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HOME OWNERSHIP NOW WITHIN REACH FOR QUALIFIED RESIDENTS OF CENTRAL FLORIDA

 HOME OWNERSHIP NOW WITHIN REACH FOR
 QUALIFIED RESIDENTS OF CENTRAL FLORIDA
 ORLANDO, Fla., Jan. 7 /PRNewswire/ -- A program to help low to moderate income families get affordable home financing will be offered by SunBank beginning Jan. 16 in Orange, Seminole, Osceola, Lake and Brevard counties. Called the Community Home Buyer Program, it will serve three key needs for low to moderate income families. First, participants will learn about home financing, budgeting, and home buying tips in a series of seminars. Then, participants who complete the program will be eligible for home financing that offers more liberal underwriting guidelines: for example, the down payment requirement will be 5 percent rather than the 10 percent to 20 percent typically required. Third, participants will learn about a new savings program to assist in establishing a down payment for purchasing a home.
 In order to qualify for the program, participants can have a maximum household income level according to these categories: Orange, Seminole, Osceola -- $43,125; Lake -- $31,395; and Brevard -- $40,020.
 As part of this program, SunBank is offering a special product. The Home Buyer Savings Plan offers a unique opportunity to plan for the purchase of a home. This savings program requires the customer to deposit a specified amount twice a month into a savings account. They contribute to this account for three years. During this time, SunBank pays interest on the customer's Home Buyer Savings Plan balance at preferred rates each month. At the end of the three years, a customer should have enough saved for the down payment on a home. They may then apply for a mortgage with SunBank.
 If you would like to register for the seminar or need more information about this program, contact SunBank at 407-237-4420.
 -0- 1/7/92
 /CONTACT: John J. McGuire, executive vice president of SunBank, 407-237-5109/ CO: SunBank, N.A. ST: Florida IN: FIN SU: PDT


AW-JJ -- FL011 -- 7387 01/07/92 14:34 EST
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Publication:PR Newswire
Date:Jan 7, 1992
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