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| FOR
IMMEDIATE RELEASE
Release Date: April 21, 2006
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Contact: |
Steve Rector
Public Affairs Director
208 331-4725
Reed Hollinshead
Media & Public Relations Officer
208-331-4858 |
Borrowers Save Thousands With IHFA's 5.70% Mortgage Rate
and up to $10,000 in Down Payment Assistance
(BOISE) Idaho Housing and Finance Association today announced a low 5.70% fixed interest rate on 30-year mortgage loans. Borrowers also may qualify for up to $10,000 in down payment or closing cost assistance. Potential home buyers can complete a short application online at IHFA's new home buyer resource center at IdaMortgage.com to find out if they meet initial IHFA requirements and receive a referral to a loan officer for an IHFA or a market-rate loan.
IHFA's 5.70% rate saves $28,608 over the 30-year life of the loan on a $150,000 home compared to the 6.52% Western Market Average rate. The savings climbs to $38,146 on a $200,000 home.
The new rate is available through any of IHFA's 50 participating lenders with nearly 150 banking branches statewide. Complete our initial online application or call IdaMortgage toll-free at 1-866-432-4066.
"The housing market has traditionally done very well in our economy, and continues to thrive. IHFA is pleased to be able to continue offering low rates for Idaho families to purchase a home," said President and Executive Director, Gerald Hunter.
To obtain a mortgage loan through IHFA, home buyers need to meet certain requirements, and income limit guidelines. Borrowers also need to find a home within IHFA's sales price limits, recently raised:
| County | New Construction* | Existing |
| Ada | $222,000 | $219,000 |
| Canyon | $265,000 | $265,000 |
| Kootenai | $245,000 | $245,000 |
| Blaine & Teton | $370,000 | $370,000 |
| All Other Counties | $204,000 | $204,000 |
*Never been occupied
A list of borrower requirements can be found at www.IdaMortgage.com.
During 2005, IHFA helped 1,384 individuals and families purchase their homes by providing lower interest rates, generating a home-ownership investment of $146.7 million.
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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.
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