LOS ANGELES -- Kaufman and Broad Home Corp., a large h0mebuilder. is offering loans of up to $250,000 with no down payment to buyers of some of its houses in California, Nevada, Colorado, and Arizona.

The financing will be offered, for a limited time, by Kaufman and Broad Mortgage Co., a subsidiary.

Dan Schreiner, president of the mortgage unit, said the program was aimed at first-time homebuyers with low incomes. An investor has agreed to buy the loans, but Mr. Schreiner would not identify it. He did say, however, that the buyer Wanted to improve its low-income lending record and was also interested in geographic dispersion rather than concentration in a few neighborhoods.

While the initial program. will be limited to 200 loans, Mr. Schreiner said he was looking on it as a test that could stimulate interest in further programs.

"Once they're delivered and perform well, which we think they will, that will open up the market," he said. The present offer has an added feature: buyers' monthly payments will be based upon 95% of the loan amount, and if buyers make all monthly mortgage payments on time during the initial three years of the loan, the remaining 5% of the balance is forgiven.

"Research tells us that saving enough money for the down payment is the biggest obstacle to home ownership for the first-time home buyer," said Mr. Schreiner.

Our zero-down financing program was designed to eliminate this obstacle and open the door to home ownership for more homebuyers." The loan is a six-month adjustable and requires no mortgage insurance. Buyers will be required to pay all other closing costs. Otherwise, the loans are being written to Fannie Mae standards, Mr. Schreiner Said.

In addition to building and financing homes, Kaufman and Broad offers to decorate them through its Decor Centers. The company says it is the biggest homebuilder in the West and one of the top builders in the Paris area. No Money DownWho: Kaufman & BroadWhat: Offering home loans with no down payment for buyers of new houses for a limited timeSweetener: Pay on time for three years and get 5% offWhy: To stimulate sales to first-time buyersHow: An investor has agreed to buy the loans

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