BOISE - The Idaho Housing and Finance Association, Idaho's leader in affordable housing, is excited to be able to announce its LOWEST RESIDENTIAL MORTGAGE RATE OF 5.83% SINCE THE ASSOCIATION BEGAN MAKING RESIDENTIAL LOANS IN 1978 - available now through participating lenders statewide. IHFA officials expect this mortgage money to help over 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 and the ability IHFA has to place single family mortgage bonds into the marketplace. 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.

"At an economic time when efforts are needed to assist Idaho’s first-time homebuyers, IHFA is proud to offer mortgage rates that provide opportunities for families and their investment in homeownership," said Bob Reed, vice president of Real Estate Lending for IHFA.

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.