For more information regarding this project, please visit: https://www.azuredevelopmentco.com/amada-homes.html
For more information regarding this project, please visit: https://www.azuredevelopmentco.com/amada-homes.html
Buyer
- Applicants who have resided in Huntington Park for at least one year shall be given priority over all other applicants.
- You must occupy the property as your primary place of residence.
- You must contribute three percent of the purchase price from your funds.
- You must not have owned a home or been on the title of a home within the last three years.
- You must complete a CalHome Approved Homebuyer Education Class.
- The total gross annual income of the entire household must not exceed 80 percent of the Los Angeles County Area Median Income (AMI).
- The maximum CalHome loan amount will be 40 percent of the Borrower’s purchase price for the property, or up to a maximum of $200,000.
2025
NUMBER OF PERSONS IN THE FAMILY
| Income Limit | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Low | $84,850 | $96,950 | $109,050 | $121,150 | $130,850 | $140,550 | $150,250 | $159,950 |
Property Guidelines
- The property must be located within the City of Huntington Park’s limits/boundaries.
- The property may be a new or resale single-family detached unit, condominium, townhouse, or manufactured home on a permanent foundation.
- The purchase price may not exceed $650,000, subject to periodic adjustments.
- The property must be occupied by the seller/owner and must not have been vacated within the previous 30 days.
- Occupancy Ratio: No more than 1.5 people per living space (including bedrooms, living room, family room, den/study).
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You must obtain fire and casualty insurance, including flood insurance when applicable, covering the replacement value of property improvements.
Loan Terms
- No monthly payments are required.
- Principal and interest payments shall be deferred for the term of the CalHome Program Loan.
- CalHome program Loans shall be secured by the property or leasehold interest, as applicable.
Prohibited loans and terms:
- Negative Amortization
- Stated Income
- Adjustable Rate Mortgage (ARM)
- Interest-Only Loans
- The Front-End Ratio cannot be below 20 percent or over 38 percent
- The Back-End Ratio cannot be over 45 percent.