Public Information Office
210 S. McDonald St. Suite 636
McKinney, TX 75069
FOR IMMEDIATE RELEASE
CONTACT: Leigh Hornsby
Public Information Officer
972-548-4772
publicrelations@co.collin.tx.us
November 7, 2003
Collin County Housing Finance Corporation announces $20.9 million in affordable mortgage funds and down payment assistance for area homebuyers
(McKinney, TX) – Low and moderate-income first-time homebuyers living in
Collin County will now have access to low-interest mortgage financing and
down payment and closing cost assistance through a $20.9 million mortgage
revenue bond (MRB) issued by the Collin County Housing Finance Corporation.
Fannie Mae, the nation’s largest source of financing for home mortgages, purchased
the bond issuance, which will provide affordable homeownership opportunities
to approximately 220 low and moderate-income Collin County families. First
Southwest Company served as Financial Advisor to the Housing Finance Corporation
in connection with the transaction.
“This is a great opportunity for first-time homebuyers living in Collin County,”
says Collin County Judge Ron Harris. “Homeownership is the dream of most Americans,
and that dream is attainable with the kind of affordable financing provided
through Mortgage Revenue Bond Financing.”
“We’re doing what we can to get the message out about this program,” says
Collin County Commissioner Joe Jaynes. “The program can absolutely impact
the quality of life for families throughout the county.”
Bond proceeds will be made available through participating lenders to qualifying
homebuyers. Mortgage loans will initially be offered at a fixed rate of 6.30
percent for 28-year terms with a down payment and closing cost assistance
grant equal to 4.50 percent of the loan amount. For example, on a $100,000
loan, homebuyers can receive $4,500 in assistance.
“We are very pleased to offer the competitively priced mortgage funds and
down payment assistance grants to first-time, low and moderate-income homebuyers,”
says Collin County Commissioner Jerry Hoagland. “The right financing really
makes a difference in the affordability of a home.”
The maximum annual income of eligible homebuyers is $66,500 for a single or
two-person household, and $76,475 for families of three or more. Maximum home
costs range from $159,620 for an existing home to $171,155 for a newly constructed
home. The program is limited to first-time homebuyers, which means that eligible
borrowers cannot have owned a home in the last three years.
“Homeownership is an important goal for most families and the Collin County
Housing Finance Corporation is delighted to be able to help low and moderate-income
families achieve their dream,” says Collin County Commissioner Jack Hatchell.
“We really want the residents of Collin County to learn about this program,”
says Collin County Commissioner Phyllis Cole. “This is a program that has
the potential of helping literally hundreds of young families in our community.”
For more information on the Collin County Housing Finance Corporation’s below
market mortgage rates and down payment assistance grants, interested borrowers
should call the program administrator, Sharon Gonzalez at 214-953-4122, or
one of the following participating lenders:
| Countrywide Home Loans, Inc Jeffrey Prince (972) 713-3820 Michael Johnson (972) 335-1225 John Lawhorn (972) 414-6386 |
Ryland Mortgage (Ryland Homes Only) Geoff Potts or Sarah Henderson (972) 629-8210 |
| Home Loan Corporation Mike Joseph (972) 387-5713 Jackie Jensen (972) 463-6764 Faye Smith (817) 795-0031 |
Sterling Capital Mortgage David Falk, Nancy Moreland or Sue Maze (972) 424-3939 |
| National City Mortgage Bill Harrington (972) 789-8050 Russ Anderson (972) 943-5601 |
WR Starkey Mortgage, LLP Charlie Waller (972) 442-3757 |
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