 |
| FOR
IMMEDIATE RELEASE
Release Date: March 1, 2002
|
Contact: |
Steve
Rector
Public Affairs Director
208-331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858 |
IHFA Announces Higher Income Limits For Home Loans
in Northern Idaho
BOISE - New, higher income limits are now in
effect throughout Northern Idaho for the Idaho Housing and
Finance Association’s residential home loan program, IHFA
officials announced today. The new limits, by county, establish the
maximum that a family can make and still qualify for an IHFA loan.
The new limits went into effect February 15. The higher income
limits make it easier to qualify for an IHFA home loan, which in
turn makes it easier for the average family to realize the dream of
home ownership.
"For more than two decades IHFA has been
committed to the ideal of home ownership, especially for Idaho’s
lower-income families," said IHFA Vice President of Real Estate
Lending Bob Reed. "Raising income limits for qualification is
another way to open the door to those who might otherwise not be
able to get into a home."
Bringing home ownership to more Idahoans has always
been IHFA’s mission. Since the Association first started offering
home loans in 1978, IHFA has contributed nearly $2.7 billion to make
home ownership a reality for more than 45,000 Idaho families. Along
with the new income limits is a list of IHFA-participating lenders
in your region. Following that is a breakdown of IHFA’s
contribution to home ownership in Northern Idaho (Benewah,
Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez
Perce and Shoshone counties), last year and since the
Association started offering home loans:
NORTHERN IDAHO INCOME LIMITS
| County |
2002 Income Limits |
|
Benewah
Bonner
Boundary
Clearwater
Idaho
Kootenai
Latah
Lewis
Shoshone
Nez Perce |
| 1 & 2 Person Household
$52,500
$52,500
$52,500
$52,500
$52,500
$52,500
$49,300
$52,500
$52,500
$46,500 |
3+ Person Household
$54,600
$54,600
$54,600
$54,600
$54,600
$54,600
$54,600
$54,600
$54,600
$53,935 |
|
IHFA PARTICIPATING LENDERS IN NORTHERN IDAHO:
Organization
FirstBank Northwest
Global Credit Union
Idaho Independent Bank
Intermountain Community Bank
Major Mortgage
Mountain West Bank
National City Mortgage
Washington Trust Bank
Wells Fargo Home Mortgage
IHFA INVESTMENT IN HOME OWNERSHIP
| NORTHERN IDAHO |
|
|
|
2001 |
Cumulative 1978-2001 |
| Loans Financed |
514 |
8,835 |
| Dollars Invested |
$44,587,694 |
$582,401,135 |
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|
|
| STATEWIDE |
|
|
|
2002 |
Cumulative 1978-2001 |
| Loans Financed |
2,371 |
45,569 |
| Dollars Invested |
$190,932,827 |
$2,684,802,597 |
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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.
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