after it advertised an unusual offer -- 100 percent financing for six new three-bedroom condominiums in St. George's.

"It's not false advertising, but it does mean that the monthly payments would naturally be higher,'' Housing Corporation general manager Mr. Thomas Wall said.

"There are people who have a relatively high income, but they might be young and maybe haven't put away much money. They might be a young married couple, both earning substantial salaries, who could afford to make the monthly payments.'' Asked if it was the Housing Corporation's role to offer housing to people with relatively high incomes, Mr. Wall said: "This is for first time homeowners, people who don't have their own home.

When we offer financing like that, it's more liberal than is offered at the banks at this point, so people who ordinarily wouldn't be able to finance their first homes are now able to do so.'' The mortgage rate would by 9 percent -- 7 percent plus a 2 percent annual fee.

And while local banks typically restrict mortgages to 15-20 year periods, Mr.

Wall said the Housing Corporation can sometimes be persuaded to go longer than that.

F The Housing Corporation granted 100 percent financing on occasion in the past, he said, but he does not believe it has been advertised.

The six condominiums are on Redcoat Lane, just off Cut Road in St. George's.

Housing Corporation officials will be there between 1-5 p.m. today to show interested buyers around and help them calculate whether or not they can afford to buy.

"It's an excellent opportunity for people whose children may go to St.

George's Secondary,'' Mr. Wall said. "It's a quiet neighbourhood, and the houses are well-designed.''