California Agency Offers 7 1/2% Loans to Some Buyers

The California Housing Finance Agency (CHFA) is offering mortgage financing with a 7 1/2% interest rate for the purchase of existing houses by first-time, moderate-income buyers.

The financing has one of the lowest fixed rates in the nation, according to Karney Hodge, director of the Sacramento-based agency.

CHFA’s program is available through a number of selected mortgage lenders who provide the financing, Hodge said. The program provides 30-year mortgages, with a minimum down payment of 5%, for buying owner-occupied single-family detached houses.

A copy of the resale program brochure can be obtained from the CHFA office at 5711 Slauson Ave., Culver City 90230.