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Home Mortgage Rates in Idaho

Sunrise over Mt. McGown Reflection on Stanley Lake.

Looking to move to Idaho? There are some important things you will want to know before you select the right mortgage rate and loan. Here is a review about how Idaho housing market compares to the rest of the country, including typical real estate prices, popular places to live and the type of mortgages offered within the state.

Idaho Real Estate Prices vs National Averages

Idaho's mortgage rates are generally slightly higher, as compared to the rest of the US because it is considered a high cost state. The higher cost rating comes from the fact that their average home prices range from $200,000 to $560,000, and carry more of a risk.

The United States Census Bureau ranked Idaho the number 5 state out of the entire country for having the highest homeownership percentage. Idaho real estate property values have an average price of $197,574 as the last quarter of 2009 as compared to $193,000 nationwide. Home prices dropped by 3.9 percent during the same year and have changed 20.9 within the past 5 years.

For a better idea of Idaho's home real estate prices here are the average prices in the major metropolitan areas.

Metropolitan Areas

ID Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 81 Boise City 691,423 616,561 74,862 12.14%
2 267 Coeur d'Alene 154,311 138,494 15,817 11.42%
3 296 Idaho Falls 142,572 133,265 9,307 6.98%
4 304 Logan, UT-ID Metro Area 136,159 125,442 10,717 8.54%
5 363 Twin Falls 106,508 99,604 6,904 6.93%
6 431 Pocatello 84,377 82,839 1,538 1.86%
7 515 Lewiston, ID-WA Metro Area 62,675 60,888 1,787 2.93%
8 570 Ontario, OR-ID Micro Area 53,465 53,936 -471 -0.87%
9 581 Rexburg 51,991 50,778 1,213 2.39%
10 641 Blackfoot 45,201 45,607 -406 -0.89%
11 654 Burley 44,120 43,021 1,099 2.55%
12 668 Sandpoint 42,536 40,877 1,659 4.06%
13 704 Moscow 39,196 37,244 1,952 5.24%
14 772 Jackson, WY-ID Micro Area 34,151 31,464 2,687 8.54%
15 833 Hailey 28,134 27,701 433 1.56%
16 857 Mountain Home 26,018 27,038 -1,020 -3.77%

Boise City

Boise Skyline at Night.

Boise City, the state capital, has the largest population of about 208,000. It has a median home sale price of $146,664, as of October of 2009. This is a decrease of $22,822 or 13.5% since 2008. However, there are signs of the market recovering since home sales have increased to 62.5% since 2008.

Pocatello

Pocatello is a microcity area with approximately 54,000 residents with homes selling for $150,000 on average, during the first months of 2010. However, you will find the general listing price was $164,657 in early February, 2010. This reflects a 5.2% drop from 2009 or a savings of $9,036 for buyers.

Idaho Falls

Idaho Falls also has about 54,000 residents with homes that on average sell for $208,912 as of February 2010. This price has dropped by 1.3% from 2009, or $2,660 off the typical price. The local market trend suggests prices will be slowly rising.

Eagle

Eagle has the greatest activity with first time buyers in Idaho. Since early 2010, the median sales price for homes is $315,000, which has risen by 15 to 20 percent since last year. On average, family homes list for $417,278, which reflects a recent drop of 4.6% or $20,021, starting in early February 2010.

Comparing Idaho To The US

Idaho's property average value of $197,574 is slightly higher then the national median which was $171,000 for single family homes, in November 2009, that dropped 4.3 percent from November of 2008. US homes sales increased 42.1 percent over the rate in November of 2008, to 4.06 million.

Here is a quick overview of the median prices in the major regions across the US:

Northwest

Up in the Northwest, their housing market showed a median price increase from a low $223,4000 to a high $241,700. The higher price rose 3.2 percent since December, 2008.

Northeast

Within the Northeast, the real estate median price was $223,400. This was 13.1 percent less than one year ago, in 2008.

Midwest

In the Midwest area, median home prices rose to $143,000 in December of 2009, from a lower price of $140,800 in November. There was also a rise in the price of 1.8 percent from 2008. The market is growing stronger with more people willing to sell, since housing values are increasing.

South

Down in the Southern states, there was an increase in the median home price from $151,000 in November of 2009 to $152,000 in 2010. However, the latest price shows a 1.0% reduction in home prices from the previous year, 2008.

