BOISE, ID – October 26, 2010 – (RealEstateRama) — Idaho Housing and Finance Association today announced a 30-year fixed interest rate of 3.75%, the lowest rate in IHFA’s history. This low rate provides opportunity for qualified homebuyers who can choose from FHA, VA, and RD loan products that best meet their needs. Potential homeowners can visit www.IdaMortgage.com, our homeownership resource center, to check their eligibility for a loan.
“Historically low interest rates will help Idaho homebuyers obtain lower payments for the life of their loans,” said Gerald Hunter, IHFA President and Executive Director. “IHFA fully documents income and credit information for Idahoans applying for our mortgages, and practices responsible lending to help assure that our borrowers will be successful homeowners.”
This process is essential for both the Association’s and individual’s success, and is especially important given that 96% of IHFA’s borrowers are first-time homebuyers, most with low- to moderate-incomes. Borrowers have an average family income of $45,000 – lower than the state’s area median income of $56,500.
IHFA has successfully been providing home loans for low- and moderate-income borrowers in Idaho since 1978. At the close of our June 30, 2010 fiscal year, the Association was servicing home loans for over 21,000 Idaho borrowers with an aggregate loan balance of over $2 billion. IHFA’s loans have performed well during the economic downturn. The number of Association FHA loans in the foreclosure process amounts to just 1.2% of IHFA’s portfolio, as of June 30, 2010. In Idaho the FHA foreclosure rate was 2.8%, according to data from the Mortgage Bankers Association. Nationally, 3.6% of loans are in foreclosure.
In addition to its excellent track record, the Association also offers down payment assistance to qualified borrowers and a new Homebuyer Tax Credit program, which for a limited time allows first-time homebuyers to obtain an additional tax credit of up to 20% of their mortgage interest each year. IHFA also provides free housing counseling services to its own borrowers and anyone across the state having difficulty making their mortgage payments.
Idaho Housing and Finance Association, a financial services and housing business organization, improves lives and strengthens Idaho communities by expanding housing opportunities, building self sufficiency, and fostering economic development.
Lisa Davis lisad (at) ihfa (dot) org
IHFA Public & Media Relations Officer
Katrina Thompson katrinat (at) ihfa (dot) org
Public Affairs Manager