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COMERICA INTRODUCES AFFORDABLE MORTGAGE PROGRAM

 DETROIT, Nov. 16 /PRNewswire/ -- Comerica Mortgage Corporation today introduced the Mortgage Affordability Program (MAP) to make home ownership more affordable for individuals with household incomes of $35,000 or less.
 "We recognized that the American dream of owning a home was becoming unreachable for many individuals because of the amount of cash required at closing," said Peter Kehoe, senior vice president of Comerica Mortgage Corporation. "Comerica's Mortgage Affordability Program will help individuals with modest incomes realize that dream," he said.
 M.A.P. combines a mortgage with an installment loan to minimize the down
payment and reduce the amount of cash required at closing. The program's features include:
 a zero-point mortgage,
 a 10-year installment loan for up to $4,000 that can be
 used to provide up to 2 percent of the down payment and
 to cover fees and closing costs, excluding hazard
 insurance and private mortgage insurance (PMI),
 a minimum down payment of 5 percent of the home's sale
 price, of which 2 percent can be financed with the 10-
 year installment loan,
 a 5 percent installment loan rate and
 availability in select urban communities. (See list.)
 Individuals interested in learning more about Comerica's Mortgage Affordability Program should call 1-800-228-3292 and ask for the M.A.P. operator.
 Comerica's Mortgage Affordability Program is available in the following communities:
 Ann Arbor(A)
 Battle Creek(A)
 Detroit
 Ecorse
 Ferndale(A)
 Grand Rapids
 Hamtramck
 Hazel Park(A)
 Highland Park
 Inkster(A)
 Jackson(A)
 Kalamazoo(A)
 Lansing(A)
 Midland(A)
 Monroe(A)
 Mt. Clemens(A)
 Muskegon(A)
 Muskegon Heights(A)
 Oak Park(A)
 Pontiac(A)
 River Rouge
 Romulus(A)
 Warren(A)
 Ypsilanti(A)
 (A) program available in select census tracts only
 -0- 11/16/93
 /CONTACT: Sharon R. McMurray, 313-222-4881, or Kathleen A. Pitton, 313-222-4916, both of Comerica/
 (CMA)


CO: Comerica Mortgage Corporation ST: Michigan IN: FIN SU: PDT

ML -- DE013 -- 4994 11/16/93 10:43 EST
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Publication:PR Newswire
Date:Nov 16, 1993
Words:315
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