LaSalle Bank Commits $1 Million to Help People in Low- to Moderate-Income Areas Purchase Homes
April 27 2006 - 10:47AM
PR Newswire (US)
Bank Extends Successful Down Payment Assistance Program for Second
Year CHICAGO and TROY, Mich., April 27 /PRNewswire/ -- For the
second consecutive year, LaSalle Bank has committed $1 million to
help families purchase homes in low- to moderate-income areas. The
$1 million is earmarked to help qualified borrowers in the bank's
core markets by providing $3,000 per loan for down payment
assistance and closing costs. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050211/DEF015LOGO ) "Our down
payment assistance program has helped hundreds of families realize
the dream of homeownership since we introduced it in June of 2005,"
said LaSalle Bank Group Senior Vice President Eric Burgoon. "The
program was so successful that we have decided to extend it with
another $1 million of bank funds. Coupled with our existing
Community New Start Program, which offers more flexible
underwriting guidelines than a conventional mortgage, the $1
million in down payment assistance will again open doors to
homeownership." Through the LaSalle Bank Community New Start
Program, the bank can offer more flexibility for mortgage loans
than those underwritten with traditional scoring guidelines and
will accept alternative forms of credit history, including cell
phone bills, rent records, layaway plans, car insurance, and
accounts with local merchants or other sources of credit. In
certain circumstances, the bank will also look at non-traditional
sources of income. In addition to the program's broad credit
qualifications, the LaSalle Bank Community New Start Program offers
a range of other key features, including: * Minimal down payment:
Customers may qualify for low down payments. * Closing cost
assistance: The program will offer up to $3,000 in closing cost
assistance to qualified borrowers in low- to moderate-income
lending areas. * Seller's contribution: A seller's contribution
toward the purchase price may be used for closing cost
requirements. * Choice of loans: Applicants can choose either, 1) a
fixed-rate loan or 2) a loan fixed for the first five years
followed by annual rate changes based on either the Treasury or
LIBOR index. This program is available for both new construction
and existing home purchases. LaSalle Bank's Community Home Lending
Group, a team of specially trained lenders with considerable
experience working in low- and moderate-income communities in the
Detroit and Chicago areas, can provide more details about the
LaSalle Bank Community New Start Program and the $1 million in down
payment assistance. To reach LaSalle's Community Home Lending
Group, call (312) 629-8700 or (800) HOME-800 in Chicago or (800)
HOME-800 in Detroit. LaSalle Bank Corporation is headquartered in
Chicago with $110 billion in assets. Primary subsidiaries include
Michigan-based LaSalle Bank Midwest N.A. and Chicago-based LaSalle
Bank N.A. LaSalle Bank Corporation is an indirect subsidiary of
Netherlands-based ABN AMRO Bank N.V., one of the world's largest
banks with total assets of EUR 855.7 billion with more than 3,000
locations in over 60 countries.
http://www.newscom.com/cgi-bin/prnh/20050211/DEF015LOGO
http://photoarchive.ap.org/ DATASOURCE: LaSalle Bank CONTACT:
Andrea Lewis (IL), +1-312-904-8122, or Robert J. Darmanin (MI),
+1-248-637-2521, both of LaSalle Bank Web site:
http://www.lasallebankmidwest.com/
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