BOISE -  The 2,500^th mortgage loan for a Hispanic borrower was recently issued by the Idaho Housing and Finance Association, to Jorge and Maria Varela of Nampa. The milestone was recognized by Senator Mike Crapo in his press conference announcing the formation of the Hispanic Financial Literacy and Education Coalition Saturday in Nampa. IHFA is a member of the newly announced coalition and will work with other coalition members to increase awareness of the financial literacy and residential purchasing opportunities within Hispanic communities.

"The Varelas are a perfect example of Idaho Housing and Finance Association’s commitment to providing and expanding home ownership opportunities for minority and under-represented groups," said Gerald Hunter, president and executive director of IHFA. "This commitment has led us to invest more than $234 million in mortgage loans for Idaho’s minority population."

More than 92 percent of those 2,500 Hispanic loans have been issued by IHFA since 1990, keeping pace with Idaho’s burgeoning Hispanic population. Since 1978, when the Association first began issuing home loans to first-time and limited-income buyers, IHFA has invested almost $2.9 billion for nearly 48,000 Idahoans. Nearly $154 million of that has been invested in home loans for the Hispanic community.

The Varelas have two children, Jorge, 5 and Andrea, 2. Mr. Varela is a corrections officer for the Idaho Department of Corrections at the South Idaho Correctional Facility, and his wife, Maria, works at Simplot Meat Products, LLC. To commemorate the 2,500^th Hispanic home loan, IHFA presented the Varelas with a $250 gift card for their new home. The Varelas were among thousands of Idaho families who have recently taken advantage of IHFA’s low interest rates, currently just 5.84 percent.

IHFA offers below-market interest rates on home loans, which in turn saves the home owner tens of thousands of dollars over the course of a typical 30-year home loan. IHFA also offers the Interest Qualifier (I.Q.) loan, which reduces the interest rates even more during the first three years of the loan. IHFA home loans are made in partnership with a network of participating lenders located throughout Idaho—approximately 35 lenders and 80 branch offices. Consequently, thousands of Idahoans have benefited who might not have otherwise realized the American Dream of home ownership.

IHFA currently services about 21,000 Idaho home loans. The Association is involved in a diverse array of housing and home ownership activities, including rental assistance, grant programs and home buyer education.