Homebuyer workshop Oct. 27 in Riverside

REAL ESTATE: Homebuyer

workshop Oct. 27 in Riverside

Pure Hearts R Us, a HUD-endorsed counseling agency, to host workshop to help renters buy homes in low- to moderate-income housing tracts in Riverside and San Bernardino counties

From PE.com 9/13/15

Pure Hearts R Us, a nonprofit housing counseling agency, is hosting a free homebuyer awareness workshop on Saturday, Oct. 24, in Riverside.

The “WOW, I’m Home!” workshop at Stratton Community Center, 2008 Martin Luther King Blvd., will be conducted from 11 a.m. to 3 p.m.

Jamie Mack, a Pure Hearts R Us spokesperson, said the workshop is set up to help residents who are renting property learn how to obtain affordable housing.

WOW – the acronym stands for “With Ownership, Wealth” – was created by the Congressional Black Caucus Foundation in the early 2000s to promote minority home-ownership nationwide. Fannie Mae, the nation’s largest source of financing for home mortgages, awarded a grant to the foundation at that time to support a five-year campaign to generate 1 million new African-American homeowners.

The Great Recession sidelined the mission.

This year, Pure Hearts R Us set a goal to help families of all races buy affordable homes in low- to moderate-income areas of Southern California by offering a series of financial education and counseling sessions.

Aaron Leonard, chief executive of Lancaster-based Pure Hearts, said the agency has partnered with several lenders – CitiBank, Boston Private Bank, BBVA Compass Bank, Bank of America and Community Housing Work in San Diego – to get the word out about loan programs to achieve that goal.

Loan packages are being offered to homebuyers with a credit score of 620, mortgages with no Private Mortgage Insurance (PMI), no income limits for property in a low- or moderate-income tract, down-payment assistance and mortgage loan pre-qualification with non-traditional documents that demonstrate consistency in payments, Leonard said.

The Oct. 24 event is free, but Arnold said prospective homebuyers who seek assistance to apply for the loans will be asked to take two classes that cost $200 total to understand the dynamics of homebuying, financing and maintenance.

The first $125 class is required by the U.S. Department of Housing and Urban Development and banks to pre-qualify for a loan, Leonard said. The second $75 class is held after a home is purchased to make sure the homebuyer understands the dynamics of maintenance and is on track with loan payments.

Advance registration is required. To learn more about the HUD-endorsed counseling agency or to RSVP, email homeownership@pureheartsrus.org or call 661-361-1172

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