A below-market 5.07 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. This rate is available through any of IHFA's nearly 40 participating lenders, with 80 branches statewide. Call toll-free 1-800-219-2285 for referral to a local lender offering IHFA loans.
"The new Down Payment Assistance Program, which offers up to $2,000 off closing costs, together with our low rates creates some of the most affordable home-buying opportunities we've ever seen," said Bob Reed, vice president of Real Estate Lending for IHFA. "TIn our history, IHFA has invested more than $3 billion in the people of this state, and bringing this affordable alternative to the home-buying public is still more proof of our commitment."T
To obtain a mortgage loan through IHFA, home buyers must meet borrower requirements and income limits that vary by county. The borrower must also find a home within IHFA's $150,000 sales price limit. A current list of lenders offering IHFA loans can be found on IHFA's Web site at www.ihfa.org/residential_lenders.asp.
The association began making residential loans in 1978 and has invested $3.1 billion in 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.
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