Special Financing : City Bond Program Cuts Interest Rate to 11.45%
A Huntington Beach special bond financing program allows Westfield Development Co. to offer 30-year loans at a fixed 11.45% (11.95% annual rate) with down payments as low as 5% at its condominium community of Harbour Pointe at Warner Avenue and Green Street.
Since the program is aimed at first-time buyers, certain qualifying requirements apply. One- and two-bedroom homes are priced from $89,900 to $133,900 and models are open daily from 10 a.m. to 5 p.m.
$25,000 Cash Allowances
Landmark Alisos, a Signal Landmark community of four- and five-bedroom homes at 25656 Ashby Way, El Toro, off Lake Forest Drive, offers 10-year loans fixed at 11% interest amortized on a 30-year basis and a $25,000 cash allowance that can be taken as a rebate or used for upgrading. Prices range from $247,500 to $276,750 for homes in four floor plans from 2,500 to 2,873 square feet of space.
Graduate Interest Plan
A first-year interest rate of 9 3/4%, rising 1% a year to 11 3/4% for the third through 30th years, is offered by the Baldwin Co. at its RidgeView development at Golf Glen Drive and Nohl Ranch Road in Anaheim Hills, where prices range from $189,900 to $259,750. Some homes have more than 3,000 square feet of living area. Four decorated models are open daily from 10 a.m. to 5 p.m.
Various Loan Plans
Bear Brand Ranch, 1 Morning Dove, off Camino del Avion in Laguna Niguel, is offering 36-month loans at 11 7/8%, with a loan origination fee of 1% plus $100, on home-site lots from 11,000 square feet to more than an acre priced from $160,000. Also, both interim and permanent loans for home construction are available for up to 75% of the appraised value or a maximum of $800,000; interim financing is for 18 months at interest three-quarters of 1% above Cal Fed Savings’ commercial banking prime and permanent loans are at a fixed rate of 12 3/4% or an adjustable rate of 10 1/2%. The sales office is open daily except Thursdays.
Homes in the Desert
Buyers at the Oasis Country Club, 42-300 Casbah Ave. off Pennsylvania Avenue in Palm Desert, are offered four buyer bonus plans: Having the home completely decorated and furnished--everything from furniture to kitchen utensils-- at no extra charge; credit at the Oasis Design Center, a special cash rebate or below-market financing for lower monthly payments. Homes are priced from $85,990 to $129,990 and the bonus program covers 25 of them.