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>>> TONIGHT, WE HAVE A BEST
BUY ON A HOME LOAN PROGRAM.
IT HAS A ZERO PERCENT
INTEREST RATE ON SOME OF
THE MONEY AND NO PAYMENTS
FOR
AS LONG AS 30 YEARS.
UNBELIEVABLE?
NO, SAYS OUR MONEY MAN ALAN
MENDELSON.
>>> FOR THE VOYLES FAMILY,
THIS IS A DREAM COME TRUE,
A HOUSE OF THEIR OWN, FIXED
UP WITH NEW CARPETING, AND
REFURBISHED.
THEY WERE ABLE TO BUY IT
BECAUSE OF A DEAL TO HELP
MIDDLE INCOME FAMILIES, THE
HOME WORKS MORTGAGE LOAN
PROGRAM.
>> YEAH.
THIS IS A REAL GOOD DEAL
FOR US.
>> THE HOME WORKS PROGRAM
GIVES FEDERAL AND CITY LOAN
MONEY FOR THE PURCHASE AND
TO FIX UP THE HOME, LIKE
NEW WIRING.
DOUGLAS AND KAREN VOYLES
ONLY HAD TO COME UP WITH
THREE PERCENT OF THE
PU
RCHASE PRICE.
>> AND WE DIDN'T HAVE A LOT
SAVED UP SO THATS ABOUT ALL
WE HAD DOWN.
>> WHAT'S EVEN BETTER IS
THAT SOME OF THE LOAN MONEY
IS AT ZERO PERCENT
INTEREST, AND IT DOESN'T
EVEN HAVE TO BE REPAID FOR
THE FIRST 30 YEARS.
HERE'S AN EXAMPLE.
LET'S SAY YOU WANT TO BUY A
$200,000 HOME.
YOU MAKE A $6,000 DOWN
PAYMENT, AND YOU TAKE OUT A
REGULAR MORTGAGE FOR
ANOTHER $160,000.
THEN, THERE IS A LOAN FROM
THE CITY OF L.A. FOR 3,500
AT ZERO PERCENT AND THAT
LOAN CAN BE FORGIVEN.
ANOTHER CITY LOAN, FOR AS
MUCH AS $30,500 ALSO
CARRIES A ZERO PERCENT
RATE, PLUS YOU WON'T HAVE
TO MAKE PAYMENTS FOR A LONG
TIME, SAYS MORTGAGE BROKER
PHILIP LIPP.
>> AND THAT'S AT ZERO
INTEREST, ZERO PAYMENTS.
YOU ONLY HAVE TO PAY IT
BACK WHEN YOU SELL THE
PROPERTY OF IF YOU'RE IN
THE HOUSE AFTER 30 YEARS AT
THAT TIME IT COMES DUE.
>> THERE'S ABOUT
$100 MILLION OF FEDERAL
MONEY AVAILABLE FOR THIS
PROGRAM.
THAT'S ENOUGH MONEY TO
FINANCE ABOUT 800 DEALS
LIKE THIS ONE.
>> WE'RE NO LONGER LIVING IN
AN ARJT.
>> ALLWEST MORTGAGE OFFERS
FREE INFORMATION ABOUT THE
LOS ANGELES HOME WORKS
PROGRAM AT:
THATS YOUR MONEY ALAN
MENDELSON, "PRIME 9 NEWS."