West

In the West, the median home price went up from $231,000 in November, 2009 to $236,000 in December. This is a 2.7 percent rise over the median price in 2008. California's slow economic recovery is beginning to bring higher home values in the western region.

The Top Rated and Fastest Growing Places To Live In Idaho

Boise City

Boise City, or Boise for short, was described as one of the finest growing cities to live, in the United States by The “US News And World Report”in 2009. Boise best features mentioned were it's gorgeous mountain scenery, along with the Boise State University. Both Micron and Hewlett-Packard are major employers and a boost to the local economy.

Boise has also been known as the “Real West” by an article published in the “National Geographic-Adventure” because of it's hiking trails, ski resorts and river kayaking. The downtown offers quite a wide range of restaurants and Boise has a cost of living that is affordable for most people.

Idaho Falls

Idaho Falls as a 54,334 growing population that has been rated as 1 of the top 100 cities to live, in a 2009 report published by RelocateAmerica. This report focused on it's close access to major national parks, including Yellowstone, local outdoor recreation areas, natural waterfalls and wide ranging rural land.

It's also growing because of the Idaho National Laboratory nuclear research facility center. This large complex provides a lot of high tech jobs, keeps unemployment low and living costs are very inexpensive. Idaho Falls is also known as the 6th best microcity for the future by the “Foreign Direct Investment” magazine in April of 2009.

