Idaho Mortgage Rates
December 6, 2016 12:53 PM Eastern
For questions regarding mortgages, lenders or lending practices in Idaho, you can contact the Idaho Department of Finance, which regulates mortgage lenders in the state.
Idaho Mortgage Rates
If you’re looking at Idaho mortgages and comparing them to rates you’ve seen elsewhere, you might notice variations from one state to another. State lending laws and the particular state’s economy, as well as how competitive the lenders are in each state can affect the mortgage rates you see.
Buying a Home in Idaho
According to the House Price Index, home prices in Idaho tumbled more than 23% from an all time high in the first quarter of 2008 through the third quarter of 2012. Indications, however, are that the housing market in Idaho has been coming back since 2012 and is forecast to appreciate another 0.17% over the next year.
The majority of homes -- 71.6% in the Boise area and 91.4% in Pocatello--are affordable for families with median household incomes. The median price of a Boise home is $196,000; for Pocatello it’s $145,000. Median closing costs of $2,407 for a $200,000 mortgage rank Idaho’s closing costs 23rd highest in the nation.
Idaho also has numerous community and federal programs available to help home buyers overcome hurdles to home ownership. The following is a partial list:
- Idaho Housing and Finance Association - homebuyer programs, including down payment and closing cost assistance
- USDA Rural Development – programs to help facilitate home ownership in rural areas
- North Idaho Housing Coalition – renovates foreclosed homes and offers them for sale to qualified buyers below appraisal value
- Eastern Idaho Community Action Partnership - limited income families helping each other build their homes
- Southeastern Idaho Community Action Agency - neighbors helping neighbors build
- Blaine County Housing Authority - affordable homeownership opportunities in Blaine County
- City of Boise - an opportunity for low and moderate income persons/families to purchase a home in the Boise City Limits
- Homeownership vouchers - some public housing agencies help you become a homeowner through the Housing Choice Voucher Homeownership Program
FHA Home Loans
Cost-conscious home buyers might want to consider a home that qualifies for an FHA-insured mortgage. FHA mortgages typically require a smaller down payment than conventional mortgages, which can make the initial costs of buying a home more affordable.
The standard loan limit for FHA mortgages is $271,050 in most Idaho counties. In some parts of Idaho the limit is higher. In Boise, for example, the cap is $303,750, and in Teton County the cap is $693,750. Homes in the Sun Valley ski resort area of Blaine County may qualify for an FHA mortgage of as much as $729,750.
If you are eligible, a VA loan is another affordable loan option. Most VA lenders in Idaho limit loan amounts to $417,000 (although the VA does not impose maximum loan amounts) with the exception of Teton County, where they are capped at $635,000.