California Summit First-Phase Homes in Moreno Valley Open

Kaufman & Broad Inc. is opening its California Summit community this weekend in Moreno Valley. The development will contain 202 single-family homes, and the first phase is composed of 50 houses priced from $89,990 to $108,990.

Three floor plans, with one and two stories, are included, offering three and four bedrooms and 2 1/2 or three baths in 1,095 to 1,694 square feet, on lots of 7,200 square feet or larger.

Features include concrete tile roofs, wood-burning fireplaces, vaulted ceilings, bay windows, attached two- and three-car garages and front-yard landscaping.

Conventional financing is available with 9%, 30-year fixed rate loans with a 10% down payment and 9 3/4%, 30-year, fixed-rate loans with 5% down, as well as FHA at 9% fixed for 30 years; closing costs for all are capped at $3,500. Veterans’ financing is at 9% fixed for 30 years with closing costs capped at $990. Buyers also receive a $1,000 decorator’s allowance for use at Kaufman & Broad’s decorator center there.

Occupancy of Phase 1 homes will begin early in October. Three models, decorated by Design One Interiors of Los Angeles, are open from 10 a.m. to 7 p.m. Sundays through Fridays and until 5 p.m. on Saturdays at 10633 Hyacinth Lane, off Old Lake Drive, reached from the Pomona (60) Freeway by Pigeon Pass Road.