No discount points will be charged. Credit rules, such as debt limits, will be more liberal than usual, and utility payments and rent payments will be accepted as proof of credit history. Credit rules will be somewhat relaxed. A discount of half a point will be available to customers who pay by automatic deduction from checking accounts. Loans will be made for up to 97 percent of appraised value, with no private mortgage insurance required.
Buyers can save on interest payments by making mortgage payments every two weeks.
Up to 30 percent of the loans could be set aside for home improvement, to be done by contractors on a First Atlanta list. The First Atlanta program will be available beginning May 21. Credit requirements will be more flexible than usual, and sweat equity will be accepted. First Atlanta will open some Southside branches on Saturdays to accept applications for home loans and other consumer loans, and will contact Southside real estate agents, churches, civic groups and the media to advertise the loan programs. The bank will ask other businesses to provide building materials at a discount to neighborhood homeowners, and bank employees will be encouraged to participate in community events.