(BOISE) Idaho Housing and Finance Association today announced a low 5.85% 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 www.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 5.85% rate saves $29,525 over the 30-year life of the loan on a $150,000 home compared to the 6.69% Western Market Average rate. The savings climbs to $39,363 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.

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.

A list of borrower requirements can be found at www.IdaMortgage.com.

IHFA provides home loans for Idaho's moderate-income and first-time home buyers. IHFA has issued home loans for 28 years. In the last 10 years, IHFA has invested $2 billion for nearly 25,000 Idaho home loans. 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.