Housing Programs - (909) 620-2368
First Time Homebuyer
Mortgage Assistance Program (MAP)
What is MAP?
Mortgage Assistance Program (MAP) is a deferred loan program that provides eligible families with down payment and closing cost assistance to secure financing for the purchase of a single-family home or detached condominium in Pomona. There are no monthly payments and the second mortgage is due and payable only when the home is sold, refinanced with cash out, a change in title occurs, or at the end of 45 years. The City of Pomona will additionally share in the equity growth based on the percentage of City assistance to the purchase price with 1/45 of the calculated equity sharing forgiven for each full year of occupancy by the borrower.
How does the program work?
- The Homebuyer goes to a participating lender and must qualify for a first trust deed mortgage loan. The Homebuyer informs the lender of his/her intent to participate in the City of Pomona Mortgage Assistance Program. The Homebuyer must meet established affordable housing cost requirements calculated by the lender.
- Attend a HUD approved 8 hour Homebuyer Educational Workshop at (1) Neighborhood Partnership Housing Services, Inc., 320 W. “G” St., Ontario, CA 91762 (800) 761-6747, (2) Montebello Housing Development Corporation, 1619 Paramount Blvd., Montebello, CA 90640 (323) 722-3955, or (3) Neighborhood Housing Services of the Inland Empire, 1390 N. “D” St., San Bernardino, CA 92405 (909) 884-6891.
- Find a house.
- Escrow opens.
- The Lender sends the entire application to the Housing Division. The Housing Division sends a letter to the Homebuyer indicating that MAP funds have been set aside for the purchase of your home. The first lender is also notified.
- Escrow closes and you will be a HOMEOWNER!
Who is eligible?
The Homebuyer may not have had ownership interest in a residential property within the past three (3) years. The Homebuyer's household gross income cannot be more than the following current HUD income limits per year:
| Low-Income Limits** |
| 1 Person |
$44,400 | 5 Persons |
$68,550 |
| 2 Persons |
$50,750 | 6 Persons |
$73,600 |
| 3 Persons |
$57,100 | 7 Persons |
$78,700 |
| 4 Persons |
$63,450 | 8 Persons |
$83,750 |
|
| Moderate-Income Limits** |
| 1 Person |
$52,150 | 5 Persons |
$80,450 |
| 2 Persons |
$59,600 | 6 Persons |
$86,400 |
| 3 Persons |
$67,050 | 7 Persons |
$92,400 |
| 4 Persons |
$74,500 | 8 Persons |
$89,350 |
**Subject to change without notice.
If your income exceeds the maximum dollar amount for MAP, the National Homebuyers Fund ("NHF") may provide down payment assistance. For more information, please call 1-866-643-4968 or click the website address
www.nhfloan.org for more information.
What is the maximum home purchase price?
There is no set maximum home purchase price. However, a family cannot pay more than a given percentage of their monthly gross income and/or exceed the maximum affordable housing costs.
How much can a homebuyer borrow?
The City of Pomona will assist with down payment and closing costs towards a purchase for an existing or newly constructed single-family home or condominium. Moderate-Income homebuyers may receive up to $65,000. Low-Income homebuyers may receive up to $100,000.
How much money do I need?
Minimally, the Homebuyer must put down an amount equal to the Recurring Closing Costs. Recurring Closing Costs are those housing costs that require repeat payments, such as property taxes, insurance and mortgage insurance premium. This value is calculated by the lender and varies according to value of the house.
For further information, please call (909) 620-3631 or
click here to contact us.
Success Stories:
The City of Pomona continues to help individuals and families achieve the dream of becoming homeowners. The testimonials below are from a few proud City of Pomona homeowners who received First-time Homebuyer Mortgage Assistance Program (MAP) assistance.
The Gonzales Family
Ms. Perry
Mr. Cota
Ms. Vasquez
Housing Development
The City of Pomona is committed to maintaining and improving the City's housing stock. To that end, the Housing Division offers financial assistance to developers interested in developing infill housing sites, acquiring and rehabilitating dilapidated residential buildings and developing new housing projects such as the Mission Promenade mixed-use housing project or the senior housing development project, Serenity Villas. For more information on these outstanding projects, please contact the Housing Division at 909-620-3789.
Senior Housing Development
Several Affordable Senior Apartment have been developed, these projects have been financed utilizing a number of resources including housing set aside funds, tax credits, and HUD section 202 funds. For more information on senior housing development, please contact the Housing Division at (909) 620-3789.
Useful Housing Websites
HUD's Official Web Site
www.hud.gov
100 Questions and Answers about Buying a home.
http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm
How to Buy A Foreclosed Home from HUD?
http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm
To Look for A For-Sale Home.
www.realtor.com
I Already Own A Home And I Have Questions on….
http://www.hud.gov/offices/hsg/sfh/owning.cfm
How to Obtain Help If I'm Losing My Home?
http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm
How Do I Avoid A Foreclosed?
http://www.hud.gov/foreclosure/index.cfm
Real Estate Dictionary
http://www.realestatewords.com/
Mortgage Dictionary
http://www.hud.gov/offices/hsg/sfh/buying/glossary.cfm
Compare Schools in My Community
http://www.schoolwisepress.com/compare/index.html