Idaho Census Data

As of July 1, 2016 the state of Idaho has an estimated population of 1,683,140 across 82,643.12 mi² yielding a population density of 20.37 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, towns & Census Designated Places (CDP) based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Boise City Ada 223,154 205,671 17,483 8.50% 79.36 2,811.92
2 Meridian Ada 95,623 75,092 20,531 27.34% 26.79 3,569.35
3 Nampa Canyon 91,382 81,557 9,825 12.05% 31.19 2,929.85
4 Idaho Falls Bonneville 60,211 56,813 3,398 5.98% 22.35 2,694.00
5 Pocatello Bannock & Power 54,746 54,255 491 0.90% 32.22 1,699.13
6 Caldwell Canyon 53,149 46,237 6,912 14.95% 22.06 2,409.29
7 Coeur d'Alene Kootenai 50,285 44,137 6,148 13.93% 15.57 3,229.61
8 Twin Falls Twin Falls 48,260 44,125 4,135 9.37% 18.1 2,666.30
9 Lewiston Nez Perce 32,872 31,894 978 3.07% 17.23 1,907.84
10 Post Falls Kootenai 31,865 27,574 4,291 15.56% 14.07 2,264.75
11 Rexburg Madison 28,222 25,484 2,738 10.74% 9.76 2,891.60
12 Moscow Latah 25,322 23,800 1,522 6.39% 6.85 3,696.64
13 Eagle Ada 24,785 19,908 4,877 24.50% 28.92 857.02
14 Kuna Ada 17,902 15,210 2,692 17.70% 18.08 990.15
15 Ammon Bonneville 15,252 13,816 1,436 10.39% 7.26 2,100.83
16 Chubbuck Bannock 14,644 13,922 722 5.19% 4.19 3,494.99
17 Hayden Kootenai 14,344 13,294 1,050 7.90% 9.6 1,494.17
18 Mountain Home Elmore 13,840 14,206 -366 -2.58% 6.07 2,280.07
19 Blackfoot Bingham 11,890 11,899 -9 -0.08% 5.83 2,039.45
20 Garden City Ada 11,602 10,972 630 5.74% 4.04 2,871.78
21 Jerome Jerome 11,317 10,890 427 3.92% 5.52 2,050.18
22 Burley Cassia & Minidoka 10,464 10,345 119 1.15% 6.12 1,709.80
23 Star Ada & Canyon 8,375 5,793 2,582 44.57% 5.82 1,439.00
24 Hailey Blaine 8,218 7,960 258 3.24% 3.65 2,251.51
25 Sandpoint Bonner 7,984 7,365 619 8.40% 3.98 2,006.03
26 Rathdrum Kootenai 7,921 6,826 1,095 16.04% 4.95 1,600.20
27 Payette Payette 7,414 7,433 -19 -0.26% 3.85 1,925.71
28 Middleton Canyon 7,168 5,524 1,644 29.76% 5.65 1,268.67
29 Emmett Gem 6,717 6,557 160 2.44% 2.8 2,398.93
30 Rupert Minidoka 5,813 5,554 259 4.66% 2.08 2,794.71
31 Weiser Washington 5,397 5,507 -110 -2.00% 3.38 1,596.75
32 Preston Franklin 5,354 5,204 150 2.88% 6.65 805.11
33 Fruitland Payette 5,136 4,684 452 9.65% 2.23 2,303.14
34 Shelley Bingham 4,342 4,409 -67 -1.52% 1.81 2,398.90
35 American Falls Power 4,311 4,457 -146 -3.28% 1.69 2,550.89
36 Buhl Twin Falls 4,298 4,122 176 4.27% 1.82 2,361.54
37 Rigby Jefferson 4,062 3,945 117 2.97% 2.35 1,728.51
38 Kimberly Twin Falls 3,736 3,264 472 14.46% 1.61 2,320.50
39 St. Anthony Fremont 3,504 3,542 -38 -1.07% 1.53 2,290.20
40 Gooding Gooding 3,495 3,567 -72 -2.02% 1.48 2,361.49
Fort Hall CDP Bannock & Bingham 3,336 3,201 135 4.22% 35.06 95.15
41 McCall Valley 3,278 2,991 287 9.60% 9.23 355.15
42 Heyburn Minidoka 3,275 3,089 186 6.02% 2.7 1,212.96
Mountain Home AFB CDP Elmore 3,190 3,238 -48 -1.48% 9.91 321.90
43 Grangeville Idaho 3,139 3,141 -2 -0.06% 1.45 2,164.83
44 Salmon Lemhi 3,055 3,112 -57 -1.83% 2.33 1,311.16
45 Orofino Clearwater 3,038 3,142 -104 -3.31% 2.33 1,303.86
