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FANNIE MAE, 23 MASSACHUSETTS LENDERS TO MAKE AVAILABLE $300 MILLION IN AFFORDABLE MORTGAGE LOANS ACROSS STATE

 BOSTON, Feb. 17 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM), the nation's largest source of home mortgage funds, today announced that it will make more than $300 million in affordable home loans available to low- and moderate- income and minority borrowers under a mortgage plan available through 23 Massachusetts lenders.
 Under Fannie Mae's Community Home Buyer's and FannieNeighbors Programs borrowers have access to flexible mortgages with down payments as low as 3 percent. The Community Home Buyer's Program focuses on individual families with modest incomes, whereas FannieNeighbors works to revitalize neighborhoods through specially designed mortgages.
 Geoffrey Smith, Fannie Mae regional director of low- and moderate-income housing, said, "We are delighted to work as partners with Massachusetts lenders to provide access to affordable, flexible mortgage funds that can also help make neighborhoods across the Bay State better places to live."
 According to Smith, consumers will have immediate access to information on both affordable mortgage programs and on the lenders making the loans by phoning 800-7-FANNIE.
 The Community Home Buyer's Program, which has resulted in $3.2 billion in loans made nationwide since 1991, provides families a mortgage option with down payments as low as 3 percent of their own funds, as well as flexible qualification guidelines. Important loan features:
 -- With the Community Home Buyer's 3/2 option, home buyers are able to use a gift from a family member or a grant or an unsecured loan from a non-profit agency for up to 2 percent of the required 5 percent down payment.
 -- Home buyers with family incomes up to 115 percent of the area median are eligible.
 -- Home buyers may devote up to 33 percent of their income to housing expenses, rather than the standard 28 percent; and up to 38 percent of their income on general long-term obligations, instead of the typical 36 percent.
 -- For those with brief credit histories, use of alternative means of demonstrating good credit, such as utility payments and rent paid to landlords, is acceptable.
 -- Home buyer education is provided as part of the program.
 Neighborhoods that are either 50 percent or more minority or have median incomes of up to 80 percent of the area median are eligible for FannieNeighbors. This type of financing offers the same flexible down payment and qualification requirements as the Community Home Buyer's Program to families living in such neighborhoods with incomes up to 140 percent of the area median (up to 150 percent in the high- cost Boston area).
 "By allowing a wider range of family incomes, the FannieNeighbors program helps provide a tool to revitalize neighborhoods," said Smith.
 Following are the income limits for both the Community Home Buyer's Program and FannieNeighbors in selected metropolitan areas in Massachusetts:
 MSA Income Limits for Income Limits for the
 Community Home Buyer's FannieNeighbors Program
 Boston $58,765 $76,650
 Brockton $53,245 $64,820
 Fall River $41,630 $50,680
 Fitchburg-
 Leominster $46,920 $57,120
 Lawrence-
 Haverhill $55,200 $67,200
 Lowell $58,190 $70,840
 New Bedford $41,285 $50,260
 Pawtucket-
 Woonsocket $46,345 $56,420
 Pittsfield $46,345 $56,420
 Salem-Gloucester $59,915 $72,940
 Springfield $45,885 $55,860
 Worcester $49,680 $60,480
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and is the nation's largest investor in home mortgages.
 -0- 2/17/93
 /NOTE: The following is a list of lenders participating in the Community Home Buyer's and FannieNeighbors programs in Massachusetts:
 Abington Savings Bank
 Bay Bank
 The Boston Five Cents Savings Bank, FSB
 Bristol Mortgage Company
 Cambridgeport Mortgage
 The Cape Cod Five
 The Co-operative Bank
 CUMEX Mortgage Corp., Inc.
 Eastern Bank
 Family Bank
 First Essex Savings Bank
 First Federal Savings Bank of America
 First NH Mortgage Corp.
 Graystone Mortgage
 Hudson National Bank
 Lexington Savings Bank
 Northern Mortgage
 Plymouth Mortgage Company
 Rockland Trust
 Salem Five Mortgage Corporation
 Springfield Institution for Savings
 Stoneham Co-operative Bank
 United Co-operative Bank/
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM)


CO: Fannie Mae ST: Massachusetts IN: FIN SU:

DC -- DC016 -- 7259 02/17/93 11:07 EST
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