CalHFA Offers 40-Year Mortgage

March 16, 2006, 3:00 p.m. EST 1 Min Read

The California Housing Finance Agency has announced the introduction of a 40-year fixed-rate mortgage product aimed at helping first-time homebuyers afford a home.The fixed rate on the new product will be 5.75% initially, about one percentage point below the average market rate for 40-year mortgages, CalHFA said. The agency also offers a 30-year fixed-rate mortgage and a 35-year interest-only PLUS mortgage that carry below-market rates. CalHFA can be found online at http://www.calhfa.ca.gov.

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