State Housing Agency Offers Loan Program

The California Housing Finance Agency is offering 9.75% financing for resale properties with 30-year, fixed-rate mortgages.

Purchasers must be first-time home buyers or not have owned a home within the last three years and have incomes that do not exceed previously established limits. In addition, the price of the home may not be more than 90% of the county average sales price. A 5% down payment and private mortgage insurance is also required.

About $100 million has been made available for this program. At the 9.75% rate, the agency will charge three points, two from the seller and one from the buyer.

More information may be obtained from the California Housing Finance Agency, 1121 L Street, 7th Floor, Sacramento 95814.