Idaho’s Best Mortgage Lenders & Current Mortgage Rates

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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

Lender
U.S. News Rating
3% Min. Down Payment
600 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
620 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
600 Min. Credit Score
Lender
U.S. News Rating
10% Min. Down Payment
620 Min. Credit Score
Lender
U.S. News Rating
3% Min. Down Payment
620 Min. Credit Score

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

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

  • Wide variety of mortgages

  • Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best for low costs

Chase, one of the nation’s largest banks, offers mortgage and refinance loans for qualified borrowers. Home equity loans and HELOCs are also available.

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

  • Accepts down payments as low as 3%

  • Receives high marks from the Better Business Bureau

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

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

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for customer service

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

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

  • 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.

See full profile

Best for product availability

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

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

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

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

  • Requires no military service

  • Sets no minimum loan amount

See full profile

What Are the Mortgage Rates in Idaho?

The average interest rate for a 30-year fixed-rate conforming mortgage in Idaho is 2.89%.

Home interest rates range from 2.5% to 3.63% in Idaho.

What Are Today’s Mortgage Rates?







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.



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