Oregon Housing and Community Services, Oregon's housing finance agency, has lowered the interest rate for its first-time homebuyer program to a record low interest rate of 3.125 percent.

That is the lowest rate ever offered by the 35-year-old program known as the "Oregon Bond" loan, according to a news release.

The program also has lowered the interest rate for its CashAdvantage Home Loan, which includes a closing cost grant, to 3.625 percent, another record low.

Both types of loans are 30-year fixed rate, said the news release.

To qualify, borrowers must be first-time buyers and may not have owned a home of their own for the past three years. The income limits and purchase price limits vary by county. Borrowers must meet all applicable lending and credit standards, said the release.

For more information, contact an active loan officer found at www.OregonBond.us using the "Find a Lender" search tool.