BOISE - Nearly 3,300 Idaho families and individuals became home owners through the Idaho Housing and Finance Association’s Residential Lending Program during fiscal year 2000, IHFA officials announced today. This totaled $257,603,042 in loan production—a record in the program’s 22-year history.

Canyon County had the greatest number of home buyers overall with 939 IHFA loans totaling more than $73 million. Ada and Kootenai Counties had 622 and 618 families who benefited from IHFA’s loan program, totaling approximate investments of $55 million and $54 million, respectively.

IHFA began offering residential mortgage loans in 1978 to assist low-to-moderate income borrowers—generally first-time buyers—in purchasing homes. Loans are made in partnership with a network of participating lenders and Realtors® statewide to ensure that all who qualify and need help in achieving home ownership are able to do so. To date, IHFA has helped over 40,000 families into home ownership.

"The demand for home ownership is greater than ever for Idaho families. These are the best loan investment figures we’ve ever had," said Gerald Hunter, IHFA president and executive director.

IHFA is unique among housing finance associations in providing in-house servicing for all its loans in Idaho, as well as maintaining ongoing contact with borrowers over the life of the loan. Working in conjunction with the Residential Lending Program, IHFA’s Mortgage Services routinely has one of the lowest loan delinquency and foreclosure rates in the nation.

During the 2000 fiscal year, customer service representatives serviced 21,195 mortgage loans with an average foreclosure ratio of less than one percent overall (FHA loans–0.64 percent,

VA–0.95 percent, conventional–0.15 percent). According to the Mortgage Bankers of America, foreclosure ratios nationwide for the year ending December 31, 1999 averaged 2.15 percent (FHA loans), 1.76 percent (VA) and 0.70 percent (conventional).

"We attribute our low delinquency and foreclosure rates to our personal contact with our borrowers from having in-state servicing," added Susan Semba, Mortgage Services manager. "Contacting borrowers individually early in the delinquency and working with them as soon as possible helps them keep their investments, even in lean times."

All of IHFA’s Residential Lending and Mortgage Services program materials are offered in English and Spanish. For more information, a list of participating lenders, or to request brochures, call 208-331-4883 or visit http://www.ihfa.org/residential.asp.