FOR IMMEDIATE RELEASE

Release Date:  March 9, 2007

 Contact: Steve Rector
Public Affairs Director
(208) 331-4725
Lisa Davis
Public & Media Relations Officer
(208) 331-4858
IdaMortgage, brought to you by Idaho Housing and Finance Association, announces low 5.17% interest rate

Think homeownership is out of reach? Think again. You may be surprised at how affordable owning your own home can be with the IdaMortgage loan program’s new low 5.17% 30-year fixed-rate.

IdaMortgage’s 5.17% standard rate saves $31,716 over the 30-year life of the loan on a $150,000 home compared to the 6.1% Western Market Average rate. The savings jumps to $42,289 on a $200,000 home. The standard loan program includes a 30-year fixed rate loan, a 30-year interest qualifier loan and a 30-year 100% financing loan.

IHFA, through the IdaMortgage loan program, strives to make homeownership more attainable to Idahoans and recently launched two new loan products for borrowers who are credit-worthy, but do not meet standard loan program financing requirements. Applicants for these expanded products do not need to be first-time homebuyers and there are no sales price limits. Rates on these loans change daily – current rates on these expanded products start at 6.05%.

These new products include:

  • A 30-year fixed rate loan product perfect for credit-worthy borrowers with higher income levels who don’t meet the standard loan program financing requirements; and:
  • A 40-year fixed rate loan product for borrowers who are looking for a lower monthly payment, but don’t meet IdaMortgage’s standard loan program financing requirements.
A new 30-year fixed rate down payment and closing cost assistance second mortgage program is also available to homebuyers with less than 140% of area median income; and eligible borrowers may qualify for a grant of up to $10,000 in down payment or closing cost assistance.

IHFA makes it easy for homebuyers to find out if they are eligible for a loan. Potential homebuyers can visit www.IdaMortgage.com to check their eligibility and receive a referral to a local IHFA participating loan officer or mortgage broker who will assist them in continuing the home loan application process. This user-friendly online resource center also contains information on down payment assistance programs that can help ease the financial burden of purchasing a home and other helpful homeownership tips. Information about the IdaMortgage loan program also is available at (866) 432-4066.

IHFA has made the dream of homeownership a reality for 1,960 families over the past year.

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

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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.