LOS ANGELES - Kaufman & Broad Home Corp., a major home builder, is offering 100% financing for home purchases and a refund of closing costs.

The program is designed to make homeownership more accessible to a broader range of potential buyers, said Bruce Karatz, chairman and chief executive.

"Nearly two-thirds of first-time homebuyers say that coming up with a down payment is the toughest obstacle to buying a home," said Mr. Karatz. "For some buyers, this program removes that obstacle."

The financing is also available to buyers moving up to a more expensive home who do not want to put the typical 10% to 20% down.

The program consists of a conventional 30-year, adjustable-rate mortgage for 95% of the loan amount and an unsecured, five-year, fixed-rate loan for the remaining 5%. The mortgage is indexed to the weekly Treasury rate, with a cap on rate adjustments of two percentage points a year and six points over the life of the loan.

The unsecured loan is amortized over five years, with a prevailing interest rate of 14%, which is subject to change.

"There are no special income limitations, and the loan will be available on every Kaufman & Broad home in California, Arizona, Nevada, Colorado, and Utah," said Dan Schreiner, president of the company's mortgage unit. He called the program an improvement on a more limited one announced last fall. It will be in effect until May 21 and is available for loans of up to $315,000.

Mr. Schreiner noted that the new program may not be right for everybody. "Some buyers prefer a fixed-rate loan or a loan with a large down payment to keep their monthly payments lower, and we have several programs for them. But our goal is to make homeownership accessible to as many people as possible."

Loans with relatively high monthly payments may be attractive to homebuyers such as young working couples who have large incomes but no savings.

The company says it is the largest home builder in the West, with operating divisions in California, Arizona, Nevada, Colorado, Utah, and New Mexico.

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