AUGUSTA — Beginning June 1, the Maine State Housing Authority will offer mortgages at a 4.75 percent interest rate for first-time homebuyers with incomes at or below 65 percent of the median income, according to MSHA director David Lakari.

The new “Great Rate” program loans are the lowest interest rate MSHA has ever offered for home mortgages. They are a full point below MSHA’s current 5.75 percent interest rate in its general first-time homebuyer program, and are up to two points below conventional mortgage rates.

“This is a golden opportunity for lower-income Maine families to buy a home and become homeowners for the first time,” Lakari said. “The savings versus conventional mortgages, or even compared with our regular low interest rate program, are significant.

“For many low-income families, the monthly savings Great Rate provides will make the difference between owning and renting a home,” he said. “A $60,000 mortgage would cost about $400 a month using a conventional mortgage, but approximately $338 using the Great Rate loan.”

Families that are income-eligible can apply for a Great Rate loan starting June 1 at any of MSHA’s participating lenders. The income requirement varies by county or metropolitan area and family size. For example, the maximum eligible income for a family of three in Portland is $27,720; in Lewiston, it is $22,630; and in Bangor, it is $22,860.

MSHA plans to make 150 Great Rate loans this year. The loans will be given first come, first served. Applicants must complete a 10-hour homebuyer education course before they can apply.

For information about the Great Rate program, call MSHA at 626-4600 or (800) 452-4668. Information is also available from many real estate professionals and from the 42 lenders who participate in MSHA’s program. Lenders participating in the program and MSHA real estate agents are listed at MSHA’s Web site at www.mainehousing.org.