CUOMO ANNOUNCES HUD POSTS MORTGAGE LENDER LIST ON INTERNET

WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today announced that HUD has posted a nationwide list of home mortgage lenders on the Department's Internet website for the benefit of homebuyers. The list can be accessed at www.hud.gov/lenders1.html.

"This is another way HUD is using technology to help families turn the American Dream of homeownership into a reality," Cuomo said.

The list contains the name, address, and telephone number of every lender approved by HUD to participate in the Federal Housing Administration single-family home loan program. Most of the lenders on the one-of-a-kind list also make conventional loans.

HUD is encouraging real estate agents to use the lender list to assist their clients in finding a lender to finance their mortgages. Homebuyers who do not have access to a computer can access the list through their real estate agent or by using computers now available at many public libraries.

In 1996, FHA insured about 900,000 home sales. More than 65 percent of these sales were to first time homebuyers. The current basic mortgage limit for one-family properties in low-cost areas is $81,548; the current high-cost area limit is $160,950. These limits will increase beginning January 1.

The public and the Department's business partners are encouraged to visit the HUD website for this and many other services. HUD's website is www.hud.gov.