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.