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High Price Relief

Calif. offers 40-year, below-market rate loans

March 17, 2006


photo of Coco Salazar

Qualifying Californians buying their first homes can get 40-year government mortgages at below-market rates with 107% combined loan-to-values.

The California Housing Finance Agency announced Wednesday it now offers 40-year home loans with an initial fixed rate of 5.75% -- about one point below average market rates for these mortgages.

"Californians face an incredibly difficult market to purchase a first home," said Theresa Parker, executive director of the agency, in the announcement.

"Compared to the 30-Year Fixed Mortgage, the 40-Year Fixed Mortgage offers monthly loan payments that would be less than a 30-year mortgage on the same house," she added. "The 40-Year Fixed Mortgage gives [borrowers] one more option to consider as they try to determine the best way to finance their first home."

Brokers are able to participate in the program through the agency's direct lenders' wholesale channels, agency spokeswoman Sherri Kerth told MortgageDaily.com.

The maximum loan-to-value is 100% but can be 107% combined financing with several subordinate financing programs, including the California Homebuyers Downpayment Assistance Program, she added. The origination fee for the 40-year mortgage is 1.5% and discount points are not allowed, the agency said.

The agency's loans are available to low- and moderate-income, first-time borrowers who meet income limits and are purchasing homes with the agency's sales price limits. In Los Angeles County, for example, a prospect with income of less than $91,700 can purchase a home with a price as high as $701,503, according to the announcement.

Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

e-mail: [email protected]

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