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Idaho Mortgage Rates

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Last updated: Jul 13, 2024
6.607% APR 30 Year Fixed
$1,560 / month
Rate: 6.375%
Fees: $1,629
Points: 1.792
Pts amt: $4,480
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Idaho Mortgage Overview

Idaho is known as the 'Gem State' because it is abundant in natural resources. Residents of Idaho love the incredible weather, natural beauty, and the large number of outdoor activities available year-round.

The average home price in Idaho is $255,000, so it's a great place for first-time homebuyers and the median income is around $61,000.

If you're thinking of buying a home in Idaho, you have many mortgage options available:

Idaho conventional loans

Borrowers with great credit have good luck with the Idaho conventional loans. You'll need low debt ratios and stable income and employment. Borrowers can get a loan with just 3 percent down on their first home, but you'll pay Private Mortgage Insurance until you pay the loan balance down to less than 80 percent of the home's value.

Idaho FHA loans

Borrowers with hiccups on their credit or a lot of debt, do better with FHA loans. The FHA program requires just 3.5 percent down, but allows credit scores as low as 580. FHA loans have flexible underwriting guidelines, but in exchange, they require mortgage insurance for the life of the loan. If your credit score is between 500 - 579, you may still qualify, but with a 10 percent down payment.

Idaho VA loans

Veterans with a stable income and 'decent' credit can take advantage of the VA loan program. You'll get 100 percent financing (no down payment), and flexible underwriting guidelines. As long as you meet the program's disposable income requirements for your area and family size, you'll be on your way to buying your first home with a VA loan.

Idaho USDA loans

USDA loans are an option for borrowers who don't qualify for any other loan program. You must make less than 115% of the average income for your area of Idaho and live in the home as your primary residence. USDA loans provide 100 percent financing and flexible underwriting guidelines for borrowers.

First-Time Homebuyer Programs in Idaho

Homebuyer Tax Credit

The Idaho Housing and Finance Association allows first-time homebuyers to take a tax credit for up to 35 percent of the interest paid on the loan each year (up to $2,000). Borrowers who meet the income requirements and who are first-time homebuyers are eligible.

Down payment and closing cost assistance

If you have good credit the down payment and closing cost assistance from the IHFA provides two options:

Second mortgage

Receive up to 3.5 percent of the sales price as a second mortgage at 5 percent for 10 years. Borrowers with a 640 credit score who are first-time homebuyers may qualify.

Forgiven loan

Receive up to 3.5 percent of the sales price as a forgivable loan over 7 years. You must contribute 0.5 percent of the sales price of your own funds.

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