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CALIFORNIA FEDERAL BANK OFFERS LOW-INCOME HOME OWNERSHIP PROGRAM TO SAN DIEGO RESIDENTS

 LOS ANGELES, July 19 /PRNewswire/ -- California Federal Bank today announced that its Low-Income Home Ownership Program has expanded to include selected areas of San Diego County.
 The Bank's Low-Income Home Ownership Program offers a mortgage loan with a low fixed interest rate and reduced fees which may help families overcome the financial obstacles associated with purchasing a home. The Low-Income Home Ownership Program is one of the bank's community partnership loan programs that offers more flexible underwriting standards and lower down payments to families who might not qualify under traditional underwriting standards.
 Highlights of the program include:
 -- A 7.00 percent fixed interest rate for 30 years;
 -- As little as a 5 percent down payment (of which 2 percent can be
 a gift or grant);
 -- More flexible underwriting standards;
 -- A flat $750 loan fee; and
 -- Application and appraisal fees waived.
 "By reducing the interest rate and fees involved with purchasing a home, Cal Fed is striving to make the potential for homeownership a reality for more residents of San Diego County," said Christina Sutherland, Cal Fed's first vice president and Community Reinvestment manager.
 Properties that are eligible for purchase under the program must be located in San Diego County and within targeted areas where the bank wants to increase its lending activity. In addition, maximum household income cannot exceed the area's median income of $41,300.
 As part of the Low-Income Home Ownership Program, California Federal Bank offers a complimentary seminar for all prospective applicants, which provides guidance on selecting a home, the mortgage loan process and budgeting to meet the monthly housing and maintenance expenses associated with owning a home.
 Prospective applicants should contact their local California Federal Bank branch for further information.
 The Low-Income Home Ownership Program is the latest among several of California Federal Bank's Community Partnership Programs designed to develop effective ways of meeting the housing needs of all the bank's communities.
 California Federal Bank, FSB, provides retail banking services through its 182 savings and lending offices in California, Florida, Nevada and Georgia.
 -0- 7/19/93
 /CONTACT: Frank W. Moore of California Federal Bank, 213-932-4203/


CO: California Federal Bank ST: California IN: FIN SU:

JB -- LA017 -- 3055 07/19/93 12:38 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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