 |
| FOR
IMMEDIATE RELEASE
Release Date: March 4, 2004
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Contact: |
Steve
Rector
Public Affairs Director
208-331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858 |
IHFA Raises Income, Home Sales Price Limit to Make Home Ownership Easier
BOISE -
Borrowers considering an Idaho Housing and Finance Association home loan are now eligible to purchase a new-construction dwelling or existing home of up to $150,000 in any county in the state. Income limits also have increased, making IHFA loans more accessible. IHFA also provides below-market interest rates, and currently offers a 5.24 percent rate.
"This increase in the sales price limit will allow us to help more Idahoans," said Bob Reed, IHFA's vice president, Real Estate Lending. "And the increase is quite significant, depending on which county a borrower lives in."
To make home ownership available to more Idahoans, IHFA has nearly doubled sales price limits in many counties in the past 10 months. Reed said that Bannock County, for example, had a sales price limit of $86,000, but qualified borrowers now can have an IHFA loan for homes costing $150,000. Other counties, like Butte, Camas, Caribou, Franklin, Fremont, Minidoka, Power and Valley, have seen an even higher rise, from a previous limit of $82,000.
The sales price limit governs the maximum price IHFA can lend on a home loan. Income limits govern the maximum amount a household can make and still qualify for an IHFA home loan. Any one- to two-person household in the state making $48,900 or less qualifies, or $56,000 for a three- or more-person household. Some areas of the state have even more generous limits. See the chart on the back for the new limits.
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 property as his/her principal residence within 14 days after closing, and the buyer must use it as his/her principal residence.
- The borrower must have an acceptable credit and employment history.
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| Since 1978, IHFA has financed nearly 50,000 loans-worth almost $3.1 billion-for affordable homes for Idaho's first-time and limited-income home buyers. |
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| Income Guidelines |
| County |
1 & 2 Person Household |
3 or more Person Household |
| Ada |
$55,000 |
$60,000 |
| Bannock |
$49,200 |
$56,000 |
| Blaine |
$56,400 |
$58,700 |
| Bonneville |
$52,900 |
$58,700 |
| Canyon |
$55,000 |
$60,000 |
| Latah |
$50,500 |
$58,000 |
| Valley |
$49,900 |
$57,000 |
| For income guidelines for other counties not listed, please call IHFA's Residential Lending Department at 1-800-219-2285. |
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| Sales Price Limits |
| County |
Existing |
New Construction* |
| All Counties |
$150,000 |
$150,000 |
| *Never been occupied |
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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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