The Indiana Housing Finance Authority has dropped the interest rate on its First Home mortgage loans from 6.50% to 6.25%, the lowest rate the IHFA has ever offered.The new rate applies to conventional loans as well as loans backed by the Federal Housing Administration, the Department of Veterans Affairs, and the U.S. Department of Agriculture. The IHFA funds 30-year fixed-rate loans for low- and moderate-income families buying homes in Indiana, in cooperation with about 100 banks and mortgage companies, the agency said. The First Home program, generally limited to first-time homebuyers except in certain rural and inner-city areas, derives its funding from the sale of bonds to private investors.
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