Mortgage program from NationsBank

January 16, 1994|By Staff Report

A local housing advocacy group has joined forces with NationsBank to offer a mortgage program for low- and moderate-income families.

The Association of Community Organizations for Reform Now, or ACORN, announced the program last week at a news conference.

The program, for first-time home buyers, shaves one percentage point off the market rate for a mortgage and allows buyers to pay no more than one point at closing, said ACORN representative Angela Davis. The program requires a 5 percent downpayment, said Ms. Davis, who will screen applicants through ACORN's loan counseling program.

Nationally, ACORN groups have established similar programs with 40 lending institutions.

Those interested can contact ACORN at 685-9000.

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