FOR IMMEDIATE RELEASE

Release Date: July 22, 2004

Contact:

 Steve Rector
Public Affairs Director
208-331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858

IHFA Reduces Mortgage Interest Rate to 5.50% to Help Home Buyers

BOISE - The Idaho Housing and Finance Association today reduced its already low interest rate on a 30-year fixed mortgage to 5.50 percent. The average market rate is 5.875-6 percent as of today, July 22. The 5.50 percent rate is available through any of IHFA's nearly 40 participating lenders with 98 banking branches statewide (see list at residential_lenders.asp). Call toll-free 1-800-219-2285 for referral to a local lender offering IHFA loans.

"IHFA traditionally has the state's lowest mortgage interest rates, creating more home-buying opportunities for Idaho's families," said Bob Reed, vice president of Real Estate Lending for IHFA. "Owning a home brings so many advantages in economic and social stability, and we are proud to have provided home loans for more than 50,000 Idaho families in our history. That is an investment of more than $3.1 billion in home ownership for the state of Idaho."

To obtain a mortgage loan through IHFA, home buyers must meet borrower requirements and income limits that vary by county. The borrower also must find a home within IHFA's $150,000 sales price limit. These borrower requirements can be found at mortgage_borrowreq.asp.

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.

###

Email this to a Friend

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.