Interest Rate Reduction for Low-Income Borrowers option

State program

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Best for

Low-income borrowers

What you need to know

First-time home buyers can reduce their mortgage interest rate by 0.5% or 1%, depending on family income. As the program's name suggests, income limits apply. The interest rate reduction applies to the first $180,000 of the loan; if the mortgage is for more than that, the rate is reduced according