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This article is part one in a two-part brief on Idaho FHA loans. Here we look at quick-facts for Idaho FHA loans, such as allowed property types, loan limits & terms, borrower eligibility, and current FHA interest rates. In part two, we’ll talk about the “Four C’s” of credit, specific to FHA borrowing.

The Federal Housing Administration, generally known as FHA, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

An Idaho FHA home loan is a federal assistance mortgage loan, insured by the FHA. To promote home ownership, these loans require a small down payment and offer the most choices for refinancing, especially with cash out. If you’re considering an FHA loan, here are some quick facts to help with your decision.

Idaho FHA Programs

  • 97% Purchase
  • 97% Refinance - change Rate and Term of loan)
  • 95% Refinance - cash out


Idaho FHA Mortgage Terms

  • Fixed Rate
  • 3/1 ARM
  • No Interest-only loans are provided


Home Types

  • 1-4 family unit
  • Condo (must be FHA-approved)
  • Owner-occupied only


Idaho FHA Borrower Eligibility

  • Individuals only - no corporations, partnerships or trusts.
  • You must have a valid Social Security number.
  • Permanent and non-permanent resident aliens OK with evidence of SS number, satisfactory employment and credit history.
  • Non-occupant co-borrowers income, assets, liabilities, and credit history are all used in determining eligibility.
  • Borrowers are only allowed one FHA loan at a time.
  • Non occupant co-borrowers OK.


Down Payments

  • Down payment assistance programs available.
  • Gift funds OK for down payment, reserves, or closing costs.
  • 6% seller contribution allowed - up to 4% toward down payment.

Visit www.hud.gov for more information.

Idaho FHA Loan Limits
Each Idaho county has a different limit:

  • Boise / Nampa - $303,750
  • Payette County - $271,050
  • Blaine County - $427,500
  • Twin Falls - $271,050
  • Valley County - $462,500
  • Mountain Home - $271,050
  • Jackson Hole / Teton - $693,750
  • Washington County - $271,050
  • Gem County - $303,750
  • Adams County - $273,750

Anything over $362,790 is considered FHA Jumbo and has additional pricing hits.

Current FHA Interest Rates

  • 30-year fixed-rate: 6%, 6.184% APR, 1.875 points.
  • 15-year fixed-rate: 6%, 6.241% APR, 1.25 points.

FHA uses the 1-year Treasury Constant Maturities Index to determine interest rate changes. For ARM’s the maximum amount the interest rate may increase or decrease in any one year is 1 percentage point. Over the life of the loan, the maximum interest rate change is 5 percentage points from the initial rate.

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Article written by Lisa Kratz and Mike Little of Apex Mortgage
Meridian, Idaho  |  (208) 888-9251  |  www.myidahohomeloan.com.

– Part 2: The Four C’s of Credit –Apply Now 

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