Lincoln CDP Bonneville 2,986 3,647 -661 -18.12% 1.46 2,045.21
46 Soda Springs Caribou 2,982 3,058 -76 -2.49% 4.54 656.83
47 Ketchum Blaine 2,753 2,689 64 2.38% 3.05 902.62
48 Filer Twin Falls 2,723 2,508 215 8.57% 1.06 2,568.87
49 Wendell Gooding 2,711 2,782 -71 -2.55% 1.36 1,993.38
50 Homedale Owyhee 2,584 2,633 -49 -1.86% 1.47 1,757.82
51 Bonners Ferry Boundary 2,564 2,543 21 0.83% 2.44 1,050.82
52 Montpelier Bear Lake 2,506 2,597 -91 -3.50% 2.33 1,075.54
53 St. Maries Benewah 2,428 2,402 26 1.08% 1.1 2,207.27
54 Dalton Gardens Kootenai 2,404 2,335 69 2.96% 2.32 1,036.21
Hidden Springs CDP Ada 2,336 2,280 56 2.46% 2.52 926.98
55 Bellevue Blaine 2,315 2,287 28 1.22% 1.47 1,574.83
56 Iona Bonneville 2,213 1,803 410 22.74% 1.1 2,011.82
57 Spirit Lake Kootenai 2,167 1,945 222 11.41% 2.29 946.29
58 Parma Canyon 2,083 1,983 100 5.04% 1.1 1,893.64
59 Kellogg Shoshone 2,081 2,120 -39 -1.84% 3.96 525.51
60 Malad City Oneida 2,072 2,095 -23 -1.10% 1.66 1,248.19
61 Victor Teton 2,055 1,928 127 6.59% 3.44 597.38
62 Aberdeen Bingham 1,923 1,994 -71 -3.56% 1.03 1,866.99
63 Priest River Bonner 1,773 1,751 22 1.26% 3.69 480.49
64 Driggs Teton 1,736 1,660 76 4.58% 2.76 628.99
65 Wilder Canyon 1,673 1,533 140 9.13% 0.73 2,291.78
66 Pinehurst Shoshone 1,577 1,619 -42 -2.59% 1.05 1,501.90
67 New Plymouth Payette 1,515 1,538 -23 -1.50% 0.69 2,195.65
68 Osburn Shoshone 1,507 1,555 -48 -3.09% 1.31 1,150.38
69 Shoshone Lincoln 1,503 1,461 42 2.87% 1.14 1,318.42
Robie Creek CDP Boise 1,487 1,162 325 27.97% 30.09 49.42
70 Sun Valley Blaine 1,436 1,406 30 2.13% 9.88 145.34
71 Sugar City Madison 1,361 1,514 -153 -10.11% 1.78 764.61
Moreland CDP Bingham 1,295 1,278 17 1.33% 2.44 530.74
72 Kamiah Lewis & Idaho 1,292 1,295 -3 -0.23% 1.08 1,196.30
73 Marsing Owyhee 1,282 1,031 251 24.35% 0.68 1,885.29
74 Hansen Twin Falls 1,245 1,144 101 8.83% 0.38 3,276.32
75 Glenns Ferry Elmore 1,235 1,319 -84 -6.37% 1.92 643.23
76 Paul Minidoka 1,202 1,169 33 2.82% 0.64 1,878.13
Tyhee CDP Bannock 1,165 1,123 42 3.74% 2.87 405.92
77 Ponderay Bonner 1,155 1,137 18 1.58% 2.9 398.28
78 Lapwai Nez Perce 1,148 1,137 11 0.97% 0.8 1,435.00
79 Ucon Bonneville 1,136 1,108 28 2.53% 0.78 1,456.41
80 Ashton Fremont 1,055 1,127 -72 -6.39% 0.66 1,598.48
81 Challis Custer 1,041 1,081 -40 -3.70% 1.85 562.70
Riverside CDP Bingham 1,037 838 199 23.75% 2.15 482.33
82 Plummer Benewah 1,017 1,044 -27 -2.59% 1.25 813.60
83 Cascade Valley 967 939 28 2.98% 4.17 231.89
84 Genesee Latah 958 955 3 0.31% 0.66 1,451.52
85 Cottonwood Idaho 917 900 17 1.89% 0.84 1,091.67
86 Grace Caribou 910 915 -5 -0.55% 0.99 919.19
87 Troy Latah 887 862 25 2.90% 0.79 1,122.78
88 Hagerman Gooding 880 872 8 0.92% 0.58 1,517.24
89 Inkom Bannock 877 854 23 2.69% 0.74 1,185.14
90 Greenleaf Canyon 874 846 28 3.31% 0.73 1,197.26
91 Arco Butte 849 995 -146 -14.67% 1.06 800.94
Groveland CDP Bingham 834 877 -43 -4.90% 2.3 362.61
92 Council Adams 818 839 -21 -2.50% 1 818.00
93 Potlatch Latah 813 804 9 1.12% 0.43 1,890.70
94 Franklin Franklin 810 641 169 26.37% 1.26 642.86
95 Kootenai Bonner 806 678 128 18.88% 0.55 1,465.45
96 McCammon Bannock 803 809 -6 -0.74% 2.25 356.89
