WARREN, Ohio, Feb. 5, 2009 (GLOBE NEWSWIRE) -- First Place Financial Corp. (Nasdaq:FPFC) reported that First Place Bank is one of five lenders nationwide chosen to participate in Fannie Mae's new HomePath Program, a pilot effort intended to help buyers purchase foreclosed homes currently owned by Fannie Mae.
"We're honored that First Place has been chosen to help kick off this program," said Bruce Wenmoth, corporate executive vice president of First Place retail lending. "While the program helps decrease the number of properties in Fannie Mae's possession, it provides buyers a valuable opportunity to get more affordable properties and financing options. It's a great way for a first-time home buyer to enter the market," he noted.
HomePath homes are available to both owner-occupiers and investors. The down payment of at least three percent can be funded by savings, a gift, a grant, or a loan from a non-profit organization, state or local government, or employer. No mortgage insurance or appraisal fees are required, and loans may even include renovation costs.
First Place is offering buyers same-day pre-approval for HomePath loans, with a choice of fixed or adjustable rates. "We believe this program will benefit our communities as a whole," said Wenmoth. "The more quickly a property sells, the better it is for the neighborhood and surrounding property values overall," he concluded.
For more information or to apply for a HomePath loan, customers may call First Place at 1-800-300-8013. The Fannie Mae HomePath Web site provides additional information, as well as the ability to search for local properties, at www.fanniemae.com/homepath.
About First Place Financial Corp.
First Place Financial Corp. is a $3.4 billion financial services holding company based in Warren, Ohio. First Place Financial Corp. operates 44 retail locations, 2 business financial service centers and 18 loan production offices through the First Place Bank and the Franklin Bank divisions of First Place Bank. Additional affiliates of First Place Financial Corp. include First Place Holdings, Inc., the holding company for the Company's nonbank affiliates including First Place Insurance Agency, Ltd.; Coldwell Banker First Place Real Estate, Ltd.; TitleWorks Agency, LLC, APB Financial Group, Ltd. and American Pension Benefits, Inc. Information about First Place Financial Corp. may be found on the Company's Web site: www.firstplacebank.com.