Lease program seeks to ease families into homeownership

Home buyers with credit problems, no down payment, or both, may qualify to participate in an expanding homeownership program for middle-income families that pays buyers’ closing costs and eliminates the need for a down payment.

The Public Lease-Purchase program, sponsored by members of the California Communities Housing & Finance Agency, or CalCom, offers qualified home buyers a 30-year mortgage on a house, condominium or town home priced at up to $475,000. The program pays the closing costs.

For up to 72 months of the mortgage, the buyer makes a lease payment equivalent to a mortgage payment, taxes and insurance. The lease payments go toward paying down the mortgage; the mortgage is held, during this lease-option phase, by a nonprofit governmental agency. The buyer may first exercise the option to buy the home after 12 months.

CalCom is a regional governmental agency whose membership includes 19 Los Angeles County cities. San Fernando is the latest to join the agency, which also serves Long Beach, Pomona and Southgate; the city of Los Angeles is not a member.

For more information or to reserve a space at one of several workshops, visit www.calcom hfa.org or call (877) 873-1988.

Workshops will be held Saturday at 208 Park Ave., San Fernando; Sept. 18, 1808 W. 9th St., Pomona; Sept. 24, 9520 Beverly Blvd., Pico Rivera, and Oct. 16, 140 S. Glendora Ave., Glendora. All sessions are 10 a.m. to noon.

-- Diane Wedner