IHFA Helps Idaho Home Ownership Rank Tops in West

BOISE - In the just-released Census Bureau figures for the first quarter of 2005, Idaho's home ownership rate is 75.6 percent. It is the first time that Idaho has achieved this rare triple: a rate above 75 percent, the top rate in the West, and one of the top 10 rates in the nation (No. 7). The national average for the first quarter was 69.1 percent.

Idaho's success is due in part to the Idaho Housing and Finance Association's home ownership programs and $3.2 billion investment. Since it began issuing home loans in 1978, the association has helped nearly 51,500 Idahoans obtain a home of their own.

"We are pleased to play a vital role in Idaho's economic strength and in providing opportunities for home ownership to grow in our state," said IHFA President and Executive Director Gerald Hunter. "National and state economies often reflect the health of the housing market, and IHFA remains committed to protecting and promoting that health."

IHFA consistently provides lower interest rate loans than those found in the general market. The association currently offers a rate of 5.15 percent, which amounts to a $15,398 savings on a $120,000 house over the 30-year term of the loan when compared to the Western Market Average of 5.72, announced by Freddie Mac last Thursday.

IHFA also offers resources to ease the home-buying process, including programs for first-time and low-income buyers, and grants of up to $10,000 for down payment and closing costs.

Once the loan has been made, IHFA remains committed to the loan-servicing process. The association currently serves and counsels approximately 14,000 home owners. A list of the more than 40 participating lenders statewide (with over 120 branch locations) and program qualifications can be found on IHFA's Web site at www.ihfa.org/residential_lenders.asp.

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The Idaho Housing and Finance Association, a financial services and housing business organization, provides funding for affordable housing in communities where it is most needed and when economically feasible.