Summerplace Adds New Low-Interest Package

Bauer Development Co. has added a low-interest financing package to Summerplace, its new community on Phillips Ranch Road in Pomona.

Home buyers spending from $78,450 to $102,950 for homes with two bedrooms and two baths with roomy den and loft in some models, will be able to put a 5% minimum down payment, aided by loans at 10.95% interest (11.37% annual rate). The loans are fully assumable and fixed for a period of 30 years.

Financing at 3 Projects

Griffin Homes is offering first-time buyers an initial interest rate at 7.88% at three of its new developments in the Inland Empire--Country Park Villas town houses in Phillips Ranch, Pomona, and Foxboro and Honey Glen single-family homes in Grand Terrace.

The low financing is made possible by a municipal bond program that enables Griffin to offer 10.95% (11.25% annual rate), 30-year fixed-rate mortgages at those communities. Buyers have the option of selecting either the 30-year fixed-rate plan or a graduated payment mortgage that starts with 7.88%; under the graduated system, payments increase 7.5% per year during the first six years of the loan. The purchase prices at the three projects start at $91,950 with a high in excess of $152,950.

Financing for Condos

New low-interest rates and 5% down payment for qualified buyers are boosting sales at Stone Harbor, the new Cape Cod-style condominiums built by Marinita Development Co. in La Habra.

Purchase of the single-level, two- and three-bedroom-and-a-den models, priced from $93,000 to $103,500, offers 8.9% (11.0% annual rate) interest rates for the first year and 10.6% (11.4% annual rate) for the third through the 30th year to buyers who meet specific requirements.

Loan Terms in Escondido

Wolf Homes is now offering special 11% financing terms to buyers at Chateau Heritage, an 83-unit community of single-family homes in Escondido.

Chateau Heritage’s financing is available through First Interstate Bank. The terms cover loans up to 90%, amortized over 30 years at a fixed rate of 11%; due and payable in 20 years. In addition, buyers will pay only one point in loan origination fees; prices range from $89,900 to $112,900 for the homes surrounding two man-made lakes.

Financial Package

Mountain View condominiums, a development by Century Capital Corp. on Mountain View Street in Santa Ana, offers a new financing plan which will move a buyer in for as little as $3,900 and that includes down payment and closing costs. Payments start as low as $850, including taxes, association dues and private mortgage insurance for one- or two-story units with two bedrooms, two baths and a loft in some models; prices range from $79,900 to $92,900.

First-Time Financing

To enhance first-time buyer financing at the paired residence community of Country Homes in Yorba Linda, the Baldwin Co. recently introduced a new program that starts with an initial interest rate of 10 7/8% and a 5% down payment without the first-time buyer restrictions applied by the California Housing Finance Agency bond program.

Starting with a first-year rate of 10 7/8%, the interest rate for this new 30-year plan increases 1% per year to a fixed rate of 12 7/8% in the third through the 30th year (13.16% annual rate).

Bond Issuance Allowance

The South Bay’s New Bayview Hills residential development of the Bren Co. will receive $1 million from the city of San Diego to provide below-market-rate mortgages to first-time home buyers.

The money is part of a recent $34.7-million bond issuance by the city’s Housing Commission and the Bren Co. has announced that 10.8% mortgages, below the current market rate of 13.25%, will be available immediately. The 11th-phase homes at Alta View Drive and Montcliff Road range in price from $76,990 to $117,990 and have from three to five bedrooms.

Flexible Bond Financing

A flexible bond financing program is available for buyers of Genesis condominiums, a 163-unit Mediterranean-style development at 550 Orange Ave., Long Beach, that includes a 5% down payment with a 10 3/4% interest rate fixed for 30 years.

First-time buyers are eligible as well as people who have previously owned a home, even within the past two years. The remaining 90 units have one or two bedrooms and the price range is $63,900 to $89,900.