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Idaho Mortgage Rates

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Idaho Mortgage Rates

Comparing Idaho Mortgage Rates with National Rates

In order to help you see how Idaho mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Idaho

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Idaho

In order to qualify for the best mortgage rates in Idaho it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Idaho

Idaho is the thirty ninth most populous US state. According to the US census, as of 2016, there is an estimated population of over 1.6 million residents, which represents 0.6% of the US population.

According to Wikipedia “Idaho is an important agricultural state, producing nearly one-third of the potatoes grown in the United States. All three varieties of wheat, dark northern spring, hard red, and soft white are grown in the state. Nez Perce County is considered a premier soft white growing locale….Today, Idaho's largest industry is the science and technology sector. It accounts for over 25% of the state's revenue and over 70% of the state's exports.”

According to the Glassman-ACS report for 2015, Idaho had the twentieth highest poverty level, with 15.1% percent of people below the poverty level in 2015, compared to 14.7% nationally. Idaho’s median household economy in 2015 was approximately $48,275 considerably lower than the national average of $55,775.

Based on 2015 HMDA data, Idaho compared to National loan program distribution, had a much higher percentage of purchase loans (58% vs 51% national) and lower share of refinance loans (40% vs 46% nationally). Conventional loans were lower than national averages (63% vs 69% nationally). The .FHA loans share was slightly higher (22% vs 20% nationally), as where VA loans (12% vs 10% nationally).

Here are some outside resources that can help you understand the Idaho mortgage environment:

  1. FHA loan amounts in Idaho: (note:set the table to Idaho). There are 44 counties in the state of Idaho. Currently 9% of the single family units meet the Highest loan limit, currently at $636,150. The remaining. 91% are at the Standard loan limit, currently at $275,665.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Idaho and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100 all of the counties are within this limit. Most, 91%, of the counties meet the standard limits. Only 2% are at the highest limit of $636,150 and the remaining 7% have a limit of $625.500.
  3. Idaho Mortgage Programs: The Idaho Housing and Finance Association mission is to "improves lives and strengthens Idaho communities by expanding housing opportunities, building self-sufficiency, and fostering economic development." They offer a down payment assistance program for borrowers with good credit that includes a second mortgage to help cover down payment and closing costs. Their loan programs are available for conventional, FHA, and VA loans. They publish Idaho mortgage rates on their website. The mortgage programs have credit, income and property requirements.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Idaho

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Idaho and the US:

  • Mortgage Rates for Conventional Loans in Idaho
  • Mortgage Fees for Conventional Loans in Idaho
  • Loan Amount for Conventional Loans in Idaho

 

Mortgage Rates for Conventional Loans in Idaho vs USA

 

Mortgage Fees for Conventional Loans in Idaho

 

Purchase Price for Conventional Loans in Idaho vs USA

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