IHFA Announces 5.25% Mortgage Rate with up to $10,000 in Down Payment Assistance

(BOISE) Idaho Housing and Finance Association today announced a low 5.25 percent interest rate available on a 30-year mortgage. Borrowers also can qualify for up to $10,000 in down payment or closing cost assistance.

IHFA's 5.25 percent rate saves $11,632 over the 30-year life of the loan on a $120,000 home compared to the 5.68 percent Western Market Average.

The 5.25 percent rate is available through any of IHFA's 46 participating lenders with more than 125 banking branches statewide (www.ihfa.org/residential_lenders.asp). Call toll-free 1-800-219-2285 for a referral to local lenders offering IHFA loans.

"The housing market continues to be a bright spot in the current economy. We at IHFA are please to be able to continue offering low rates for Idaho families to purchase a home," said Bob Reed, vice president of Real Estate Lending.

To obtain a mortgage loan through IHFA, home buyers need to meet borrower requirements and income limits that vary by county. Borrowers also need to find a home within IHFA's $200,000 sales price limit ($275,000 in Blaine and Teton counties). A list of borrower requirements can be found at www.ihfa.org/mortgage_borrowreq.asp.

During fiscal year 2005, IHFA helped 1,420 individuals and families purchase their homes by providing lower interest rates, generating a home-ownership investment of $138.7 million for Idaho.

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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.