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Calhome
Second Mortgage Loan Program
Funds
awarded by the State of California Department of
Housing and Community Development are provided as
second mortgage loans to first-time homebuyers of
low and very low-income
means. Purchase of homes must be in the Los Angeles
County.
•
Must be low or very
low income;
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Have not had an
ownership interest in residential real estate within
the preceding three years.
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A minimum down payment equal to 3% of the sales
price, which amount shall be contributed from the
borrower's personal resources or amount may be
gifted.
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Maximum loan amount is up to $55,000
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Buyers must attend a
homebuyer education class approved by MHDC.
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Fico score must be a
620 or better.
2012 CalHome Qualifying Income Limits
|
Household Size |
Maximum Income |
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1 |
$47,250 |
|
2 |
$54,000 |
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3 |
$60,750 |
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4 |
$67,450 |
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5 |
$72,850 |
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6 |
$78,250 |
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7 |
$83,650 |
|
8 |
$89,050 |
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Montebello
Second Mortgage Loan Program
Provides second mortgage loans
to first time homebuyers of low to moderate-income
means. These loans are provided for acquisition of
homes on the city of Montebello open market. The loans
provide the bridge between sales purchase price of
homes and the available buying power of the first
time homebuyers of low to moderate-income means. The
corporation's financial portfolio includes 226 loans
since 1993, amounting to a total of $6.2 million dollars.
These second mortgage loan funds have delivered over
$39 million dollars in mortgage loans from private
lenders.
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Montebello Mentors Program
The Montebello Mentors Program is
lead by Mary and Ruben Beas and is a year long
program aimed at Montebello Schools High School
students. This program provides classes in
journalism, cable TV show production, and classes in
leadership, community, and job opportunities.
Students will analyze their options for the future
and assist them in determining whether vocational or
college goals are best for them. |
Corporate
Homeownership Seminar
This seminar is presented by the
(MHDC) staff to meet the growing needs for new ways
to expand homeownership opportunities to underserved
communities. The seminar focuses on providing information
to employees on the many homeownership programs available
in Montebello and the surrounding communities. The
seminar will provide information to your employees
in achieving their dream to homeownership. Employers
can work with MHDC staff in an effort to facilitate
presentations to their employees at no cost.
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Foreclosure Avoidance and Assistance Program
MHDC has
experienced a high level of calls for assistance
from clients experiencing varying levels of
foreclosure problems. Over the past year calls
have increased over 200% and according to industry
professionals this trend will continue into 2009.
Although the government and the industry is
developing programs to address this national
problem, MHDC has developed a program that empowers
our graduates with knowledge to avoid foreclosure.
MHDC believes that empowering our clients with
education to know how to avoid foreclosure and help
clients better understand how MHDC can assist them
through these difficult times, will even the odds of
maintaining homeownership. |
Homeownership
Education Program
Classes are offered to individuals
interested in home ownership (Classes are mandatory
for recipients of MHDC assistance). First Time Homebuyers
are encouraged to attend these classes in order to
better understand the many issues and responsibilities
of homeownership. Current homeowners are also encouraged
to attend these classes to obtain the most current
information on home buying opportunities. Classes
are structured in a format that provides eight (8)
hours of preacquisition and two (2) hour of post-acquisition
format. The MHDC strongly believes that the retention
of homeownership is just as important as the purchase
of a home. |
Neighbor
Helping Neighbor & Community Beautification Program
MHDC provides the coordination
of this community neighborhood pride project. Community
Service Organizations, Churches, Service Clubs, and
individual volunteers assist in providing aid to community
residents in cleaning and minor rehabilitation of
their homes. This program also undertakes community
clean-up campaigns in residential and commercial areas.
Volunteers are always welcome. Past partners
include the Montebello
Rotary Club, Montebello Kiwanis Club, Montebello
Rotary Interact club, and Schurr High School Key
Club. Enjoy previous years pictures click
here. |
Advocacy
Program
MHDC's efforts to keep housing
issues in the forefront of local awareness demanded
that the Board of Directors embrace a Housing Advocacy
Policy. Said policy includes participation and affiliation
in local agencies such as the Montebello Board of
Chamber of Commerce and Industry, The Montebello Board
of Realtors, the San Gabriel Valley Hispanic Business
Chamber of Commerce, the Latin Business Association,
the National Council La Raza and the Southern California
Association of Non Profit Housing Agencies. |
Homeowner
Occupied Rehabilitation Loan Program
This new program, implemented in
January 2002, provides low interest loans to Senior
Citizens who own and occupy their homes. Funds are
provided to address quality of life, safety and modernization
type of rehabilitation work. The loan is deferred
and is due upon the transfer of title of the property.
Loans of up to $20,000 will be provided to individuals
who meet the State approved low to moderate-income
guidelines. The MHDC works with community service
organizations, local churches, youth groups and community
members in addressing clean-up related rehabilitation.
Contractors will be utilized to address structural
rehabilitational work. |
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| For questions
on any of these programs please feel free to contact
MHDC at (323)722-3955 or email us at
info@mtbhousingcorp.com. |
