Rent-To-Own Program Offered at New Complex

Renters at Parkview Place, 10930 Terra Vista Parkway in Rancho Cucamonga, will have an opportunity to purchase a home in the master-planned Terra Vista project, under a special rent-to-own plan being offered by the developer, Lewis Homes.

The novel program provides for $50 a month for up to 20 months to be credited to each tenant wishing to participate. The amount accumulated during this period may be used by the participant toward the purchase of any single-family home. Rentals at Parkview Place range from $380 to $590 and homes in the Terra Vista project are priced from $87,950 to $126,500.

Builder’s Buy-Down

In one of two programs offered at Meadow Brook Village, Garden Grove, a builder’s buy-down allows interest of 8% the first year, rising 1% a year to 11% the fourth and subsequent years. The other is a straight 10 3/4%, 30-year fixed-rate loan. Both require 5% down and neither has any bond restrictions. The Toman Co., developer, offers villas from $79,900 to $93,900 and town houses from $113,400 to $135,900. The sales office is open daily from 10 a.m. to dusk at 13175 Creek View Drive.

Builders’ Close-Out

With only 13 homes remaining in the community of Gardenhouse at 57490-4 Creekside Ave. in Orange, Genstar Development Services is introducing special financing through its “builders’ close-out” program. Three floor plans are offered with up to 1,190 square feet of living space and shoppers may choose from one bedroom to one bedroom plus a convertible library or mexzzanine and up to two baths.

Prices start at $84,000 and are complemented by a 127/8% market fixed rate of 3) years.

Special Bond Financing

The William Lyon Co. has introduced a 9.85% bond financing program (10.6% Annual Percentage Rate) to assist first-time buyers at Victoria, a master-planned community on Base Line Avenue, just west of Etiwanda Avenue in Rancho Cucamonga.

The long-term, fixed-rate financing applies to all homes released in the latest two phases at the Country, which includes 2-, 3- and 4-bedroom single-family detached homes priced from $72,990 to $74,990, and the Gardens, where 3- and 4-bedroom homes, both 1- and 2-story sell from $96,990 to $112,990