City of Huntington Park
First-Time
Homebuyer Program
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 $100,000.
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).
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.
HOW TO APPLY?
The City of Huntington Park has been awarded the CalHome Grant to assist individual first-time homebuyers through deferred-payment loans for down payment assistance and home rehabilitation.
Please complete the form, and we will be in touch with you as soon as possible.