The Utah Housing Finance Agen-cy is releasing $25 million in low-interest rate money to more than 300 Utah families buying their first homes.

First-time homebuyers with an annual household income that is lower than average can apply to receive a 6.37 percent mortgage loan.Applicants who are able to come up with 2 percent of the cost of the home in cash also can qualify for a 6.07 percent fixed mortgage loan.

The mortgage loans are a way for families to save money, since in many cases the monthly payments are lower than monthly apartment rent payments, said William Erickson, UHFA executive director.

For more information, call UHFA at 359-5200 or toll-free at 1-800-301-6950.