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You are here: Home / Politics / Govt / Rate drops for low-income home loans

Rate drops for low-income home loans

July 6, 2001 By admin

The state agency that helps low income Iowans buy homes is lowering the interest rate it charges. Iowa Finance Authority Director Michael Tramontina says they’ve cut the rate by half a percent to six-and-three-eighths percent.Tramontina says the rate is available to any low-income, first time homebuyer in Iowa if they meet the qualifications in their county.He says the low rate is good in a couple of ways, the low rate can make the payments on a home lower, or allow a person to purchase a bigger home. Tramontina says if you’re not a first time homebuyer, you can still qualify if you agree to purchase a home in a targeted area. The targeted areas are in the state’s ten largest cities. For more information, contact the Iowa Finance Authority.

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