Low-Interest Loans Available for 1st-Time Buyers at Condos

First-time home buyers in El Sereno can take advantage of the Los Angeles Housing Department’s affordable housing program to buy condominiums in a new, gated community.

The program offers a 30-year mortgage with a fixed interest rate of 6.25%, a housing department spokesman said. The homes are priced between $108,000 and $139,000, and down payments are as low as 3%, he said.

“Everyone dreams of owning a beautiful new home,” Los Angeles City Councilman Richard Alatorre said of the little-known housing program. “And now, this new reduced bond rate can make it possible for Angelenos to realize their dream.” The new development, known as Hilltop Colony, has one-, two- and three-bedroom units, with central air-conditioning, balconies, pool and whirlpool.