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.

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.

Montebello Housing Development Corporation Second Mortgage Loan Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, 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.

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.

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

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

Applications for Montebello Housing Development Corporation Second Mortgage Loan Program go through the administering agency. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.