China is giving first-time homebuyers a mortgage subsidy.

Starting October 1, China is introducing a new program designed to make homeownership more affordable for qualifying first-time buyers.

Instead of giving buyers cash toward their down payment, the government will help ubsidize a portion of the interest on their mortgage for up to five years.

That caught my attention because affordability continues to be one of the biggest challenges for buyers here in the U.S.

We already have down-payment assistance programs and other homebuyer incentives, but it raises an interesting question:

Would a mortgage-interest subsidy help more Americans become homeowners?

Would something like this make a difference for first-time buyers in the U.S.?