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RENTERS LISTEN UP: HOME OWNERSHIP IS WITHIN REACH; ASK FOR COUNTRYWIDE'S FREE VIDEO, AVAILABLE IN ENGLISH AND SPANISH

Narration by Actor James Earl Jones and Newscaster Fernando Escandon
 PASADENA, Calif., Jan. 14 /PRNewswire/ -- Consumers who believe that home ownership is an impossible dream should call 800-577-3732 for a free copy of a new video, "A Feeling Called Home." Offered by Countrywide Funding Corp., the nation's largest mortgage lender and servicer, the video traces three families who ultimately become home owners through Countrywide's affordable home loan program called House America(SM). The video is available in English and Spanish versions, with narration by James Earl Jones, the Tony Award-winning actor, and Fernando Escandon, Spanish-language radio and television newscaster. To get a free copy, consumers can call the toll-free number between 5 a.m. and 8 p.m. (PT).
 Families profiled in the 20-minute documentary include a hard- working, African-American family in Chicago, a Hispanic farm-working couple in Fresno, Calif., and a single, working grandmother in Orlando. All three qualified for a House America loan, which requires only a 5 percent down payment, offers more flexible guidelines than traditional underwriting standards (in areas such as credit and employment history), requires less income to qualify and has no cash reserve requirements after the loan closes. Countrywide is committed to fund $5 billion in House America loans this year.
 "We want to inspire renters to seek out home ownership opportunities," said Paul Ralser, director of affordable housing at Countrywide. "We believe that the video gets the message across that home ownership is a real possibility. Low interest rates, housing costs and lower down payments place home ownership within the reach of thousands of borrowers."
 To further help potential home buyers, Countrywide has opened the House America Counseling Center. Consumers can speak with advisors to determine "how much house" they can afford by calling a toll-free number (800-577-3732) from 5 a.m. - 8 p.m. (PT).
 If the caller does not pre-qualify for a home loan, the counselor will work with that individual for up to one year to address weaknesses in the loan profile in order to rectify the issue and help him/her qualify for a home loan. The counseling staff is fluent in a variety of languages, including Spanish, Vietnamese, Cantonese and Mandarin.
 Countrywide Funding Corp. originates and services single-family home loans. Founded in 1969, Countrywide employs more than 4,800 people at its Pasadena headquarters and in more than 360 offices across the nation.
 -0- 1/14/94
 /CONTACT: Catherine Zimring, 818-666-3843, or Janet Otsuki, 818-666-4267/


CO: Countrywide Funding Corp. ST: California IN: FIN SU: PDT

JB-LS -- LA001 -- 2029 01/14/94 08:00 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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