A below-market 5.24 percent interest rate on a 30-year fixed mortgage is now available through the Idaho Housing and Finance Association, the second-lowest rate in the association's history. Qualifying individuals seeking mortgages can obtain this rate now through any of IHFA's nearly 40 participating lenders, with 80 branches statewide. Call toll-free 1-800-219-2285 for referral to a participating lender in your area.
The association began making residential loans in 1978 and has invested almost $3.1 billion in nearly 50,000 affordable residential home loans since that time.
During 2003, IHFA helped 1,566 individuals and families purchase their home by providing lower interest rates, generating a home ownership investment of $138.2 million for Idaho.
"One of IHFA's major priorities is to offer home ownership opportunities to Idaho's first-time home buyers," said Bob Reed, vice president of Real Estate Lending for IHFA. "Our investment in their home ownership future is always at the top of our list. This low rate affords opportunities which otherwise may have been unavailable."
To obtain a mortgage loan through IHFA, home buyers must meet borrower requirements and income and sales price limits that vary by county. A current list of participating lenders and program qualifications can be found on IHFA's Web site at www.ihfa.org/residential_lenders.asp.
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