97 Hazelton Jerome 793 753 40 5.31% 0.37 2,143.24
98 Oakley Cassia 788 763 25 3.28% 4.59 171.68
99 Menan Jefferson 781 741 40 5.40% 1.04 750.96
100 Wallace Shoshone 759 784 -25 -3.19% 0.84 903.57
101 Moyie Springs Boundary 742 718 24 3.34% 1.52 488.16
102 Athol Kootenai 741 692 49 7.08% 0.78 950.00
Arbon Valley CDP Power 715 599 116 19.37% 34.03 21.01
103 Teton Fremont 714 735 -21 -2.86% 0.68 1,050.00
104 Dover Bonner 713 556 157 28.24% 3.22 221.43
105 Hauser Kootenai 703 678 25 3.69% 0.94 747.87
106 Horseshoe Bend Boise 692 707 -15 -2.12% 1.08 640.74
107 Mullan Shoshone 674 692 -18 -2.60% 0.84 802.38
108 Kooskia Idaho 651 607 44 7.25% 0.65 1,001.54
109 Ririe Jefferson & Bonneville 643 656 -13 -1.98% 0.49 1,312.24
110 Notus Canyon 619 531 88 16.57% 0.38 1,628.95
111 Downey Bannock 615 625 -10 -1.60% 0.99 621.21
112 Hayden Lake Kootenai 614 574 40 6.97% 0.59 1,040.68
113 Carey Blaine 603 604 -1 -0.17% 3.31 182.18
114 Smelterville Shoshone 598 627 -29 -4.63% 0.31 1,929.03
115 Dubois Clark 593 677 -84 -12.41% 2.5 237.20
116 Juliaetta Latah 582 579 3 0.52% 0.72 808.33
117 Roberts Jefferson 579 580 -1 -0.17% 0.3 1,930.00
118 Clark Fork Bonner 549 536 13 2.43% 0.92 596.74
119 Melba Canyon 527 513 14 2.73% 0.39 1,351.28
120 Deary Latah 511 506 5 0.99% 0.65 786.15
121 Paris Bear Lake 504 513 -9 -1.75% 3.48 144.83
122 Craigmont Lewis 499 501 -2 -0.40% 0.76 656.58
123 Georgetown Bear Lake 489 476 13 2.73% 0.75 652.00
124 Dayton Franklin 486 463 23 4.97% 6.52 74.54
125 Pierce Clearwater 485 508 -23 -4.53% 0.82 591.46
126 Lewisville Jefferson 481 458 23 5.02% 0.63 763.49
127 Richfield Lincoln 479 482 -3 -0.62% 0.66 725.76
128 Mackay Custer 477 517 -40 -7.74% 0.86 554.65
129 New Meadows Adams 477 496 -19 -3.83% 0.52 917.31
130 Nezperce Lewis 474 466 8 1.72% 0.4 1,185.00
131 Firth Bingham 466 477 -11 -2.31% 0.54 862.96
132 Weston Franklin 461 437 24 5.49% 1.96 235.20
133 Idaho City Boise 442 485 -43 -8.87% 0.67 659.70
134 Grand View Owyhee 441 452 -11 -2.43% 0.57 773.68
135 Weippe Clearwater 431 441 -10 -2.27% 0.42 1,026.19
Rockford CDP Bingham 414 276 138 50.00% 1.11 372.97
136 Lava Hot Springs Bannock 412 407 5 1.23% 0.68 605.88
137 Riggins Idaho 406 419 -13 -3.10% 0.43 944.19
138 Eden Jerome 401 405 -4 -0.99% 0.32 1,253.13
139 Fairfield Camas 389 416 -27 -6.49% 0.88 442.05
140 Basalt Bingham 386 394 -8 -2.03% 0.3 1,286.67
141 Mud Lake Jefferson 386 358 28 7.82% 0.16 2,412.50
142 Culdesac Nez Perce 376 380 -4 -1.05% 0.23 1,634.78
143 Bancroft Caribou 367 377 -10 -2.65% 0.65 564.62
144 Arimo Bannock 363 355 8 2.25% 0.44 825.00
145 Declo Cassia 355 343 12 3.50% 0.28 1,267.86
146 Winchester Lewis 347 340 7 2.06% 0.18 1,927.78
147 Dietrich Lincoln 334 332 2 0.60% 0.34 982.35
148 Cambridge Washington 316 328 -12 -3.66% 0.47 672.34
149 Newdale Fremont 316 323 -7 -2.17% 0.2 1,580.00
150 Parker Fremont 302 305 -3 -0.98% 0.35 862.86
151 Clifton Franklin 300 259 41 15.83% 2.25 133.33
152 Kendrick Latah 299 303 -4 -1.32% 0.39 766.67
153 Bliss Gooding 297 318 -21 -6.60% 0.62 479.03
154 Rockland Power 288 295 -7 -2.37% 0.3 960.00
