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HOMEBANC MORTGAGE AND FANNIE MAE TO INTRODUCE COMMUNITY LENDING PROGRAM

 ATLANTA, Oct. 29 /PRNewswire/ -- HomeBanc Mortgage Corporation, Atlanta's number one residential lender, and Fannie Mae, the Federal National Mortgage Association, have formed a team to introduce a new program, a community lending program with lender-provided down payment assistance.
 Fannie Mae's corporate mission is to provide products and services that increase the availability and affordability of housing for low-, moderate-, and middle-income Americans. Pat Flood, executive vice president of HomeBanc Mortgage, stated, "It is exciting to be on Fannie Mae's team investing both financial and intellectual capital in helping people to achieve decent and affordable housing."
 The new joint program allows HomeBanc Mortgage Corporation to lend 2 percent of the down payment as an additional portion of the first mortgage with only a slight (.50 percent) increase in rate. This requires the borrowers to contribute only 3 percent of their own funds. Home buyers under the program will have the option of qualifying for their loans using the flexible underwriting features of Fannie Mae's Community Home Buyers Program. The program is designed for low- and moderate-income families, who have good credit, but who may not qualify for mortgages or could not afford the higher down payment requirements under traditional underwriting standards.
 Borrowers eligible for the program are those who make 100 percent or less of the median income for their area. The median income for Atlanta is $46,500.00.
 The plan also includes individual home ownership counseling using Fannie Mae's "Guide to Home Ownership," a comprehensive manual benefiting all, but particularly, first-time home purchasers.
 -0- 10/29/93
 /CONTACT: Barbara H. Aiken of HomeBanc Mortgage, 404-303-4182/


CO: HomeBanc Mortgage Corporation; Federal National Mortgage
 Association ST: Georgia IN: FIN SU:


BR-CF -- AT014 -- 8638 10/29/93 15:28 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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