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NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR EL PASO COUNTY HOME BUYERS

 NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR EL PASO
 COUNTY HOME BUYERS
 WASHINGTON, Dec. 19 /PRNewswire/ -- More than 200 El Paso County, Colo., families, most buying homes for the first time, will have access to mortgages with below-market interest rates through a new partnership announced today by the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) and the El Paso County Office of Economic Development and Public Finance.
 Fannie Mae, which is the nation's largest investor in home mortgages, is making available $12 million in 30-year, fixed-rate, FHA/VA mortgage loans at 7.45 percent through its recent purchase of tax-exempt, single-family mortgage revenue bonds issued by El Paso County.
 "This partnership between the El Paso County Office of Economic Development and Public Finance and Fannie Mae will make the dream of homeownership a reality for many El Paso County residents," Sen. Tim Wirth (D-Colo.) said. "In these difficult economic times, it is reassuring to see this type of cooperation between local government and a federally chartered corporation -- something that benefits the entire region."
 Gary L. Shupp, chairman of the Board of County Commissioners, explained, "Fannie Mae's purchase of the bonds enables the county to lower its borrowing costs, thereby passing on the savings to El Paso County home buyers in the form of below-market rate mortgages."
 "The interest rate is the lowest for any bond program in the nation," said Frank Barber, El Paso County Special District and Bond Department. "This issue is the result of an extra allowance for bonds directed to El Paso County from the State of Colorado and the city."
 Mortgage loans will be offered on a first-come, first-served basis to low- and moderate-income households in El Paso County. Home buyer's eligibility for participation in the home finance program will depend upon home prices and family incomes.
 Interested home buyers should contact the county at 520-6481 or participating lenders to determine specific eligibility requirements. Participating lenders are: Colorado National Bank Exchange, 719-636-3921; Affiliated National Bank, 719-471-5033; Countrywide Funding Corp., 719-548-8111; and Intermountain Mortgage Co., 719-531-5311; Colorado Springs Savings, 719-528-4000; and FBS Mortgage, 719-570-1200.
 "Our partnership with El Paso County is an example of Fannie Mae's success in working with local and state housing finance agencies to create affordable home financing for low- and moderate- income home buyers across the country," said Judy Dedmon, senior vice president of Fannie Mae's Dallas-based, ten-state Southwestern Regional Office.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 12/19/91
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Fannie Mae ST: Colorado IN: FIN SU:


SB -- DC024 -- 3998 12/19/91 14:38 EST
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Publication:PR Newswire
Date:Dec 19, 1991
Words:450
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