HUNTINGTON BEACH : Seminar for Home Buyers to Be Offered

A seminar to help low- and moderate-income families who have steady jobs but limited savings to purchase homes by making low cash down payments is scheduled for later this month.

Buyers can purchase homes with values up to about $200,000 and with monthly payments of about $1,650 through the program, which is backed by the Federal National Mortgage Assn., or Fannie Mae.

The special loan program provides mortgages with 5% down payments. Participants purchasing Orange County homes do not have to be first-time buyers, and they can have a maximum household income of $63,200.

The seminar, the second in a series, is scheduled for Sept. 19 and is sponsored by the Huntington Beach/Fountain Valley Assn. of Realtors. To apply for the loan program, buyers must meet certain financial requirements as well as successfully complete one of the Fannie Mae seminars.

“We were both happy and surprised by the number of people who came to the first seminar two weeks ago,” said Florence Lubow-Bell, president of the 2,000-member real estate trade group, which is co-sponsoring the seminars.

“Participants come from as far away as Camarillo, Rialto and the San Fernando Valley in addition to those from Orange County,” Lubow-Bell said. “We accommodated as many as our meeting room could hold and then started a waiting list, and we are still receiving calls.

“The demand was so great that we scheduled a second seminar right away so these potential home buyers can take advantage of the current low interest rates,” she said.

The seminar will help prospective buyers meet the requirements of the home loan program. The sessions cover a variety of subjects, including applying for a mortgage, budgeting household expenses and shopping for, inspecting and maintaining a home.

Participants will receive a certificate that they have taken the course, which must be submitted with their loan applications.

Serving as seminar chairman is Teena Hill, production manager for Western Cities Mortgage Corp., a lender with offices in California and Nevada.

The free seminar will be held at Beach Pacific Escrow, 16401 Gothard St., from 8:30 a.m. to noon. To make a reservation, call the Huntington Beach/Fountain Valley Assn. of Realtors at (714) 847-6093. Seating is limited. Participants should bring a calculator. Spanish translation is available.