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Homebuilders Using Financing Perks to Defy Price Cuts

Greg and Julie Corbin were shopping for a home in May when interest rates spiked and shrank their budget. Lennar Corp. persuaded them to pay full price anyway.

The Miami-based builder volunteered to cover their loan costs and cut half a percentage point off their interest rate if the couple used its in-house lending unit, Universal American Mortgage Co. The Corbins bought their four-bedroom home in a suburb of Tampa, Florida, last month for $213,000, about 50 percent more than the area’s median price, with loan perks they estimated were worth at least $10,000.