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Montebello Housing Development Corporation Second Mortgage Loan Program

Multi-County, California

Last verified
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Repayment

Deferred

No payments until the home is sold or refinanced

What is Montebello Housing Development Corporation Second Mortgage Loan Program?

Montebello Housing Development Corporation Second Mortgage Loan Program is a deferred second loan for homebuyers in Multi-County, California.

  • Silent-second deferred zero-interest loan. CalHome-funded. Multi-county: LA, Riverside, San Bernardino.
  • Up to $55,000 silent-second deferred zero-interest loan for first-time low/very-low income homebuyers in LA, Riverside, and San Bernardino counties. Funded by California HCD CalHome.
  • Funding comes from California HCD CalHome Program.

Do you have to pay it back?

Montebello Housing Development Corporation Second Mortgage Loan Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by sale, refinance, or change of primary residence.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Montebello Housing Development Corporation Second Mortgage Loan Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through Required - MHDC-approved homebuyer education
  • Sourced via Homebuyer Wallet (CA260137). Must be first-time homebuyer at very-low or low income (80% AMI or below). Property in LA, Riverside, or San Bernardino County. Must complete MHDC homebuyer education.

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Montebello Housing Development Corporation Second Mortgage Loan Program sets its income limit as follows: Very-low or low income (80% AMI or below).

  • Very-low or low income (80% AMI or below).
  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Montebello Housing Development Corporation Second Mortgage Loan Program can be used for Single-family, Condo, Townhouse.

Where does it apply?

Montebello Housing Development Corporation Second Mortgage Loan Program serves buyers purchasing in Multi-County, California.

How do you apply?

Applications for Montebello Housing Development Corporation Second Mortgage Loan Program go through the administering agency.

  1. Take a homebuyer education course

    Required by the program, through Required - MHDC-approved homebuyer education.

  2. Contact the administering agency to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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