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: 1-800-761-6747
               or
  (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 a Reservation Request to the Housing Division. The Housing Division sends a notification to the lender indicating if MAP funds have been set aside (Reserved) for the purchase of your home.

•  Escrow closes and you will be a HOMEOWNER!
  
  
  

Interested in becoming a participating lender? 

If you are a licensed Loan Officer and would like to become a participating lender please click here.  Participating Lender Interest Form

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** As of 2/09/2012
1 Person       $47,250     5 Persons     $72,850
2 Persons     $54,000     6 Persons     $78,250
3 Persons     $60,750     7 Persons     $83,650
4 Persons     $67,450     8 Persons     $89,050

Moderate-Income Limits** As of 6/17/2010
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 to contact us.