The program that helps low-income Iowans buy their first home has lowered the interest rates it charges. Iowa Finance Authority spokesperson Shawna Lode(Loh-dee’) says the program has two options. She says the “FirstHome” program now has an interest rate of five-point-375-percent and the “FirstHome Plus” program now has a rate of five-point-75-percent. Lode says the two programs previously had interest rates of five-point-five and five-point-eight-seven-five-percent. Lode says the program helps people move into a home and build equity in their investment. She says people have to meet an income requirement, and it offers the loans at a fixed interest rate with no points and no origination fees. Lode says the program loaned out 150-million dollars last year. She says they have about 400 lenders around the state who take part and help about two-thousand people last year buy their first home. For more information on the program, surf to:www.ifahome.com or call 800-432-7230.
