BOISE - Idaho Housing and Finance Association today announced a low 5.47% fixed interest rate on 30-year mortgage loans. Borrowers also may qualify for up to $10,000 in down payment or closing cost assistance.

IHFA's 5.47% rate saves $28,655 over the 30-year life of the loan on a $150,000 home compared to the 6.3% Western Market Average rate. The savings climbs to $38,207 on a $200,000 home.

Those interested in purchasing a home can complete an initial online application at www.IdaMortgage.com to find out if they meet initial IHFA requirements and receive a referral to a local IHFA participating loan officer who will assist borrowers in continuing the home loan application process. Application information also is available at (866) 432-4066.

IHFA partners with 50 participating lenders at nearly 150 banking branches statewide to offer its below-market interest rates. To view a list of participating lenders, visit www.ihfa.org/residential_lenders.asp.

Over the last 12 months, IHFA helped 1,559 individuals and families purchase their homes by providing lower interest rates, generating a home-ownership investment of $186 million. In the last 10 years, IHFA has invested $2 billion for nearly 25,000 Idaho home loans. IHFA has provided low interest rate home loans to Idaho residents for 28 years.

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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.