Montebello Housing & Development Corporation

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(323) 722-3955


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FAQs

Frequently Asked Questions

  1.) What are your homeowner education programs about?
  2.) What is your financial literacy program?
  3.) What does your CalHome Downpayment and Closing Cost program offer?
  4.) What is your Montebello Silent Second Program?
  5.) What does your foreclosure assistance program provide?
  6.) What are you corporate homeownership seminars about?
  7.) What is your Montebello Mentors Programs and what does it offer local youth?
  8.) Does MHDC participate in local trade shows and exhibits?
  9.) What does the MHDC acquisition and rehabilitation program offer?
  10.) What is MHDC's development program?
   
 
 

MHDC FIRST TIME HOMEBUYER AND HOMEOWNERSHIPEDUCATION PROGRAMS

The MHDC Homebuyer Education program is comprehensive it includes one on one counseling to prepare client to be mortgage ready, credit and budget counseling, and a mandatory 8 hour HUD approved Homebuyer Education class.

The 8 hour Homebuyer Education Class is offered in both English and Spanish. Held once a month on Saturdays, the class covers all aspects of the Home buying process, from qualifying to closing.

Guest speakers from the industry are invited to provide “Expert” presentations on their role in the homebuying process. Registration is required.  Visit our website for a class schedule.

MHDC HOMEBUYER EDUCATION COURSES

Covers the basics on the following topics:

  • Budgeting and savings

  • Credit and credit repair

  • Understanding home equity

  • Predatory lending and fraud prevention

  • Home Maintenance and energy efficiency

Classes held twice-monthly from 8:30am-5pm on Saturday. We accommodate religious observations.

MHDC FINANCIAL LITERACY TRAINING PROGRAM

MHDC offers additional courses that assist families with the financial planning, budgeting, and goal setting.  Please contact MHDC for a list of course options and schedules.  The following courses are available on site and in various community forums and events. 

  • Financial Literacy

  • Budgeting and Goal Setting

  • Credit Smart

  • Post Purchase Triaining

  • Down Payment and Closing Cost Assistance Programs (how they work)

CALHOME MORTGAGE LOAN ASSISTANCE PROGRAM

Funds awarded by the State of California Department of Housing and Community Development are provided as second mortgage loans to first-time homebuyers of low and very low-income means.

  • Must be low or very low income;

  • Home purchase must be in LA County;

  • Must attend MHDC homebuyer class $50.00 per attendee scholarships are available for very low income clients;

  • Maximum loan amount $55,000;

  • Fico score must be 620 or better;

  • Must not have had ownership interest in residential real    estate within last three years;

  • Minimum down payment equal to 3% of the sales price, which the amount shall be contributed from the borrower's personal resources or amount may be gifted.

2014 CAL HOME QUALIFYING INCOME LIMITS

Household Size                              Income Limit

1
$45,350
2
$51,850
3
$58,300
4
$64,800
5
$70,000
6
$75,150
7
$80,350
8
$85,550

 

MHDC SECOND MORTGAGE LOAN PROGRAM

Second mortgage loans are available to first time homebuyers of low to moderate-income means.  Purchase of homes must be in the City of Montebello, from open Market inventory and within a specific price range Loans of up to $30,000.00 are available.

  • Maximum loan amount is $30,000;

  • Second mortgage loan assistance cannot exceed 20% of the purchase price of the property; and

  • Amount of the property purchased must meet amount as appraised by a California State-licensed appraiser, using comparable sales.

FORECLOSURE PREVENTION

MHDC is a HUD approved foreclosure prevention counseling agency. Our counselors are trained and certified to serve as an intermediary between the client and lender to reach an acceptable resolution to your situation. This may include forbearance, loan modification, workout plans, short sale or deed in lieu of.  If you are facing foreclosure contact a counselor today at 323-722-3955, our services are free of charge.  Ask for Sergio Hernandez.

MHDC CORPORATE HOMEOWNERSHIP SEMINARS

MHDC’s Corporate Homeownership Seminars are available to employers. Employers can work with MHDC staff in an effort to facilitate presentations to their employees. Seminars are focused on providing information to employees on the many homeownership programs available in the local tri-counties area Los Angeles, Riverside and San Bernardino communities. Employers, interested in providing their employees with this type of information, can contact MHDC who will provide this seminar to your company or organization. The program is presented at no cost to the employer.

MHDC YOUTH MENTORS PROGRAM

MHDC provides an annual youth mentorship program the provides life skills training and education.  Students learn the importance of goal setting, budgeting, wage earning, and higher education.  Participants are given life skills that help them determine what goals are best for them and then how to implement those goals, life skill include applying for a job, resume writing, interview skills and what employers expect from employees.  For more information about the MHDC Youther Mentors Program contact Stephanie Serrano at 323-722-3955 and ask about an application to participate.

MHDC TRADE SHOWS & EXHIBITS

MHDC participates in various trades shows and exhibits providing information on its programs and services. Our participation is not limited to large events. We look forward to participating at events hosted by service groups, churches, community-based organizations, education and government institutions.

MHDC ACQUISITION AND REHAB PROGRAM

MHDC is a Chase Bank Community Reinvestment and Partnership Program and occassionally receives properties donated throughout the California area.  These properties are rehabbed and made available to low and moderate income buyers.  If you are interested in a property through this MHDC Chase Bank Program, please contact Vera Morales at 323-722-3955 for more information.

MHDC DEVELOPMENT PROGRAM

MHDC also builds housing in the tri-counties (Los Angeles, Riverside, and San Bernardino) areas and is currently developing a four home development project in Montebello for Veterans.  Some MHDC properties may be leased out and are available in the Fresno, Clear Lake, and Cobb County areas of California.  Please contact Jaime Legaspi at 323-722-3955 for more information.

   
   
   
   
   
   
   
   
   
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