Printer Friendly

WASHINGTON STATE HOUSING FINANCE COMMISSION, FANNIE MAE MAKE $15 MILLION AVAILABLE TO FIRST-TIME HOMEBUYERS IN WASHINGTON

 SEATTLE, June 23 /PRNewswire/ -- In a continuing effort to make buying a home a reality for low- and moderate-income households, the Washington State Housing Finance Commission and the Federal National Mortgage Association (Fannie Mae) have teamed up to release $15 million for below-market interest rate, first-time homebuyer loans, said Skip Chilberg, chair of the Washington State Housing Finance Commission. The mortgage loans carry a 6.65-percent fixed interest rate for a 30-year term. This rate will be available to qualified borrowers through the commission's House Key program, beginning today.
 The House Key program, which is financed through the sale of tax- exempt mortgage revenue bonds to Fannie Mae, will enable approximately 200 low- and moderate-income residents to use these low-interest, low downpayment mortgage loans to buy their first home. The Washington State Housing Finance Commission is the first housing agency in the nation to work with Fannie Mae, the nation's largest investor in mortgage revenue bonds, on Fannie Mae's new "MRB Express" system.
 Under the MRB Express system, Fannie Mae has committed to buy $15 million in mortgage revenue bonds from the Housing Finance Commission six months after the loans are originated. This forward commitment delivery system allows the Housing Finance Commission to offer a below-market mortgage rate because of Fannie Mae's commitment to buy the bonds at a guaranteed time and a guaranteed rate.
 As a result, the commission has money available to first-time homebuyers at 6.65 percent for 30-year fixed mortgage rate with a 1-percent origination fee and a discount of 0.65 percent, starting today. The money will be available on a first-come, first-served basis.
 Program participants must demonstrate that they have not owned a principal place of residence for the past three years and meet the federally mandated income and purchase price limits (which vary throughout the state). They must also complete a Homebuyer Education Seminar and have income and credit sufficient to meet FHA, VA or conventional underwriting requirements.
 Continental Bank will administer the commission's House Key program. Other lenders offering House Key loans include Action Mortgage, American Residential, Cascade Savings Bank, Cashmere Valley Bank, Centennial Bank, Continental Savings Bank, First Mutual Bank, First Interstate Bank, First Savings Bank of Washington, General Mortgage & Investment Co., Hege Co., Lynnwood Mortgage, PacWest Services, SeaFirst Bank, Seattle Mortgage, Summit Savings, The Columbia Bank, University Savings Bank, U.S. Bancorp, Washington State Employees Credit Union, Washington Mutual Savings Bank, and Washington Trust.
 Since 1983, the commission has financed more than 20,800 to first- time homebuyers in Washington state.
 Potential homebuyers interested in the new House Key program should contact a participating lender or real estate agent in their area for more information, or call the Housing Finance Commission at 206-464-7139 in Seattle, or 800-767-HOME (4663) outside the Seattle area.
 The Washington State Housing Finance Commission provides below- market financing to buy, build or preserve affordable housing and nonprofit cultural and social service facilities. The commission builds partnerships with the private sector to raise capital needed to further these social and economic objectives at no cost to the taxpayers of Washington state.
 Fannie Mae is a congressionally chartered, shareholder-owned company.
 -0- 6/23/93
 /CONTACT: Rhonda R. Rosenberg, public information officer, or Heyward Watson, director, Single-Family Division, of the Washington State Housing Finance Commission, 206-464-7139/


CO: Washington State Housing Finance Commission; Federal National
 Mortgage Association ST: Washington IN: FIN SU: PDT


SW-JH -- SE003 -- 5025 06/23/93 13:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993
Words:572
Previous Article:AIR PRODUCTS TO INCREASE PRICES OF ITS EMULSION PRODUCTS SOLD TO CARPET INDUSTRY
Next Article:3DO EXPANDS SOFTWARE LICENSEE SUPPORT WITH HIGH-LEVEL AUTHORING TOOLKIT TO SPEED SOFTWARE DEVELOPMENT


Related Articles
FANNIE MAE'S JOHNSON: INDIANA IS 'INNOVATIVE' ON HOUSING; ANNOUNCES $10,000 FOR HOMEBUYER COUNSELING
FANNIE MAE ANNOUNCES INNOVATIVE WAY TO LOWER MORTGAGE COSTS FOR HOME BUYERS; FIRST EFFORT WITH WASHINGTON STATE HOUSING FINANCING COMMISSION
TEXAS HOUSING FINANCE CORPORATIONS AND FANNIE MAE PROVIDE AFFORDABLE MORTGAGE FINANCING FOR HUNDREDS OF FIRST-TIME HOME BUYERS IN NORTH CENTRAL TEXAS
Housing America's cities.
FANNIE MAE, WASHINGTON STATE HOUSING FINANCE COMMISSION ANNOUNCE NEW SOURCE OF AFFORDABLE MORTGAGE FUNDS FOR MORE THAN 300 LOW- AND MODERATE-INCOME...
FANNIE MAE, WASHINGTON STATE HOUSING FINANCE COMMISSION ANNOUNCE NEW AFFORDABLE MORTGAGE LOAN PROGRAMS FOR HOME BUYERS IN WASHINGTON
Transforming Neighborhoods.
Fannie Mae unveils initiative to raise minority homeownership rate.
PA Governor Rendell, Fannie Mae Chairman Announce Program to Aid 250,000 Families with Homeownership.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters