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PENNSYLVANIA HOUSING FINANCE AGENCY OFFERS LOW COST MORTGAGES

 PENNSYLVANIA HOUSING FINANCE AGENCY OFFERS LOW COST MORTGAGES
 HARRISBURG, Pa., Nov. 5 /PRNewswire/ -- Karl Smith, executive director of the Pennsylvania Housing Finance Agency, announced today that the PHFA's "no-origination-fee" 7.85 percent mortgage loans are now available on a first come, first served basis at participating lenders.
 "By eliminating the up front cost of purchasing a home and offering one of the lowest rates in the state, PHFA is making it easier for low and moderate income citizens to buy a house," Smith said.
 PHFA has previously charged one point, or one percent of the mortgage amount, plus $300, to defray program expenses. However, the agency has waived the fee to make housing more affordable to consumers. Qualified borrowers also benefit from other reduced fees and more liberal underwriting guidelines.
 PHFA mortgage loans are presently available at more than 50 lending institutions statewide. Prospective buyers can get program information such as purchase price limits, income limits and lender locations by calling the toll-free mortgage hotline at 800-822-1174.
 The Pennsylvania Housing Finance Agency has provided more than 2 billion dollars of mortgage loans for 45,000 families. Proceeds for the loans come from investors who buy PHFA securities, not from tax dollars.
 /delval/
 -0- 11/5/92
 /CONTACT: Pamela Pryzie of the Pennsylvania Housing Finance Agency, 717-780-3915 or 717-780-3890/ CO: Pennsylvania Housing Finance Agency ST: Pennsylvania IN: SU:


MJ-JS -- PH018 -- 2989 11/05/92 10:38 EST
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Date:Nov 5, 1992
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