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FIDELITY BANK LAUNCHES NEW LOW- AND MODERATE-INCOME MORTGAGE PLAN

 FIDELITY BANK LAUNCHES NEW LOW- AND MODERATE-INCOME MORTGAGE PLAN
 PHILADELPHIA, May 11 /PRNewswire/ -- Fidelity Bank today announced the introduction of its Pennsylvania Coalition Mortgage Loan Plan, a below market, fixed rate 30-year conventional mortgage designed to help first time buyers purchase a home.
 The mortgage was created to address the special needs of low- and moderate-income home buyers through features such as discounted rates, higher than normal housing and total debt ratios, and no private mortgage insurance requirement. In addition to substantial savings on monthly payments, homebuyers save on up-front costs as well, paying only a one point origination fee.
 "We are pleased to introduce a mortgage plan which will help many people realize the dream of home ownership, a dream that for some cannot be achieved through traditional mortgage financing," said Roland K. Bullard II, Fidelity's president and chief executive officer. "Fidelity Bank is committed to meeting the credit needs of all segments of the areas we serve and has been a leader in the development of innovative programs responsive to community needs. Our Pennsylvania Coalition Mortgage Plan is the newest addition to Fidelity's family of Community Home Mortgage products and we believe it is one of the best and most competitive products of its type available in our marketplace."
 Fidelity's Pennsylvania Coalition Mortgage rates are discounted 1.5 percent for low-income buyers, and 1 percent for moderate-income buyers, below the bank's prevailing market rate on 30-year fixed mortgage rates. Prospective borrowers' gross family incomes cannot exceed $20,600 to qualify as low income, or $32,960 for moderate income. Income guidelines are based on county median income figures established annually by the Department of Housing and Urban Development.
 Other attractive features of Fidelity's Pennsylvania Coalition Mortgage are housing and total debt ratios of 33 percent and 38 percent, respectively, which are higher than conventional mortgage financing would allow; a minimum down payment of 5 percent; the waiving of private mortgage insurance and the fact that the mortgage can be used to purchase one-to-four family, owner-occupied residential properties.
 For more information about Fidelity's Pennsylvania Coalition Mortgage Plan, or other Community Home Mortgage products, the bank has a Mortgage Help Desk available by calling, 800-742-5449. Applications for Fidelity's Pennsylvania Coalition Mortgages are available at all Fidelity Bank offices.
 /delval/
 -0- 5/11/92
 /CONTACT: Barbara Nate, 215-985-7003, or Doreen Naughton,


215-985-7297, both of Fidelity Bank/
 (FFB) CO: Fidelity Bank ST: Pennsylvania IN: FIN SU:


MP-JS -- PH035 -- 8749 05/11/92 15:36 EDT
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Publication:PR Newswire
Date:May 11, 1992
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