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CITIBANK ANNOUNCES AGREEMENT WITH SONYMA

 NEW YORK, Dec. 21 /PRNewswire/ -- Citibank said today it has signed a new agreement with the State of New York Mortgage Agency to provide below-market home financing for qualified borrowers in the New York metropolitan area.
 The bank noted that participating in the SONYMA program is part of an ongoing effort to expand the ways in which it meets the credit needs of its communities. Terms for the program are set by the agency and designed to meet the borrowing needs of low-to-moderate income consumers.
 Current terms for the SONYMA financing through Citibank include a below market 30-year fixed rate loan of 6.5 percent for the first three years and 7.9 percent for the balance of the loan; down payments of 5 percent on 1-to-2 family homes and 10 percent on 3-to-4 family homes. The below-market rates and lower down payments make homeownership more affordable, especially for first-time home buyers.
 The SONYMA financing is available on 1-to-4 family homes, condominiums and co-ops. Applicants must meet certain eligibility criteria determined by the agency. These include maximum income and maximum purchase price guidelines which are based on the location of the property and the size of the household. Areas that SONYMA has designated as "target" communities have more lenient guidelines, including higher household incomes and purchase price limits.
 Citibank said other ways in which it is increasing access to home financing for low-to-moderate income families include conducting targeted, community based consumer education seminars; offering a Community Homebuyers program, a lending program designed for customers with low-to-moderate incomes; being a founding member of the New York Mortgage Coalition, a group of eight area banks that have agreed to establish individual lending and joint education and counseling programs for low-to-moderate income and minority applicants in an effort to increase the number of loans made.
 Brochures describing the SONYMA program are available by calling 800-835-CITI, extension SONY.
 -0- 12/21/92
 /CONTACT: Maria Rullo of Citibank, 212-559-0409/
 (CCI)


CO: Citibank; State of New York Mortgage Agency ST: New York IN: FIN SU:

GK-PS -- NY035 -- 0136 12/21/92 12:33 PST
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Publication:PR Newswire
Date:Dec 21, 1992
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