North American Mortgage Company's New No Down Payment, 103% Financing Program; Great for First-Time Home Buyers; Removes Biggest Obstacle to Homeownership

Business Wire, April 24, 2000

Business Editors

TAMPA, Fla.--(BUSINESS WIRE)--April 24, 2000

Sometimes even 100 percent financing isn't enough. Enter the 103 Percent No Down Payment program from North American Mortgage Company, one of the nation's largest residential lenders. The program opens the doors of homeownership to a larger segment of would-be home buyers.

"Borrowers can finance the home - plus closing costs and pre-paids - into a loan that is up to 103 percent of the home's purchase or appraised price," said Judson Croom, president of the nationwide mortgage banker. "You could buy a home up to a selling price of $325,000, and still add another three percent for closing costs, for a total of $334,750 in financing," explained Croom.

The 103 percent No Down Payment program is a fixed-rate loan (30-year term), and is for owner-occupied, primary residence, purchase transactions only. There is also a no mortgage insurance option. The loan product is now available at NAMC offices nationally.

This attractive loan is particularly suited to younger home buyers who have strong earning potential but have not yet acquired even a minimal down payment, which is typically the highest hurdle keeping first-time home buyers out of the housing market.

In 1999, North American Mortgage Company funded $23.2 billion in home loans, making it the nation's 10th-largest residential lender. North American Mortgage Company has more than 220 loan production offices spread throughout 40 states - from Hawaii to Maine - and is authorized to offer home loans in all 50 states. The nationwide mortgage banker is a wholly owned subsidiary of The Dime Savings Bank of New York, FSB (www.dime.com), one of the nation's largest thrifts.