Bennington CDP Bear Lake 286 190 96 50.53% 6.34 45.11
155 Tetonia Teton 280 269 11 4.09% 0.57 491.23
156 Hollister Twin Falls 277 272 5 1.84% 1.07 258.88
157 Island Park Fremont 272 286 -14 -4.90% 6.64 40.96
158 Albion Cassia 269 267 2 0.75% 0.47 572.34
159 Worley Kootenai 260 257 3 1.17% 0.19 1,368.42
160 Bovill Latah 247 260 -13 -5.00% 0.19 1,300.00
161 Castleford Twin Falls 237 226 11 4.87% 0.09 2,633.33
162 Irwin Bonneville 228 219 9 4.11% 2.45 93.06
163 Stites Idaho 228 221 7 3.17% 0.09 2,533.33
164 Swan Valley Bonneville 221 204 17 8.33% 11.51 19.20
165 East Hope Bonner 219 210 9 4.29% 0.4 547.50
166 Harrison Kootenai 219 203 16 7.88% 0.69 317.39
Rockford Bay CDP Kootenai 213 184 29 15.76% 3.78 56.35
Garden Valley CDP Boise 211 394 -183 -46.45% 7.4 28.51
167 Bloomington Bear Lake 209 206 3 1.46% 0.9 232.22
Sweetwater CDP Nez Perce 200 143 57 39.86% 1.19 168.07
168 Peck Nez Perce 198 197 1 0.51% 0.27 733.33
169 Malta Cassia 196 193 3 1.55% 1.4 140.00
170 Onaway Latah 191 187 4 2.14% 0.15 1,273.33
171 Oldtown Bonner 182 184 -2 -1.09% 0.82 221.95
172 Wardner Shoshone 175 188 -13 -6.91% 0.86 203.49
De Smet CDP Benewah 174 175 -1 -0.57% 0.96 181.25
Elk City CDP Idaho 174 202 -28 -13.86% 2.51 69.32
173 Fernan Lake Village Kootenai 174 169 5 2.96% 0.07 2,485.71
174 Moore Butte 164 189 -25 -13.23% 0.29 565.52
175 Crouch Boise 163 162 1 0.62% 0.42 388.10
176 Midvale Washington 162 171 -9 -5.26% 2.79 58.06
Smiths Ferry CDP Valley 162 75 87 116.00% 1.85 87.57
177 Ferdinand Idaho 161 159 2 1.26% 0.15 1,073.33
Blanchard CDP Bonner 160 261 -101 -38.70% 1.48 108.11
178 Donnelly Valley 152 152 0 0.00% 0.45 337.78
179 Murtaugh Twin Falls 141 115 26 22.61% 0.12 1,175.00
180 St. Charles Bear Lake 141 131 10 7.63% 0.63 223.81
181 Acequia Minidoka 127 124 3 2.42% 0.42 302.38
182 Tensed Benewah 121 123 -2 -1.63% 0.19 636.84
183 Elk River Clearwater 119 125 -6 -4.80% 0.15 793.33
184 Minidoka Minidoka 112 112 0 0.00% 0.11 1,018.18
185 Huetter Kootenai 105 100 5 5.00% 0.03 3,500.00
186 Leadore Lemhi 100 105 -5 -4.76% 0.31 322.58
Murphy CDP Owyhee 95 97 -2 -2.06% 3.84 24.74
187 Hamer Jefferson 91 48 43 89.58% 0.19 478.95
188 White Bird Idaho 91 91 0 0.00% 0.07 1,300.00
189 Hope Bonner 90 86 4 4.65% 0.47 191.49
Yellow Pine CDP Valley 82 32 50 156.25% 0.98 83.67
Princeton CDP Latah 76 148 -72 -48.65% 0.64 118.75
Parkline CDP Benewah 69 80 -11 -13.75% 0.49 140.82
190 Stanley Custer 69 63 6 9.52% 0.61 113.11
Lost River Custer 68 68 0 0.00% 8.69 7.83
191 Butte City Butte 65 74 -9 -12.16% 0.16 406.25
192 Reubens Lewis 64 71 -7 -9.86% 0.29 220.69
Conkling Park CDP Kootenai 60 43 17 39.53% 1.04 57.69
193 Placerville Boise 54 53 1 1.89% 1.01 53.47
194 Oxford Franklin 48 48 0 0.00% 0.25 192.00
195 State Line Kootenai 44 38 6 15.79% 0.09 488.89
196 Spencer Clark 32 37 -5 -13.51% 1.12 28.57
197 Atomic City Bingham 26 29 -3 -10.34% 0.11 236.36
Lowman CDP Boise 23 42 -19 -45.24% 2.04 11.27
198 Drummond Fremont 15 16 -1 -6.25% 0.1 150.00
Banks CDP Boise 9 17 -8 -47.06% 2.21 4.07
199 Clayton Custer 7 7 0 0.00% 0.01 700.00
200 Warm River Fremont 3 3 0 0.00% 0.72 4.17

