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PENNSYLVANIA HOUSING FINANCE AGENCY EXTENDS MORTGAGE PROGRAM; PROVIDENT NATIONAL BANK CONTINUES TO ACCEPT LOAN APPLICATIONS

 PENNSYLVANIA HOUSING FINANCE AGENCY EXTENDS MORTGAGE PROGRAM;
 PROVIDENT NATIONAL BANK CONTINUES TO ACCEPT LOAN APPLICATIONS
 PHILADELPHIA, Aug. 31 /PRNewswire/ -- In an effort to offset recent increases in conventional mortgage rates and to assist first-time home buyers, the Pennsylvania Housing Finance Agency has committed to extending its "no-origination-fee" mortgage loan until Sept. 15 or until $25 million in mortgages have been committed.
 The loan offer was originally scheduled to conclude today.
 The annual percentage rate for the new money is 7.85 percent on a 30-year fixed-rate mortgage. The state requires just a 5 percent downpayment, of which 2 percent can be contributed by a relative. The state has waived the one-point loan origination and $300 administration fee. Low-income buyers also can apply for up to $2,500 in state assistance on closing costs.
 Unlike past state loan offers, this is not a lottery process -- all qualified applicants will receive loans as long as funds last.
 Provident National Bank is one of the lenders participating in the state program. Interested homebuyers can get more information about purchase price limits, income limits and qualifying by calling Provident National Bank's Mortgage Department at 215-956-2590 or the state's toll- free mortgage hotline at 800-822-1174.
 Provident National Bank is a PNC Bank. PNC Financial Corp., headquartered in Pittsburgh, is the nation's 13th-largest holding company, with assets of $45.5 billion. It operates approximately 500 community banking offices in Pennsylvania, Kentucky, Ohio, Indiana and Delaware and conducts business through additional offices in 16 states.
 PNC's principal banking affiliates include: Pittsburgh National Bank, Pittsburgh; Provident National Bank, Philadelphia; Citizens Fidelity Bank, Louisville, Ky.; Central Trust, Cincinnati; Bank of Delaware, Wilmington, Del.; Northeastern Bank, Scranton, Pa.; Marine Bank, Erie, Pa.; PNC National Bank, Wilmington, Del.; Hershey Bank, Hershey, Pa.; and the First Bank and Trust Company, Mechanicsburg, Pa.
 /delval/
 -0- 8/31/92
 /CONTACT: Barbara Gall of Provident National Bank, 215-585-8536/ CO: Provident National Bank ST: Pennsylvania IN: SU:


MJ-CC -- PH032 -- 5153 08/31/92 17:35 EDT
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Publication:PR Newswire
Date:Aug 31, 1992
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