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ICBA: Good Time to See Your Community Bank for Home Financing

Housing is a Buy for the Long Term: Live in It; Stay in It

Washington, D.C. (June 12, 2008)—June is National Homeownership Month and the nearly 5,000 members of the Independent Community Bankers of America (ICBA) help Americans in communities throughout the country to finance a house they can afford and afford to keep.

"A home purchase is the largest financial transaction for most people and if you want to purchase a house, it may be a good time to see your community bank for home financing," said Cynthia L. Blankenship, ICBA chairman and vice chairman of Bank of the West, Irving, Texas. "The housing market may be down in some areas, but it's far from out. With mortgage interest rates at historically low levels and enhancement of government supported lending programs, homebuyers have new options open to them."

"Community banks are well-run, highly capitalized and closely regulated institutions that are not generally experiencing the residential credit and funding problems making headlines these days," Blankenship said. "ICBA is encouraging people to talk to the common sense community bank lenders who will help borrowers find a mortgage that is affordable and right for them. Community banks will find a loan that's right for the homebuyer not just for the lender."

"Whether you are a first time homebuyer, want to refinance your mortgage or want to move up to a new or larger home, the first step is to check in with your knowledgeable local community banker. Talk to your local community banker to get the facts about what you can and cannot afford, "Blankenship said.

For more information about National Homeownership Month, visit www.icba.org.