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Aug 16, 2002

FNB to help first-time homebuyers via Home$tart

First National Bank Alaska will help more low- and moderate-income families buy their first homes via a $200,000 Home$tart Savings Program grant awarded by the Federal Home Loan Bank of Seattle.

The Home$tart program provides grant funds annually to member lenders throughout the nation. Lenders then use the funds to provide matching grants (at a 3:1 ratio) of up to $5,000 to first-time homebuyers who earn 80 percent or less of the areas median income.

To qualify for a grant, individual homebuyers must be referred to First National by a local or state housing agency. They must also complete a homebuyer training course, and demonstrate six months of savings toward their new home. Homebuyers have up to two years to purchase a home after enrollment. Upon purchase, the homebuyer can then use the grant money for downpayment and closing costs.

This is our fifth year participating in the Home$tart program, said Dawn Coursey, assistant vice president and community relations coordinator for First National Bank. The
increase in allocated funds allows more Alaskan families to take advantage of the program in 2003 than ever before.

For more information on the Home$tart program contact Debbi Newgent, assistant vice president, First National Bank Home Loan Center at (907) 777-5638.

Established in 1922, First National is Alaskas largest Alaskan-owned and operated bank, with 27 branches throughout Alaska and ATMs in 17 rural communities.


Contact: Marketing Department, (907) 777-3409