Last year, 2,752 Idaho families
purchased their home with an Idaho Housing and Finance Association
mortgage loan. This generated a home ownership investment of $233
million, a 22 percent increase over the previous year, IHFA
officials announced.
A key factor in IHFA’s success is the ability
to provide lower interest rates than those found in the general
market. During 2002 IHFA recorded its two lowest rates ever,
including the current 5.60 percent rate. IHFA also offers
down-payment and closing-cost assistance to qualified individuals,
and once the loan has been made, commitment to the loan-servicing
process helps IHFA retain customers. The Association has a
Mortgage Servicing area of 19 dedicated professionals, currently
servicing and counseling more than 20,000 home owners.
"Providing unique opportunities to get Idaho
families into a home is one of IHFA's top priorities," said Bob
Reed, vice president of Real Estate Lending for IHFA. "The past 12
months are a great testament to this commitment to open the doors
to home ownership opportunities."
Through the IHFA mortgage loan program, home
buyers must meet borrower requirements and income and sales price
limits that vary by county. Since 1978, IHFA has financed well
over 48,000 loans—worth more than $2.9 billion—for affordable
homes for Idaho’s first-time and limited-income home buyers.
A current list of participating lenders and
program qualifications can be found on IHFA’s Web site at
