Builder Offers to Match $6,000 Down Payments

In order to sell the final 10 homes in Phase 1 of Upland Vistas and close out the phase, the developer has offered to match any home buyer's down payment of $6,000, according to Tom Wells, managing general partner of the gate-guarded community of single-family attached homes.

The community also offers 30-year loans at a fixed 12 3/4% interest rate and Wells said the two programs plus an interest buy-down program mean that a buyer who puts $6,000 down on a $119,500 home will have beginning monthly payments of $1,004.

The community is at Benson Avenue and Arrow Highway in Upland, and furnished models of the one- and two-story, two- and three-bedroom homes are open daily from 10 a.m. to 5 p.m.

Three Financing Plans

Three financing plans are being offered at The Highlands in Diamond Bar. There is a 30-year fixed-rate plan at 12.875% with a 20% down payment. One adjustable-rate mortgage, ARM I, begins at 13.125% with 5% down and another, ARM II, begins at 12.15%, also with 5% down. Both plans have a five-point cap over the life of the loan.

Homes currently available in Phase 4 range from $69,990 to $89,990. The community has five lighted tennis courts and a pro shop, pools, spas and a clubhouse. Furnished models of the available one- and two-bedroom plans are open daily from 10 a.m. to 5:30 p.m. on Racquet Club Drive near Golden Springs Drive.

New Prices, Financing

New prices have been placed on the last 15 town houses in Orangethorpe Village in Fullerton, $69,990 to $85,990, and two financing plans have been offered. One is a graduated payment mortgage, with city bond financing; the qualifying rate is 9 3/4% (12.3% actual interest rate), rising in steps to about 14.5% for the sixth and subsequent years. The other is a 30-year loan at a fixed rate of 12.5%.

The homes remaining are in two floor plans, 960 and 1,100 square feet; one has one bedroom and 1 1/2 baths in two stories, the other two bedrooms and two baths on a single level. Decorated models are open daily from 10 a.m. to 5 p.m. at 2400 W. Orangethorpe Blvd., between Brookhurst and Magnolia streets.

Low Down Payments

Hidden Valley, Bauer Development Co. project in the Phillips Ranch area of Pomona, offers 30-year loans at a fixed rate of 10.5% (11.49% annual rate) with 5% down, and a graduated payment mortgage with low monthly payments for several years, as well as builder's assistance with initial expenses.

Prices start at $119,950 and range up to $135,450. Homes have two and three bedrooms, two to 2 1/2 baths in 1,107 to 1,671 square feet. Hidden Valley is on Scenic Ridge Drive, reached from the Pomona (60) Freeway by the Phillips Ranch Road exit.

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