New Idaho Mortgage Products Launched By State
According to this week’s Idaho Business Review, the Idaho Housing and Finance Association is gearing up to unveil two new home loan products and a new down payment assistance program.
The products offered through the association’s IdaMortgage program target credit-worthy borrowers who do not meet standard Idaho mortgage financing requirements, the association said in a statement.
A 30-year, fixed-rate mortgage product is designated for credit-worthy borrowers with higher income levels who don’t meet the standard home loan program requirements.- A 40-year fixed rate loan product is for credit-worthy borrowers who seek a lower mortgage payment, but don’t meet IdaMortgage’s standard loan program financing requirements.
- Interest rates for the new programs, which change daily, can be viewed at idamortgage.com.
As of February 27, mortgage rates averaged just 6.09 percent for the new 30-year home mortgage loan product, and 6.65 percent for the 40-year mortgage loan.
Idaho Housing and Finance also just started offering “Good Credit Rewards,” a 30-year, second mortgage with a fixed interest rate. Home buyers earning less than 140 percent of area median income can qualify for a down payment assistance loan.
This option can range from up to 102 percent or a maximum of 5 percent of the first mortgage loan. Idaho Housing then offers the second mortgage at 1-2 percent above IdaMortgage’s standard interest rate.
Gerald Hunter, the president and executive director of Idaho Housing and Finance, said the association exists to expand Idaho’s affordable housing opportunities.
“These new loan products will assure that many more families have the opportunity to have a place they can call home,” he said.
Idaho Housing still offers its Home Investment Partnerships program.
It provides down payment and assistance with closing costs to first-time buyers in the form of deferred-payment, no-interest mortgage loans.
The association can forgive the mortgage assistance over time if the first-time home buyers earn 80 percent or less of median family income.
Idaho Housing and Finance partners with about 200 participating lenders and 74 mortgage brokers statewide to offer below-market interest rates.
SOURCE: Idaho Business Review