BOISE - The Idaho Housing and Finance Association has made home ownership easier for Idahoans by raising the sales price limits statewide for a newly built or existing homes, and adjusting personal income limits in most counties.

Borrowers considering an IHFA home loan are now eligible to purchase a new-construction dwelling of up to $145,000 in any county in the state, and are also eligible to purchase an existing home for up to $135,000, except in Bannock County, where the limit is $115,000.

Previously, the limits were $142,000 statewide for new construction. Limits for existing construction were raised by an average of 36 percent across the state. Personal income limits also were adjusted and standardized in several counties, governing the maximum allowable gross income for an IHFA borrower.

In addition, the following guidelines govern eligibility:

• The borrower must be a resident of Idaho.
• The loan cannot be for a "rental" property. The borrower must occupy the financed property as his/her principal residence within 14 days after closing. The home must be used by the buyer as his/her principal residence.
• The borrower must have an acceptable credit and employment history.

Since 1978, IHFA has financed nearly 50,000 loans-worth nearly $3 billion-for affordable homes for Idaho's first-time and limited-income home buyers.