Homeownership Assistance Program
The City of Rosemead has a Homeownership Assistance Program to provide financial assistance to qualified low-income home buyers for the purchase of homes located within the City of Rosemead. The Homeownership Assistance Program allows for the purchase of a single-family house or townhome/condominium with a purchase price/value of $902,500 or less for a single-family home and $601,350 or less for a townhome/condominium. Mobile homes or manufactured homes are not eligible for purchase. Participant must (1) have at least 3% of the sales price available in funds to contribute toward the purchase, (2) must be credit worthy to qualify for a loan from a lending institution, and (3) must have an income high enough to support a mortgage payment. Due to the price level of homes, the applicant will likely need at least 15% to 20% of the purchase price for the purchase.
The current loan will become due and payable in the event of a default or death of the homebuyer, sale of the property, refinance of the property for cash-out, or when the homeowner no longer lives in the property. After the first day of year twenty-one of continued occupancy and ownership, 100% of the City loan will be forgiven (reduced to $0).
2024 Maximum Income Guidelines
|
Household Size (No. of persons)
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
|
Max. Allowable Annual Income
|
$77,700
|
$88,800
|
$99,900
|
$110,950
|
$119,850
|
$128,750
|
$137,600
|
|
Based on HUD’s FY 2024 Income Limits for Los Angeles County.
|
The total household annual gross income (before taxes or deductions) cannot exceed the following. Income includes but is not limited to wages, tips, self-employment, retirement, cash aid, child support, alimony, etc.:
2024 Maximum City Assistance
City assistance for down payment, interest rate buydown and/or closing costs. The amount available is dependent on the number of bedrooms and is as follows:
|
Number of Bedrooms
|
1
|
2
|
3
|
4
|
|
Max. Total City Assistance
|
$208,049
|
$252,994
|
$327,293
|
$359,263
|
|
Source: U.S. Department of Housing and Urban Development. These income figures are subject to change annually. Effective July 1, 2024.
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The Program is currently only accepting names to be added to a program interest list. When funds become available, interested applicants will be notified by email. To obtain a copy of the Interest Form please click here.
For more detailed information please contact the Housing Division at (626) 569-2153 or [email protected].