Heidi Herzog
Realtor
Real Estate Sales Associate
Cell-305-522-0069 Direct-305-451-0069 Fax-305-723-7769
Language
Do first-time homebuyers regularly get lower interest rates on home loans?
Monday, August 05, 2002
Inman News Features
No. First-time buyers do not automatically get lower interest rates. However,
many entry-level buyers are eligible for bargain-rate loans designed for median-
and low-income homebuyers. Under the auspices of city, county, and state housing
agencies, these loan programs have more liberal loan-qualification requirements,
lower interest rates, and lower points than conventional loans. The loans are
made available through conventional lenders or developers. One such loan
program, not available in all cities, is the federal mortgage credit certificate
program. It allows first-time buyers a credit on federal income tax of up to 20
percent of interest payments. A lender can consider the credit in qualifying a
borrower for a loan. For information on mortgage credit certificates or other
special loan programs, contact your local housing and community development
department. Look under "Housing and Community Development Department" or just
"Community Development" in the government listings section of your telephone
book. Be sure to check both the city and county listings.
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