Public Information Office
210 S. McDonald St. Suite 540
McKinney, TX  75069

FOR IMMEDIATE RELEASE

CONTACT: Leigh Hornsby, Public Information Officer
972-548-4772
publicrelations@co.collin.tx.us

January 30, 2003

Collin County, Lenders Reduces Mortgage Program Rate

(McKinney, TX) - Collin County is reducing the mortgage loan rate by .35 percent for first-time home buyers enrolled in the "Eyes of Texas" mortgage program, which is a special partnership between the Collin County Housing Finance Corporation and local home mortgage lenders. The program is designed to help home buyers purchase a newly constructed or existing home by providing a 30-year fixed rate loan with down payment and closing cost assistance equal to three-percent of the loan amount.

Prior to this week's action by the Collin County Commissioners' Court, the loan rate was 6.85 percent. The rate is now 6.5 percent. The Commissioners' Court also extended the duration of the program through December 2003.

The loan types are Conventional, FHA-insured, VA-Guaranteed or USDA-RD. Homes must be located within Collin County, excluding the geographic areas within the boundaries of the city of Dallas and the city of Garland. Borrowers cannot have had an ownership interest in any principal residence during the last three years and must meet normal mortgage underwriting requirements.