Record 5.95% IHFA Interest Rate to Help More Than 380 Idaho Home Buyers

BOISE - The lowest interest rate in the history of the Idaho Housing and Finance Association (IHFA) is now available through lenders statewide. IHFA officials expect the mortgage money to help more than 380 home buyers purchase their first home at this record-low mortgage rate.

The 5.95 percent 30-year fixed rate is fueled by a national downward mortgage rate trend, according to Robert E. Reed, Jr., IHFA vice president of Real Estate Lending.

The demand for below-market interest rates offered by IHFA has skyrocketed in the last two years, according to Reed. Recently, IHFA set another record for the number of mortgage loans made during its 1998 fiscal year-3,204 families used IHFA's program to purchase their first home. So far this year, IHFA has committed $240 million in low-interest mortgage loan funds for Idaho's low- to moderate-income home buyers, Reed said.

"This is the lowest rate we've been able to offer since we began our program in 1978," said Gerald Hunter, IHFA president and executive director. "It's also the first time we've dipped below six percent. We're excited about the possibilities this opens up for more Idahoans."

"Without IHFA's mortgage loan program, hundreds of first-time home buyers would still be making rent payments this month instead of mortgage payments," Reed said. "We hope this new rate encourages people to really think about their home ownership options."

IHFA offers reduced rate mortgage loans to qualified Idaho families and individuals on a first-come, first-served basis through 43 participating mortgage lenders located throughout Idaho. Home buyers must meet certain income and sales price qualifications which vary county. All FHA, VA, conventional and USDA-RD guaranteed loans are eligible.

Since 1978, IHFA has financed more than 35,403 homes for Idaho's first-time home buyers and limited-income families.

To obtain more information regarding IHFA's Single-Family Mortgage Loan Program, contact a participating lender or IHFA toll free throughout Idaho at 1-800-219-2285. Hearing impaired persons may call 1-800-545-1833, ext. 400. Information is also available on IHFA's website at www.ihfa.org.

IHFA is a unique, self-supporting financial institution. IHFA's mission is to promote affordable housing opportunities to Idaho's limited-income citizens. It uses no state funds or state employees to support its operations.

IHFA PARTICIPATING LENDERS

Accumortgage Washington Trust Bank
Action Mortgage Company Young Mortgage
American Mortgage of Idaho Zions Mortgage Company
Bank of Commerce
Bank of Eastern Idaho
Chase Manhattan Mortgage
Citizen's Community Bank
Commonwealth United Mortgage
Continental Home Lending Center
Countrywide Funding Corp.
Family Home Mortgage
FirstBank Northwest
First Federal Savings Bank of Twin Falls
First Financial Corporation
First Mortgage Company, Inc.
First Security Bank of Idaho, N.A.
GMAC Mortgage
Home Federal Savings & Loan Association
Idaho Independent Bank
InterWest Mortgage
Ireland Bank
Key Bank of Idaho
M & T Mortgage
Major Mortgage
Mann Mortgage
Mellon Mortgage Company
Mortgage Capital Resource
Mortgage Resources, Inc.
Mountain West Bank
North American Mortgage
Northwest Wholesale Mortgage
Norwest Mortgage, Inc.
Premier Mortgage Resources
Republic Mortgage Corporation
U.S. Bank of Idaho, N.A.
Wallick & Volk
Washington Federal Savings & Loan Association
Washington Mutual Bank