Los Angeles Offers Program of City-Backed Mortgages

Developers with houses or condominiums targeted to households with annual incomes of under $47,760 are invited to take advantage of a Los Angeles city-backed mortgage financing program for buyers.

Deferred secondary financing will be available to lower-income households to enable them to qualify.

Under the program, homes priced up to $125,000 can get 8.5% fixed-rate financing for 28 years with a minimum down payment of 5%.

The program area is bounded by the Pasadena Freeway on the north, 120th Street on the south, Wilshire Boulevard on the east and La Cienega Boulevard on the west.

Developers may contact the city housing division at 215 W. 6th St. March 31 is deadline for applications.