$90 Million Available in Revenue Bonds

Homeownership can now become a reality for about 560 first-time buyers in Los Angeles and Orange counties, with the availability of $90 million in mortgage revenue bonds, Rep. Lucille Roybal-Allard (D-Los Angeles) announced last week.

Fannie Mae, the nation’s largest provider of mortgage money, purchased the bonds, including a $35-million bond from the city of Los Angeles and a $55-million bond from the Southern California Home Financing Authority. The funds will provide financing for 15-year and 30-year fixed-rate mortgages at a below-market interest rate as low as 7.2%.

The mortgage funds are available to first-time home buyers earning no more than 120% of the area median income, or $62,000 for Los Angeles County residents and $80,000 for Orange County home buyers.

Countrywide Home Loans Inc., one of the nation’s largest lenders, will serve as master servicer of the mortgage revenue bonds. For information about eligibility, call the Southern California Home Financing Authority at (323) 890-7035 or the Los Angeles City Housing Department at (213) 367-9059.