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CUT-RATE LOANS AVAILABLE FROM STATE OF PENNSYLVANIA

       CUT-RATE LOANS AVAILABLE FROM STATE OF PENNSYLVANIA
    HARRISBURG, Pa., Nov. 21 /PRNewswire/ -- Families who have been waiting to buy homes of their own will find their patience rewarded under a loan program announced today by the Pennsylvania Housing Finance Agency (PHFA).
    Effective immediately, PHFA has lowered the up-front costs, known as "points," for all its loans to 1 point, or 1 percent of the mortgage loan amount, plus $300.  The industry standard on a 30-year, fixed-rate loans is 3 points.  This means that on a $50,000 loan, the savings to the home buyer would be $1,000 under the PHFA program.
    Along with reduced loan origination costs, PHFA also announced the availability of $60 million of mortgage loan proceeds at interest rates of approximately 8 percent.  The money is "left over" funding from several housing bond issues the state has sold the past two years and is now releasing to homebuyers on a "first-come, first-served" basis.
    Approximately 1,200 families across the commonwealth will be able to take advantage of these bargain basement mortgage loans and low fees.
    PHFA has provided loans to Pennsylvania homebuyers since 1982 and is responsible for helping more than 40,000 families buy homes of their own with $1.9 billion of financing.  One feature of the program is that all loans are processed by participating local lending institutions.
    Certain purchase price restrictions and income limits apply to the program.  These vary depending upon the county in which the house is located.
    For more information about lenders, income or purchase price limits and loan conditions, contact the PHFA mortgage hotline between 8:30 a.m. and 5 p.m. Monday through Friday.  The toll-free number is 800-822-1174.
    /delval/
    -0-                         11/21/91
    /CONTACT:  Pam Pryzie or Phil Friday of the Pennsylvania Housing Finance Agency, 717-780-3915/ CO:  Pennsylvania Housing Finance Agency ST:  Pennsylvania IN:  FIN SU: JS-LJ -- PH046 -- 6051 11/21/91 16:18 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 21, 1991
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