In June, the observance of National Homeownership Month provides homeowners the opportunity to reflect on how homeownership has enhanced their lives and how their important decisions to become homeowners have helped contribute to the vitality of the communities they live and work in across Idaho. Idaho’s homeownership ranking – fifth in the nation, according to the U.S. Census Bureau – underscores the importance of homeownership to Idahoans. Idaho’s homeownership rate of 74.5% exceeds the nation’s average homeownership rate of 68.1%

Becoming a new homeowner can be an overwhelming process, especially in today’s economy. However, there are accessible resources for potential Idaho homeowners. IdaMortgage.com, brought to you by Idaho Housing and Finance Association, offers low-interest mortgage loans, down payment and closing cost assistance, and other tools that make navigating the homebuying process easier.

“Idaho Housing and Finance Association, through its IdaMortgage program, partners with lenders, mortgage brokers, and other housing stakeholders statewide to help bring low mortgage rates to Idaho’s working families and individuals,” said Gerald Hunter, IHFA President and Executive Director.

More than 58,000 Idahoans have already received loans from IdaMortgage – a record 4,600 people have purchased homes with IdaMortgage loans this past year alone - and are now enjoying homeownership. “It’s nice to have the freedom of not having to worry about where my money’s going,” said Quincy Harris of Meridian. “I know it’s going toward my future.”

During homeownership month, we encourage potential homeowners to make their homeownership dreams a reality. IdaMortgage loan products start at a fixed interest rate of 5.560%. Here are descriptions of the available loan products and rates:

30-year Loan Products

• Advantage Loan – This 30-year fixed-rate conventional loan product is perfect for credit-worthy borrowers with higher income levels who don’t meet IHFA’s First Loan program financing requirements. The current rate on this loan is 6.750%*. This loan may be used for purchase or refinance.

• First Loan – This 30-year fixed-rate loan product offers the lowest fixed rate for low-to-moderate income borrowers. The below-market interest rate never changes for the life of the loan. The current rate on this loan is 5.560%*.

40-year Loan Product

• Advantage Loan – This 40-year fixed-rate conventional loan product is for borrowers looking for a lower monthly payment, but who have higher incomes and don’t meet IdaMortgage’s First Loan program financing requirements. The current rate on this loan is 7.000%*. This loan may be used for purchase or refinance.

Log on to IdaMortgage.com today to check your eligibility for a home loan, or to learn more about down payment and closing cost assistance, Finally Home!® Homebuyer Education classes, and free housing counseling services available across Idaho.

*Rates subject to change, visit www.IdaMortgage.com for the latest rates.

Here are testimonials from IdaMortgage borrowers across Idaho.

• Anthony and Holly Beck moved into their home in Post Falls just before their daughter was born. “It’s great to have a little more security,” said Anthony. “We set up my daughter’s room, and it’s nice to know it’ll be hers from now on.”
– Anthony & Holly Beck, Post Falls

• “It’s finally an investment. With prices being so high in the Moscow area it’s a great start for us. We can own our own home and make affordable payments.”
– Guy & Lindy Wells, Moscow

• “I really like having a place to come home to. It’s nice to know my monthly payments are working for me, and not just going toward rent.”
– Hannah Bitzenburg, Twin Falls

• “It’s been a great experience for us, and we love the chance to make the house our home.”
–Deanna Hawk, Pocatello

• “The (mortgage) application process went smoothly. I’m enjoying my home.”
– Casey Barger, Idaho Falls

The Idaho Housing and Finance Association, a financial services and housing organization, provides funding for affordable housing in Idaho communities where they are most needed and when it is economically feasible. IHFA uses no state funds or state employees to support its operations. For more information, visit our Web site at www.ihfa.org.