Rhode Island Housing Offers New 35-year Mortgage

10/30/02 - The state housing agency's new "Buy More" program expands the borrowing power of home buyers. Because "Buy More" stretches their payments over 35 years, buyers can borrow more money than with a conventional 30-year loan. They can use the increased purchasing power to buy a bigger house, a house in better condition or a house in a more convenient location. Borrowers must be first-time home buyers earning no more than $62,500. The interest rate is just 5.25 percent. For more information, contact the Rhode Island Housing and Mortgage Finance Corporation at 457-1219 or cbarnett@rihousing.com.

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Northeast Weekly Mortgage Rates Provided by Freddie Mac 30-yr fixed: 6.10% 15-yr fixed: 5.65% 1-yr ARM: 5.06%