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In an effort to make homeownership a real possibility for residents across the state, ""Idaho Housing and Finance Association"":http://www.ihfa.org/ihfa/about-ihfa.aspx (IHFA) has launched a new product for creditworthy borrowers through its IdaMortage program.
[IMAGE] [COLUMN_BREAK]According to the association, the new Affordable Advantage Loan offers a down payment as low as $1,000 and has a low-cost, 30-year fixed interest rate. In addition, IHFA said the loan has no mortgage insurance requirement, saving qualified borrowers money on their mortgage payment every month.
The Affordable Advantage Loan offers financing to first-time homebuyers and borrowers who have not owned a home in the past three years. However, in order to qualify, borrowers must demonstrate a good credit history. Income limits do apply, but there are no sales price limits.
""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.""
