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UHFA LOANS AVAILABLE FOR LOW-INCOME BUYERS

The Utah Housing Finance Agency is releasing $25 million in mortgage money at 7.33 percent that will help finance home purchases for 400 lower-income Utahns, according to William H. Erickson, executive director.

He said the low interest rate mortgage money is available to low-income, first-time home-buyers, many who have had their rents increase higher than they can afford.UHFA's low interest rates make buying a home more affordable than renting in many cases and homeownership through the agency allows families to control their housing costs by enabling them to escape the spiral of ever-rising rents, he said.

Prospective buyers may qualify for the money if the income and the cost of the home they want to buy is below certain limits. Limits vary from county to county depending on the size of the household and the location of the home.

Erickson said as a general example, the 7.33 percent mortgage interest rate allows a household earning about $20,200 annually to purchase a $60,000 home with a monthly payment of $490.

He said the savings with a UHFA loan also is considerable when compared with conventional mortgage financing.

Brochures explaining UHFA's various programs can be obtained by calling the agency at 359-5200 or 1-800-301-6950 for long distance callers.