In Brief

State lowers mortgage rates

The state has dropped its interest rate for its first-time homebuyer loan program to a record low 3.125 percent, the Oregon Housing and Community Services announced Tuesday, and the rate on its Cash Advantage program to 3.625 percent.

Known as the Oregon Bond loan, the program uses tax-exempt revenue bonds to finance below-market-rate mortgage loans to help first-time homebuyers. The state works with banks and mortgage companies, and borrowers must meet lending and credit standards.

To qualify, borrowers may not have owned a home of their own for the previous three years. They must also meet income and purchase price limits, which vary by county.

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