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Types Of Mortgage Loans In Idaho

Idaho's Deed Of Trust For Home Loans

Idaho doesn't use mortgages. Instead, it uses a “Trust Of Deed”. This provides the same kind of security as a mortgage does. However, instead of two legal parties, this is an agreement between three parties, namely a borrower, a lender, along with an impartial trustee. The borrower puts the real property's legal title into the temporary possession of the trustee, in trade for the loan. The trustee, called the beneficiary, holds it for the lender's benefit.

Idaho offers several types of mortgage loans that use conservative risks based on home values. These mortgages include: fixed mortgage loans, jumbo mortgages, 5/5, 5/1 and a 7/1 adjustable rate mortgages, and balloon payment mortgages.

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. Here are limits across the state.

County Name Metropolitan Designation 1 Unit 2 Unit 3 Unit 4 Unit
Teton Jackson, Wy-Id $636,150 $814,500 $984,525 $1,223,475
Blaine Hailey, Id $625,500 $800,775 $967,950 $1,202,925
Camas Hailey, Id $625,500 $800,775 $967,950 $1,202,925
Lincoln Hailey, Id $625,500 $800,775 $967,950 $1,202,925
All Others All Other Areas $424,100 $543,000 $656,350 $815,650

Fixed Mortgage

Idaho offers 40, 30, 20 and 15 year fixed rate loan options. Mortgage rates can vary by how many years are on the loan and the amount of the monthly payment. Here are examples based on a $150,000 loan:

  • 30 year term, $782 monthly payment, 4.75 % interest
  • 20 year term, $959 monthly payment, 4.625% interest
  • 15 year term, $1,119 monthly payment, 4.125% interest

Jumbo Mortgage Loan

Idaho also offers jumbo loans. In 2010, jumbo loan limits started to be determined by high cost areas and average to lower cost areas, instead of by counties. For most mortgages the basic home loan limit is $417,000. However, loans that are more than $417,000 are considered jumbo loans and have higher rates for the increased risk to the bank. For single family units on the upper scale of housing, the jumbo loan limit has been raised to $729,750, for high cost states like Idaho.

5/5, 5/1 and 7/1 Adjustable Rate Mortgage (ARM)

In Idaho, these types of loans provide a fixed rate for a certain number of years, then the rate is adjusted. Here is a breakdown of the changes.

  • 5/5 - first five years have a fixed rate, then for the sixth to tenth years the rate is adjusted.
  • 5/1 - fixed rate for first five years, then the sixth year has an adjusted rate.
  • 7/1 - seven years fixed rate, then the eighth year rate is adjusted.

Balloon Loan Payment

A loan with a balloon payment is like a fixed rate mortgage. It also has the same interest rate and monthly payments over the term of years for the loan. When the term ends, such as year 30 of a 30 year loan, a balloon payment is due. The balloon payment usually consists of any principal remaining. This amount of principal might be refinanced when the first loan ends.

Natural Disasters

Earthquakes

Most of Idaho has a moderate earthquake risk. The southern part of the state and the eastern portion of the state near the border with Montana and Wyoming have a high to very high risk. Here are the counties with an earthquake risk above medium.

  • high earthquake risk: Adams, Bingham, Blaine, Butte, Elmore, Gem, Power, Washington

very high earthquake risk: Bannock, Bear Lake, Beaverhead , Boise, Bonneville, Camas, Caribou, Clark, Custer, Franklin, Fremont, Lemhi, Madison, Oneida, Teton, Valley

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Idaho is considered to have a very low to low flooding risk. The following counties have a moderate flooding risk: Bannock, Ada & Canyon. Shoshone county has a very high flooding risk.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Idaho Foreclosure Procedure

Boise Capitol Building.

In Idaho, a deed of trust loan, gives lenders a choice of using a judicial with recourse or non-judicial without recourse foreclosure procedure.

Recourse Verses Non-recourse

With a judicial foreclosure procedure the lender has recourse or the right to sue for any deficiency. Lenders can choose to sue the homeowner with a separate lawsuit for any amount still owed on the home after its sold, within ninety days. The homeowner has the right to back back his home for six months before the property sale, if it has under twenty acres. This is called the homeowner's right of redemption. The right of redemption extends to one year for over twenty acres.

However, in a non-judicial foreclosure, also called a trustee's sale, homeowners can not buy the home after it is sold. However, the homeowner can not be sued by the lender if the sale of the home is high enough to pay the entire amount of the lender's debt. This is called having non-recourse.