CITY OF OROVILLE REOPENS LEASE TO PURCHASE PROGRAM OROVILLE, CA – JUNE 6, 2013- The City of Oroville’s Department of Business Assistance and Housing Development is now accepting applications for its previously successful “Lease to Purchase Program”. The Lease to Purchase Program was designed to help purchase a home, maintain the home and ultimately remain as the homeowner. Amy Bergstrand from the City’s Housing Department stated, “The program allows for individuals who have less than perfect credit to purchase a City-owned home while being mentored through all areas of the purchase. For example, the individual will have the opportunity to work closely with a Certified Personal Finance Counselor (CPFC) who will assist them with credit repair and budgeting. Another great feature of this program is that it provides fair market rents throughout the lease period; the purchase price is locked in at the start of the program and a portion of the lease payments are applied to the closing costs or as a principle payment on the loan upon close of escrow. The idea is to slowly ease the Lessee into the responsibilities of homeownership.” Qualifying criteria is dependant upon family size and gross household annual income which cannot exceed 80% of the area median income. The applicant cannot currently own a home or a residential parcel. Only homes owned by the City of Oroville are available through the program. Applicants are required to obtain credit counseling through the City and bring their credit score up to a 620 rating or better prior to the purchase of the home. The City shall lease the home to the applicant for a period of up to 36 months resulting in the purchase of the home at the end of the lease. For additional qualifying criteria and information about available homes contact the City of Oroville’s Business Assistance/Housing Development Department at (530) 538-2495, or visit the city website at [email protected] .
Posted on: Thu, 06 Jun 2013 17:41:58 +0000
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