FOR IMMEDIATE RELEASE

Release Date:  February 27, 2007

 Contact: Steve Rector
Public Affairs Director
(208) 331-4725
Lisa Davis
Public & Media Relations Officer
(208) 331-4858
Idaho Housing and Finance Association launches two new loan products and a new down payment assistance program to help more Idahoans achieve homeownership

(BOISE) Idaho Housing and Finance Association announces the expansion of its loan program with the launch of two new home loan products, offered through the IdaMortgage home loan program at IdaMortgage.com; and a new down payment and closing cost assistance program.

“Idaho Housing and Finance Association’s mission is to expand Idaho’s affordable housing opportunities,” said Gerald Hunter, IHFA’s president and executive director. “These new loan products will assure that many more families have the opportunity to have a place they can call home.”

The new loan products will benefit borrowers who are credit-worthy, but do not meet IdaMortgage’s standard loan program financing requirements. Just like IdaMortgage’s standard loan products currently available (a 30-year fixed rate mortgage, 30-year interest qualifier mortgage, and a 30-year 100% financing mortgage), the two new loans will offer a low, fixed interest rate. Applicants for either of these loans do not need to be first-time homebuyers to qualify and there are no sales price limits. The expanded IdaMortgage loan program will include:

  • A 30-year fixed rate loan product that is perfect for credit-worthy borrowers with higher income levels who don’t meet the standard loan program financing requirements.
  • A 40-year fixed rate loan product for credit-worthy borrowers looking for a lower monthly payment who don’t meet IdaMortgage’s standard loan program financing requirements.
    • Currently, IdaMortgage’s standard program interest rate is 5.59%. The rates for the expanded programs will change daily, and can be viewed at www.IdaMortgage.com. Today’s interest rates are 6.09% for the 30-year loan product and 6.65% for the 40-year loan product.
Additionally, IHFA is now offering “Good Credit Rewards,” a new 30-year fixed rate down payment and closing cost assistance second mortgage program for homebuyers with less than 140% of area median income. The down payment assistance loan, combined with IdaMortgage’s first mortgage, can go up to 102%, or a maximum of 5% of the first mortgage loan. The second mortgage will be offered at 1% to 2% above IdaMortgage’s standard interest rate. IHFA continues to offer the HOME Investment Partnerships Program (HOME), which provides down payment and closing cost assistance to first-time homebuyers in the form of deferred payment loans at 0% interest. The HOME assistance is forgivable over time to persons at 80% or less of the median family income.

Potential homebuyers interested in these new loan products can visit IdaMortgage.com to check their eligibility. With a few clicks, they’ll find out if they are eligible for any of IdaMortgage’s home loan products and receive a referral to a local lender who can start the home loan application process with the borrower. This online resource center also contains information on down payment assistance programs that can help ease the financial burden of purchasing a home, Finally Home!â Home Buyer Education classes that give valuable information on the purchase process, and other helpful homeownership tips.

IdaMortgage’s loan program will be highlighted as IHFA kicks off a statewide IdaMortgage advertising campaign in March with billboards, radio, and print ads in some areas across the state.

IHFA partners with approximately 200 participating lenders at nearly 150 banking branches statewide; and 74 mortgage brokers at nearly 100 locations statewide to offer its below-market interest rates.

Nearly 300 families already have a place they can call home this year because of the IdaMortgage loan program, brought to you by Idaho Housing and Finance Association.

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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.