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PRESIDENT'S FIRST-TIME HOME BUYER TAX CREDIT WOULD SUPPLEMENT NUMEROUS EXISTING PROGRAMS OFFERED BY FIRST SECURITY SAVINGS BANK

PRESIDENT'S FIRST-TIME HOME BUYER TAX CREDIT WOULD SUPPLEMENT NUMEROUS
 EXISTING PROGRAMS OFFERED BY FIRST SECURITY SAVINGS BANK
 BLOOMFIELD HILLS, Mich., Jan. 30 /PRNewswire/ -- First-time home buyers need not wait for President Bush's tax credit to take advantage of several special first-time buyer programs offered by First Security Savings Bank and a number of government programs available through the bank.
 Among its own programs for first-time home buyers, First Security offers a 25-percent discount on origination fees, a no-mortgage insurance option, and a zero-point mortgage option. Each of these enables buyers to lower their closing costs significantly, thus reducing the amount of cash required to purchase a home.
 First Security also aggressively promotes a range of state and federal programs for first-time and other home buyers who meet certain criteria.
 The Michigan State Housing Development Authority (MSHDA) offers significantly reduced interest rate mortgages financed through state issued mortgage bonds for borrowers meeting certain sale price and income requirements.
 Also available is a Michigan Certificate of Credit (MCC) which allows borrowers meeting certain sale price and income requirements to obtain a tax credit for 80 percent of their mortgage interest with the other 20 percent allowed as a standard deduction.
 The Federal National Mortgage Association's (FANNIE MAE) Community Home Buyers Program provides conventional mortgages with maximum sales price limits that enable a 5-percent down payment with no payment reserve requirements. This program allows considerable flexibility in qualifying standards on income and gifts from family members up to 2 percent of the down payment.
 First Security also provides FHA mortgages requiring a 3-percent down payment, and VA loans for veterans requiring no down payment.
 To participate in any of these state or federal programs, loan seekers must apply through a financial institution.
 "We welcome President Bush's call for a $5,000 tax credit for first- time home buyers," Mark T. Hammond, executive vice president for First Security, said, "but those buyers should know that there already exist very attractive programs designed to save them money in purchasing their first home.
 "Our own customized first-time buyer programs will take the bite out of closing costs, while the state and federal programs offer lower rates and tax benefits."
 First Security Savings Bank, a federally chartered lending institution, is one of the Midwest's largest originators and financers of residential mortgage loans. It operates 12 offices in Michigan and four in Ohio.
 -0- 1/30/92
 /CONTACT: Mark T. Hammond of First Security Savings Bank, 313-352-7700; or Fred Zosel of Frederick R. Zosel & Associates, 313-343-0203, for First Security Savings Bank/ CO: First Security Savings Bank ST: Michigan IN: FIN SU:


KK-JG -- DE014 -- 5352 01/30/92 14:55 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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