IHFA launches low down payment financing that makes homeownership attainable
BOISE, ID – June 7, 2010 – (RealEstateRama) — Idaho Housing and Finance Association (IHFA) continues to make homeownership a real possibility for Idahoans with the launch of a new product for creditworthy homebuyers through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on their mortgage payment every month.
“This IHFA exclusive financing option is a great tool for homebuyers as the housing market in Idaho continues its recovery,” said Gerald Hunter, IHFA president and executive director. “It offers another affordable lending option for low- to moderate-income homebuyers across the state.”
Affordable Advantage Loan
Features of the Affordable Advantage Loan include:
• As little as $1,000 needed from borrower to close
• A low-cost, 30-year fixed interest rate
• No mortgage insurance required, reducing a borrower’s monthly payment
• Financing to first-time homebuyers (including those who have not owned a home in the past three years) with good credit histories
• Income limits apply
• Loans are serviced in Idaho by IHFA
Potential homeowners can easily check their eligibility for an IdaMortgage loan by visiting www.IdaMortgage.com. If eligible, they can be referred to a participating lender in their area who can assist them with the loan process. Information about down payment and closing cost assistance and Finally Home!® Homebuyer Education is also available at this Web site.
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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.
Contact:
Lisa Davis lisad (at) ihfa (dot) org
IHFA Public & Media Relations Officer
208-331-4858
Steve Rector stever (at) ihfa (dot) org
Public Affairs Director
208-331-4725
