Kaufman & Broad Has ‘Lease to Own’ Deals

Kaufman & Broad Corp., California’s largest home builder has begun a new “lease to own” program designed to attract first-time home buyers who don’t have enough money saved for a down payment. Under the program, buyers sign a three-year lease with the Los Angeles-based builder and then commit to a 30-year, fixed-rate mortgage at under 8%.

To become homeowners, the buyers must make monthly lease payments during the three-year period to establish a good credit rating. The program is currently available in 29 California counties but had not been offered in Los Angeles and Orange counties, the company said.

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Debora Vrana covers real estate for The Times. She can be reached at (714) 966-5979 and at debora.vrana@latimes.com.