AUGUSTA, Maine - The Maine State Housing Authority is offering low interest rates and help in meeting down payment requirements for first-time buyers this month.
Executive Director John Gallagher says 30-year mortgages carry a 2.99 percent interest rate, and the authority provides $3,500 to help with a down payment and closing costs.
"Right now, we can take advantage of the excellent bond rates that are out there because our money comes from our selling bonds," Gallagher says, "and those rates are really low right now."
Gallagher says the authority is hoping the incentives will get more young Mainers out of rents and into their own homes. He says the first-time home buyers program has a long history of success in helping get people into their own homes.
