The City of Rosemead is offering financial assistance to qualified low-income home buyers for the purchase of home 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 $724,375 or less for a single-family home and $631,750 or less for a townhome/condominium. Purchasing a mobile home or manufactured home is not permitted. Participant must have at least 3% of the sales price available in funds to contribute toward the purchase. Due to the price level of homes, the applicant will likely need more than 3% for the purchase.
The City loan amount will vary for each qualified applicant and will carry zero percent interest (0%) and no monthly payment. The 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 $0.00).
2023 Maximum Income Guidelines
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.:
|
Household Size (No. of persons)
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
Max. Allowable Annual Income
|
$70,650
|
$80,750
|
$90,850
|
$100,900
|
$109,000
|
$117,050
|
$125,150
|
$133,200
|
Source: U.S. Department of Housing and Urban Development. These income figures are subject to change annually. Effective July 1, 2023.
2023 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
|
$198,331
|
$241,176
|
$312,005
|
$342,482
|
Source: U.S. Department of Housing and Urban Development. These income figures are subject to change annually. Effective July 1, 2023.
To obtain a copy of the pre-application, please
click here.
For more detailed information please contact:
Housing Division at (626) 569-2153
[email protected]