Definition
Government bond issuance financing affordable housing mortgages at favorable rates for qualified buyers.
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Bond programs finance first-time buyer mortgages at below-market rates. Rates are typically 0.5-1% below conventional rates. Bond funds are limited; popular programs exhaust funds quickly. Eligibility requirements vary by program.
Pro Tip
Bond programs offer significant rate savings; inquire about availability and eligibility.
Example
First-time buyer obtaining 2.99% bond-funded mortgage compared to 4.5% conventional rate.