DALLAS, March 5 /PRNewswire-FirstCall/ -- Our government representatives are not the only ones working on economic stimulus. Centex has rolled up its sleeves and developed its own housing stimulus program. The Centex "Start Smart Rate Event" delivers real value to qualified home buyers with an additional 1.0 percent interest rate reduction(1) nationwide off already low mortgage interest rates. Every Centex neighborhood is offering additional incentives and promotions that will increase savings even more. For first-time home buyers, these incentives are on top of the $8,000 home-buyer tax credit signed into law as part of the economic stimulus package.

"By offering a below-market interest rate to qualified buyers, we're saving our customers thousands of dollars over the life of the loan," said Robert S. Stewart, senior vice president for strategy, marketing and sales. "Coupled with the government's new tax credit, localized market promotions and Centex's quality homes in great locations, home buyers have a once-in-a-lifetime opportunity."

The new economic stimulus legislation provides a tax credit of up to $8,000, or 10 percent of the home's purchase price (whichever is less), to first-time home buyers who purchase and close on their homes before Dec. 1, 2009. But the savings are multiplied when combined with Centex's below-market interest rate offer. On a $200,000 home, home buyers can save more than $40,000 in interest over the life of the loan.(2)

"This new promotion and Centex's energy-efficient products bring home affordability to historic lows in markets around the country, creating an extraordinary opportunity to buy a home," Stewart said.

Centex's "Start Smart Rate Event" is available on its to-be-built homes. Qualified buyers who are interested in homes available for immediate move may qualify for a low 4.25 percent below market rate. For more information, please visit any Centex sales office or see centex.com.

About Centex

Dallas-based Centex (NYSE: CTX), founded in 1950, is one of the nation's leading homebuilding companies. Its leading brands include Centex Homes, Fox & Jacobs Homes and CityHomes. In addition to its homebuilding operations, Centex also offers mortgage and title services. Centex has ranked among the top three builders on FORTUNE magazine's list of "America's Most Admired Companies" for 10 straight years and is a leader in quality and customer satisfaction.

Editor's notes:

(1) Centex Homes will lower the interest rate on the date of lock with CTX Mortgage Company, LLC to 1.0 percent below the 'National Overnight Average' rate for the identical loan product on BankRate.com for that date. Additional conditions and restrictions apply. Visit www.centex.com/ratedisclosure for full details.

(2) For illustrative purposes, the interest savings are calculated on a difference of 1.0% on a 30-year FHA fixed rate loan of 5.25% for a $200,000 purchase with a 3.5% down payment. Additional conditions and restrictions may apply. See www.centex.com/ratedisclosure for full details.

SOURCE Centex