American City Mortgage In City of Los Angeles Mortgage Revenue Bond Program.LOS ANGELES--(BUSINESS WIRE)--Aug. 20, 1997-- $22 million available to lend to low and moderate income households American City Mortgage Corporation announced today that it is an approved lender in the City of Los Angeles's Mortgage Revenue Bond Program. This new mortgage program enables first time home buyers with low to moderate household income to obtain loans at a below-market fixed rate of 6.25%. The Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Housing Department offers below-market interest rate financing through the Mortgage Revenue Bond Program to provide home ownership opportunities to low and moderate income households within the City of Los Angeles
A bond issued to finance a public project that is funded by the revenues of the project. . The proceeds of the sale are used to lower the interest rate on selected new condominiums and homes which are being built by developers, and on existing homes which are for sale by owner For Sale By Owner (abbreviated as FSBO; IPA pronunciation: ['fɪz,bou]) is a real estate term which describes the situation in which a property is offered for sale directly by its owner and without that owner having or through real estate agents. Pat Theodora, Sr., Chairman of American City Mortgage Corporation, said, "This is a terrific new program from the City of Los Angeles for disadvantaged, first time home buyers. We are proud and excited that the City of Los Angeles has chosen American City Mortgage to provide a key role in this new housing initiative. I believe this to be the first of many more new affordable housing programs that will become available this year." American City Mortgage Corporation, one of California's leading mortgage bankers, specializes in mortgages for minority, non-traditional, and low-income borrowers. Over 60 percent of its 1996 lending volume is attributed to these borrowers. Individuals who have not owned a home within the last three years are eligible to participate in this program and may purchase a home anywhere within the City's limits. The City area and boundaries are designated in "white" on Thomas Guide Thomas Guide is the title of a series of paperback, spiral-bound atlases featuring detailed street maps of various large metropolitan areas in the United States, in the metro areas of Boise, Las Vegas, Los Angeles, Oakland, Phoenix, Portland, Reno-Tahoe, Sacramento, Salem, San map books. Current homeowners may participate in this program if they purchase a home in one of the City's target areas (primarily in South Central, Central and East Los Angeles East Los Angeles, uninc. city (1990 pop. 126,379), Los Angeles co., S Calif., a residential suburb of Los Angeles, in an industrial area. It has a large Mexican-American population. There is a performing arts center and a cultural center. A junior college is there. ); following the purchase they must occupy the home purchased through this program. The interest rate is currently 6.25%, fixed for 30 years. This rate is assumable upon resale to another "first-time home buyer" household as long as the sales price and the income of the household are within the program limits at the time of resale. Mortgages may be subject to recapture of a portion of tax savings upon resale, depending on the length of time the home is occupied by the home buyer. To qualify for this low interest rate mortgage, the annual income of a one or two person household cannot exceed $61,560; for a three or more person household the income cannot exceed $68,160. The Housing Department will provide funds in the amount of 2% of the first mortgage loan as a grant to eligible home buyers of existing/resale homes to help defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, any closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, or provide down payment assistance. American City Mortgage Corporation is a progressive lender committed to the convenience of the borrower. Its loan officers are equipped with laptop PCs and portable printers so applications can be taken at the borrower's location of choice. Plus, all loan documentation can be generated on-site at the point of sale. Other American City Mortgage Corporation satellite office locations include Auburn, Bakersfield, Carson, Corona, Elk Grove Elk Grove can refer to:
Founded in 1983 by Pat Theodora, Sr. and Pat Theodora, Jr., American City Mortgage Corporation is a single-source, comprehensive provider of mortgage products and services with a strong emphasis on government and agency loans. The mortgage banker originates, processes, purchases, places and services a loan from start to close. American City Mortgage Corporation employs more than 170 industry professionals throughout California. For more information, write American City Mortgage Corporation, 20501 S. Avalon Blvd., Carson, California 90746; or call Pat Theodora, Sr. at (800) 366-2262. CONTACT: American City Mortgage Corp. Jim Havassy, (800) 366-2262 or for American City Mortgage William Mills III, (404) 264-7200 william@williammills.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion