Government-Backed Mortgages
FHA Loans for First-Time and Experienced Homebuyers
FHA loans are designed to make homeownership accessible. With lower down payment requirements and more flexible credit guidelines than conventional mortgages, FHA financing removes barriers that prevent many qualified borrowers from buying. Whether you're a first-time buyer or returning to the market, an FHA loan offers a straightforward path to your new home.
Boise Basin Home Loans specializes in FHA financing. We understand the nuances of these loans and work to make your application process clear and efficient. We'll help you understand what you qualify for, walk you through each step, and answer your questions along the way.
Our team is ready to discuss your situation and show you how an FHA loan might work for your home purchase.
Understanding FHA Loans
Who Qualifies for an FHA Loan
FHA loans are available to borrowers with credit scores that would exclude them from many conventional programs. You'll need a steady income history and reasonable debt-to-income ratios, but the requirements are more flexible than traditional mortgages. First-time homebuyers receive special consideration, though repeat buyers are welcome to apply. The property itself must meet FHA standards—our team will guide you through the inspection and appraisal requirements. If you're unsure whether you qualify, we encourage you to apply and let us review your specific situation.
Lower Initial Investment
FHA loans require a smaller down payment than conventional mortgages, making homeownership more attainable. You can purchase with a modest initial investment while still securing competitive financing. This reduced down payment requirement opens doors for borrowers who have been saving for a home but haven't accumulated the funds a conventional lender would require. We'll explain exactly how much you need to bring to closing and discuss any options for assistance programs that may apply to your purchase.
How to Apply for an FHA Loan
Applying for an FHA loan with Boise Basin Home Loans is straightforward. You'll provide basic financial information, including income, debts, and details about the property you're purchasing. We'll order an appraisal and title search, then work toward clear underwriting. Throughout the process, we keep you informed about timeline and next steps. Once approved, you'll move toward closing with a clear understanding of your costs and your new monthly payment. We're here to answer questions at every stage.
See Our Rates for FHA Loans
Rates vary based on your credit profile, down payment amount, loan term, and property type. The rates shown below reflect current market conditions and common scenarios. Your actual rate will be provided after we review your application. We encourage you to get a personalized rate quote—it's the most accurate way to see your options.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 30-Year FHA Fixed Rate Standard term for primary residences | 6.500% | 6.625% |
| 15-Year FHA Fixed Rate Shorter payoff with higher monthly payment | 5.750% | 5.900% |
| FHA Adjustable Rate Mortgage Lower initial rate with adjustment period | 6.250% | 7.125% |
Rates assume a 30-year amortization, standard closing costs, and are subject to loan program guidelines. Your rate will depend on credit score, down payment percentage, property location, and market conditions at time of lock.
These rates are illustrative only and do not constitute an offer or commitment. Your actual rate, terms, and costs will be determined during underwriting based on your credit, income, assets, and the property being financed. FHA loans require mortgage insurance premiums, which are included in the annual percentage rate. Please contact us for a personalized quote and complete loan estimate.
Common Questions About FHA Loans
We've answered the questions we hear most often about FHA financing. If you don't see your question here, reach out directly—our team is happy to help.
What is mortgage insurance and why do FHA loans require it?
Mortgage insurance protects the lender if you default on your loan. Because FHA loans have lower down payments, this insurance is required to offset the lender's risk. The cost is built into your monthly payment and your annual percentage rate. It's a standard part of FHA financing and allows borrowers to buy with less upfront money. Once you build sufficient equity, you may be able to remove the insurance—we'll explain the specifics for your situation.
Can I use an FHA loan to buy a second home or investment property?
FHA loans are designed for owner-occupied properties—your primary residence. If you're buying a second home or investment property, you would need a different loan program. We offer conventional and other financing options for those purposes. Let us know what type of property you're purchasing, and we'll make sure you're in the right program.
What if my credit isn't perfect?
FHA loans are built for borrowers whose credit isn't flawless. Past late payments, collections, or bankruptcy don't automatically disqualify you. We evaluate your entire financial picture—income stability, current debts, and the reasons behind past credit issues matter. Many borrowers with challenging credit histories qualify for FHA financing. Apply and let us review your situation fairly.