Countrywide Home Loans, Inc., a national leader in residential finance, has announced a new home loan designed specifically for home buyers with good credit who may not have enough money saved for a downpayment and associated loan costs.

Countrywide's Zero Down Plus allows buyers to apply for a loan up to 103 percent of their property's purchase price*. This means a buyer can purchase a home with no downpayment and finance other loan fees, such as closing costs, mortgage insurance premiums and prepaid items into the loan.

"The Zero Down Plus is ideal for anyone with good credit who wants to purchase a home, but does not have a lot of cash on hand," said Joe Anderson, executive vice president of Countrywide's Consumer Markets Division. "And, unlike most zero- and low-downpayment programs, Zero Down Plus allows home buyers to finance other loan costs as well. That means little to no money to get into a home of their own."

In addition to providing funds to purchase a primary residence, the loan offers the following benefits:

• The freedom to borrow up to $252,700
• The security of a fixed interest rate for a period of either 15 or 30 years
• The ability to purchase a single-family residence or a condo

For Zero Down Plus and any other home loan information, consumers can call their local Countrywide branch at 800-570-9888, or visit Countrywide's Web site - www.countrywide.com.

Founded in 1969, Countrywide Home Loans, Inc. is the largest subsidiary of Countrywide Credit Industries (NYSE: CCR), a member of the S&P 500. As the largest direct online lender, the company offers online loan applications (www.countrywide.com) in addition to a nationwide network of more than 550 branch offices providing personalized mortgage finance services. The company, headquartered in Calabasas, California, was founded on the principle of affordable homeownership for all Americans and is a leading lender to lower income and minority home buyers nationwide.

* 103% of the lesser of the sales price or appraised value may be financed. The Zero Down Plus is not available in Alaska or Hawaii. In Kansas and Massachusetts, a maximum of 100 percent of the property's value may be borrowed.

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Published: January 10, 2000

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