BOISE - The Idaho Housing and Finance Association, Idaho's leader in affordable housing, is pleased to announce the Association's LOWEST INTEREST RATES since 1998—5.97 percent—now available through participating lenders statewide. IHFA officials expect the mortgage money to help nearly 400 home buyers purchase their first home with these new low-interest mortgage rates.

IHFA’s announcement of this historical low rate is precipitated by the low mortgage rates that exist in the marketplace today. In 1998, IHFA’s mortgage rate dropped to 5.95 percent, the lowest since the Association began offering a residential loan program for first-time home buyers in 1978. During fiscal year 2000, IHFA helped 3,291 families purchase their first home, equaling a record home ownership investment of $257 million in one year.

"Without IHFA’s mortgage loan program, hundreds of first-time home buyers would still be making rent payments this month, instead of mortgage payments," said Bob Reed, vice president of Real Estate Lending for IHFA. "We hope this new rate encourages people to really think about their home ownership opportunities because there’s no better time to make an investment in home ownership than now. This type of investment not only returns equity to the home owner but has tax benefits when the borrower files their federal tax return."

IHFA offers reduced rate mortgage loans to qualified Idaho families through a network of participating lenders throughout Idaho. Home buyers must meet certain income and sales price qualifications that vary by county. Since 1978, IHFA has financed more than 40,000 homes for Idaho’s first-time home buyers.

For more information about IHFA’s Residential Loan program, call toll-free 1-800-219-2285 or visit ihfa.org/residential_loans. A current list of participating lenders can also be found on IHFA’s Web site at www.ihfa.org/residential_lenders.

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The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.