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FANNIE MAE OFFERS SPANISH-LANGUAGE HOME BUYER TIPS

 FANNIE MAE OFFERS SPANISH-LANGUAGE HOME BUYER TIPS
 WASHINGTON, July 16 /PRNewswire/ -- In an effort to increase


homeownership in Hispanic communities across the United States, the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today released two Spanish-language consumer brochures. One provides information on low down payment mortgage programs, and the other is a step-by-step guide to the home-buying process.
 "Our research shows that there are two major obstacles to buying a home: knowing how to do it and finding an affordable loan. These publications, written in plain Spanish, are intended to help home buyers over those hurdles," said Larry Small, president and chief operating officer of Fannie Mae.
 Unraveling the Mortgage Loan Mystery takes consumers through the entire mortgage loan process, and Community Home Buyer's Program explains Fannie Mae's reduced down payment mortgage program for lower income home buyers. A list of local mortgage lenders who offer the loans also is provided.
 Unraveling the Mortgage Loan Mystery is the first nationally available Spanish-language brochure that tells consumers what to expect from the time of application until after a loan closes. It helps home buyers understand the different types of mortgages available, how large a loan they can qualify for, and how to apply for a loan.
 Since 1991, more than 500 banks, credit unions, savings and loans and mortgage banking companies across America have made home loans using Fannie Mae's Community Home Buyer's Program (CHBP). The special program gives credit-worthy low- and moderate-income borrowers an opportunity to purchase a home with more flexible qualifying standards than a traditional home loan and a down payment as low as 5 percent. Under the CHBP's special 3/2 option, 2 percent of the down payment can be a gift from a relative or a grant or unsecured loan from a non-profit or public agency.
 Consumers can obtain a free copy of each of the brochures, which also are printed in English, along with a list of local lenders who offer the Community Home Buyer's Program by writing to Fannie Mae, Drawer SP, 3900 Wisconsin Ave. N.W., Washington, D.C. 20016.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 7/16/92
 /CONTACT: Bonnie O'Dell of Fannie Mae, 202-752-6527/
 (FNM) CO: Federal National Mortgage Association ST: District of Columbia IN: FIN SU: PDT


MH -- DC003 -- 9901 07/16/92 09:35 EDT
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Date:Jul 16, 1992
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