FULLERTON : Loan Program Will Be Workshop Topic

A new city-run down-payment assistance program that is expected to disburse $600,000 in loans this year will be explained Saturday at a workshop.

A banker and a real estate agent at the free workshop will also talk about loan programs, budgeting for a home purchase and working with real estate agents.

The workshop will be from 9 a.m. to noon at the Fullerton Senior Multi-Service Center, 340 W. Commonwealth Ave.

The new down-payment assistance program will provide loans of up to $45,000 to people whose household income is at or below 70% of the county median income, which is $39,550 for a family of four. Participants would be expected to make a down payment of a minimum of 3% of the house's value.

Linda Morad, the city's housing programs coordinator, said the workshop will explain how much money people need for a down payment, how to get an appraisal and what size loan they could expect.

The down-payment assistance program draws on redevelopment funds, Morad said. Applications are available at the housing programs office at City Hall.

The city will offer two more workshops on Oct. 25 and Nov. 4. All will be held at the Fullerton Senior Multi-Service Center. Reservations are required. Call (714) 738-6878 for more information.

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