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SUNBANK MAKES HOME OWNERSHIP WITHIN REACH FOR QUALIFIED RESIDENTS OF CENTRAL FLORIDA

 SUNBANK MAKES HOME OWNERSHIP WITHIN REACH
 FOR QUALIFIED RESIDENTS OF CENTRAL FLORIDA
 ORLANDO, Fla., March 19 /PRNewswire/ -- SunBank is once again offering its program to assist low to moderate income families in Orange, Seminole, Osceola, Lake and Brevard counties in getting affordable home financing beginning April 9. Called the Community Home Buyer Program, the plan serves three key needs for low to moderate income families. First, participants learn about home financing, budgeting techniques, and home buying tips through a series of seminars. Then, participants who complete the program become eligible for home financing that offers more liberal underwriting guidelines. For example, the down payment requirement will be 5 percent rather than the 10 percent to 20 percent typically required. Third, participants become eligible to participate in a savings program which assists in establishing a down payment to purchase a home.
 In order to qualify for the program, the participant's maximum household income level should follow these categories: Orange, Seminole, Osceola -- $43,125; Lake -- $31,395; and Brevard -- $40,020.
 SunBank is also continuing to offer a unique element of the program, the Home Buyers Savings Plan, which assists in planning for the purchase of a home. This savings program requires the customer to deposit a specified amount twice a month into a savings account over a three-year period. During this time, SunBank pays interest on the customer's Home Buyer Savings Plan balance at preferred rates each month. At the end of the three year period, the customer should have enough saved for the down payment on a home and then may apply for a mortgage with SunBank.
 Anyone who would like to register for the seminar or who needs more information about this program, contact SunBank at 407-237-4420.
 -0- 3/19/92
 /CONTACT: John J. McGuire, executive vice president of SunBank, 407-237-5109/ CO: SunBank ST: Florida IN: FIN SU: PDT


AW-JJ -- FL006 -- 9659 03/19/92 11:58 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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