- advertisement -  Special deals for first-time home buyers
Buying a homeIf you're looking for a mortgage, the best place to
start might be your state capital rather than the local mortgage
broker's office.  That's because little-known outfits called
housing finance agencies can often be found near governors'
mansions. These quasi-independent agencies offer special loan
programs to low- and moderate-income home buyers, buyers
interested in helping to rehabilitate urban areas and a host of
other groups. For borrowers, their mortgages can slash ownership
costs considerably because they feature below-market interest
rates, closing-cost discounts and other benefits that
conventional loans simply can't match.  "We operate a number of
different loan programs for home buyers as well as provide other
services to help meet the needs of our respective states," says
Mark Stalsworth, homeownership manager with the Missouri Housing
Development Commission. "We are there to try to fill those gaps
the private sector either