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'KNOLL HOMESTART II' PROGRAM ANNOUNCED

 'KNOLL HOMESTART II' PROGRAM ANNOUNCED
 HARRISBURG, Pa., Nov. 27 /PRNewswire/ -- Treasurer Catherine Baker


Knoll announced today $100 million in low-interest rate mortgages to benefit middle-income Pennsylvania homebuyers.
 "HomeStart II will have a mortgage rate of 7.56 percent, which is the lowest fixed-rate currently available in America," said Knoll.
 "Fannie Mae is proud to join Pennsylvania and State Treasurer Catherine Baker Knoll in enabling Pennsylvanians to achieve the American dream of homeownership through the Knoll HomeStart II Program," said James A. Johnson, chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae). "HomeStart II not only provides affordable housing opportunities, but provides Pennsylvania with a solid investment opportunity in the form of Fannie Mae mortgage- backed securities. Treasurer Knoll has been a leader in the effective use of economically targeted investments and Fannie Mae is pleased to continue work with her to increase access to affordable housing."
 "Due to excessive down payments and high monthly mortgages, there is a growing number of middle-income Pennsylvania families who are unable to afford a home," said Knoll. "HomeStart II helps reverse this trend by putting Pennsylvania's money to work for Pennsylvania homebuyers. This program is open to first- and second-time homebuyers. In addition to homes already being built, it will permit the start of construction of new homes. HomeStart II will provide jobs for the ailing building industry and help strengthen the commonwealth's tax base."
 To qualify for the HomeStart II Program:
 -- Income must be not be more than 150 percent of median income of the county in which the home is located;
 -- Home price must not exceed county maximum purchase price limit;
 -- Applicant must have an acceptable credit history;
 -- Monthly mortgage payments may not exceed 33 percent of monthly gross income;
 -- Applicant must provide mortgage origination fee of only 2 percent of the mortgage plus normal closing costs; and
 -- Applicant must provide 5 percent down payment, 2 percent of which can be a gift from family members.
 "Besides having the lowest fixed interest rate available in America, HomeStart II requires only a 2 percent origination fee, also one of the lowest in the country", said Karl Smith, executive director of the Pennsylvania Housing Finance Agency (PHFA). The Knoll HomeStart II Program will be administered by PHFA.
 On Oct. 1, 1990, Treasury announced the first $100 million Knoll HomeStart Program, which was oversubscribed by $34 million in just three days of registration. To assure fair distribution of the funds, mortgage recipients were chosen by lottery. The lottery drawing for HomeStart II has been scheduled for Feb. 20, 1992, in the Capitol Rotunda.
 /delval/
 -0- 11/27/91
 /CONTACT: Michael W. Arpey of the Department of Treasury, 717-787-3640/ CO: Department of Treasury ST: Pennsylvania IN: FIN SU: PDT


KA-CC -- PH020 -- 7723 11/27/91 12:13 EST
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Date:Nov 27, 1991
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