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NATIONAL COMMUNITY BANK INTRODUCES LOW INCOME LOAN PROGRAM

 NATIONAL COMMUNITY BANK INTRODUCES LOW INCOME LOAN PROGRAM
 WEST PATERSON, N.J., May 13 /PRNewswire/ -- Robert M. Kossick,


chairman and chief executive officer of National Community Bank, has recently announced the introduction of a special loan program developed for low and moderate income first time home buyers, and low to moderate income home owners. Low to moderate income is defined as 80 percent or less of the median income, in the county where the property is located.
 Low Rate, No Point First Mortgages
 for First-Time Buyers
 For first-time home buyers, Kossick stated that this program "gives qualifying low and moderate income families the ability to finance a mortgage at a low rate, with a minimal down payment and without the added expense of payment of points. "It's often the combination of high down payment and the payment of points," Kossick said, "that prevents families from being able to afford a first-time home purchase. Therefore, we have made a commitment to New Jerseyans who ordinarily might have difficulty obtaining a mortgage because of down payment requirements and/or payment of points."
 Kossick stated that the mortgages offer "NCB's best rate, currently 8.75 percent APR, fixed for 30 years, with a loan to value ratio of up to 90 percent (with private mortgage insurance), up to a maximum of $115,000." He added that low and moderate income first-time home buyers "would do well to take advantage of this program, given the affordable price of many of the homes in today's real estate market." He also added that the bank has allocated $20 million to implement this program.
 Low Rate Home Improvement Loans Offered
 Kossick also said that the bank's home improvement program for existing homeowners will give residents in the low to moderate income category the ability to make repairs and improvements on their homes with loans at very low interest rates. Those interested may now apply at any one of the bank's more than 100 locations throughout the state for a special home improvement loan "at a rate below our normal home improvement rate," he said. Currently, the special rate is at 6.9 percent APR, for amounts as high as $15,000, with terms as long as 15 years. "For example," he noted, "a borrower would make 180 monthly payments of only $8.93 for each $1,000 borrowed.
 "We are New Jersey's bank," Kossick said, "committed to the communities, the municipalities and the people in this state." He added that as New Jerseyans take advantage of products like these new low and moderate income low rate loans through National Community Bank, they're also "helping to get things moving again throughout the state."
 More information on either of these programs may be obtained by calling National Community Bank's toll free number: 1-800-962-2810.
 -0- 5/13/92
 /CONTACT: William Best of National Community Bank, 201-357-7557/
 (NCBR) CO: National Community Bank ST: New Jersey IN: FIN SU: PDT


GK-LR -- NY066 -- 9740 05/13/92 13:32 EDT
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Publication:PR Newswire
Date:May 13, 1992
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