Contemplating a move to the Gem State? You’re in good company. Idaho’s rate of homeownership is slightly below 71% and it has about 735,000 housing units, according to the U.S. Census Bureau’s 2018 American Community Survey.
The national median housing value is $229,700, and Idaho’s is only slightly higher at $233,100. Less expensive housing can be found in certain localities.
U.S. News’ Best Idaho Mortgage Lenders of 2020
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Best for large loan amounts
Lender Highlights
- Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
- Minimum FICO credit score: 600
- Maximum loan amount: $5 million
- Better Business Bureau rating: A+
Best Features
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Wide variety of mortgages
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Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual, balance transfer and cash advance fees for HELOCs
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Best for low costs
Before You Apply
- Mortgage types offered: ARMs, conventional, FHA, jumbo, refinance and VA
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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Accepts down payments as low as 3%
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Receives high marks from the Better Business Bureau
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Best for product selection
Before You Apply
- Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
- Minimum FICO credit score: 600
- Maximum loan amount: varies
- Better Business Bureau rating: A+
Best Features
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Receives strong customer service ratings from the Better Business Bureau
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Offers a broad range of mortgage products
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Provides special mortgage programs for first-time buyers and manufactured homebuyers
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Best for customer service
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
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Best for product availability
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
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Best for VA loans
Before You Apply
- Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
- Minimum FICO credit score: 660
- Maximum loan amount: $1.5 million
- Better Business Bureau rating: A+
Best Features
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Requires no military service
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Sets no minimum loan amount
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What Are the Mortgage Rates in Idaho?
Home interest rates range from 2.5% to 3.63% in Idaho.
What Are Today’s Mortgage Rates?
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Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-year fixed-rate mortgage | 2.96% | 3.06% |
| 15-year fixed-rate mortgage | 2.48% | 2.62% |
| 30-year fixed-rate jumbo mortgage | 2.96% | 3.01% |
| 5/1 ARM | 3.04% | 3.03% |
| 5/1 jumbo ARM | 2.92% | 2.89% |
*Rates as of Nov. 13, 2020
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Idaho Homebuyer Programs?
The Idaho Housing and Finance Association offers many programs to aid Idaho homebuyers. Programs include breaks on mortgage insurance, down payment assistance, closing cost assistance and federal tax credits.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: A Freddie Mac gift of up to 1% of the loan amount to be used for down payment or closing cost assistance, 97% maximum loan-to-value ratio and the potential for lower mortgage insurance depending on the loan type.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 97% loan-to-value ratio and possible lower mortgage insurance.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 10-year fixed-rate second mortgage to assist with closing costs or the down payment of up to 3.5% of the sales price.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 0% interest seven-year forgivable loan of up to 3.5% of the sales price for down payment and/or closing cost assistance.
- Available to: First-time homebuyers, targeted areas or someone who has not owned a primary residence in the last three years.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No.
- Benefits: A federal income tax credit of up to 35% of the interest paid with a cap of $2,000 per year.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
