listing age (time on market) for 2022-12-01 was 0 days.

Sandpoint's median square footage for active listings during the 2022-12-01 period was 1,865 sqft. One year prior, the average listing was 1,961 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).