June 5-12 is Home Ownership Week in Idaho By Gerald Hunter, President and Executive Director Idaho Housing and Finance Association

The Idaho Housing and Finance Association is promoting Home Ownership Week throughout the state to raise awareness of the benefits of owning your own home. We are celebrating the 1937 signing of the National Housing Act, which made home ownership available to millions of families who previously could not have afforded to buy a home of their own.

Home ownership has always been the foundation of the American dream. Generations of Idahoans have worked hard and set aside their savings, so that they might enjoy the security and stability of owning their own home. A safe, decent home environment is the basis for a healthy family and community. Statistics show that children whose families own their home are more likely to finish high school, and neighborhoods with high home ownership rates tend to have less crime.

The 1998 Fannie Mae National Housing Survey found that 60 percent of all renters rank home ownership as an important priority. Idaho’s overall home ownership rate is 70 percent, compared to 66.3 percent nationwide.

Since 1978, IHFA has been opening doors to home ownership by providing below-market interest rate loans to families and individuals throughout Idaho. To date, IHFA has financed 37,908 loans—made in partnership with a statewide network of participating Realtors® and lenders.

Still, buying a home isn’t easy. Not having enough money for a down-payment, lack of understanding about the home buying process or a poor credit rating can all block the way to owning your own home. As housing professionals, IHFA is working on identifying barriers to home ownership here in Idaho, and then finding ways to help people overcome them. We’re doing just that. IHFA is currently engaged in a professional study on "Barriers to Housing Affordability." We plan to use the findings from that study to eliminate those obstacles one by one.

One solution we’ve developed is a statewide home buyer education initiative. IHFA and the Idaho Partners for Home Buyer Education are launching a new program—Finally Home!—that will teach people about the home buying process. Participants can qualify for down-payment assistance, reduced mortgage insurance premiums and access to special loan programs, depending on the lender.

IHFA is committed to providing affordable housing opportunities and we’re proud to take part in Home Ownership Week. It’s an opportunity for all of us in the housing industry—bankers, developers, Realtors® and lenders—to help our neighbors on the path to home ownership.