Submitted by: Fannie Mae
Categories: Community Development
Posted: Mar 11, 2001 – 11:00 PM EST
Mar. 11 /CSRwire/ - Low- and moderate-income home buyers living in Comanche County will now have access to low interest mortgage financing and down payment and closing cost assistance, as a result of a $14 million mortgage revenue bond (MRB) issued by the Comanche County Home Finance Authority. Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, purchased $11.4 million of the bonds, which will provide below market mortgage financing for more than 250 low- and moderate-income Comanche County families.
Bond proceeds will be made available through participating lenders Countrywide Home Loans, BankOklahoma Mortgage, and Local Federal Mortgage. Qualifying home buyers will be eligible for mortgage loans offered at a fixed rate of 6.96 percent for 30-year terms with a down payment and closing cost assistance grant equal to 4 percent of the loan amount. For example, on a $70,000 loan, home buyers may receive $2,800 in down payment assistance.
The maximum annual income of eligible home buyers is $46,080 for a single or two-person household, and $53,760 for families of three or more. Maximum home costs range from $77,003 for an existing home and $141,284 for a newly constructed home.
"We really want to get the word out that this is a great opportunity for low- and moderate-income residents of Comanche County to take advantage of this low interest rate financing and down payment and closing cost assistance," explained Commissioner Larry Buchwald. "Through this agreement with our lender partners and Fannie Mae, we are able to offer these attractive mortgage terms to area families who might otherwise be unable to purchase a home."
"The bond program announced today will help many of the low-income families, served by the Foundation, become homeowners," said Odell Gunter, executive director of the Great Plains Improvement Foundation, Inc.
Since 1987, Fannie Mae has purchased more than $15 billion in MRBs from state and local housing finance agencies within every state in the country, making homeownership possible for approximately 250,000 low- and moderate-income home buyers.
"Our MRB investments have enabled Oklahoma housing finance corporations to stretch their scarce resources and extend homeownership opportunities to thousands of first-time home buyers," said Rex Smitherman, director of Fannie Mae’s Oklahoma Partnership Office. "Homeownership is an important goal for most families and Fannie Mae is delighted to be able to help so many Comanche County low- and moderate-income families achieve their dream."
For more information on the Comanche County Home Finance Authority’s below market mortgage rates and down payment assistance, interested borrowers should call one of the following participating lenders:
BankOklahoma Countrywide Home Loans Local Federal Mortgage
(580) 250-0070 (580) 357-3700 (580) 250-2285
The partnership with the Comanche County Home Finance Authority is part of Fannie Mae’s "HouseOklahoma" investment plan, a five-year, $4 billion initiative to finance affordable housing for 58,000 families throughout the State of Oklahoma. HouseOklahoma is part of the company’s nationwide $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade.
For more information, please contact: