You must occupy the property as your primary place of residence.
You must contribute a minimum of three percent of the purchase price from your own funds.
You must not have owned a home or been on title of a home within the last three years.
You must complete a CalHome Approved Homebuyer Education Class.
The total gross annual income of the entire household must not exceed 80 percent of the Los Angeles County Area Median Income (AMI).
The maximum CalHome loan amount will be 40 percent of the Borrower’s purchase price forthe property, up to a maximum of $100,000.
The property must be located within the Bell Gardens city limits/boundaries.
The property may be a new or resale single-family detached unit, condominium, townhouse or a manufactured home on a permanent foundation.
The purchase price may not exceed $550,000, subject to periodic adjustments.
The property must be vacant or occupied by the seller/owner, or CalHome applicant; and must not have been vacated by the previous renters within the last 30 days.
The property must be free from any health & safety defects and lead-based paint hazards. Prior to final loan approval, a Housing Quality Standards (HQS) inspection will be conducted to verify condition of property. Proof of initial building permit issuance must be provided.
Occupancy Ratio: No more than 1.5 people per living space (living space includes bedrooms, living room, family room, den/study).
You must obtain fire and casualty insurance, including flood insurance when applicable. Maximum of $100,000.
No monthly payments are required.
Principal and interest payments shall be deferred for the term of the CalHome program Loan.
CalHome program Loans shall be secured by the property or leasehold interest, as applicable.
Prohibited loans and terms:
Negative–Amortization; Stated Income; Adjustable Rate Mortgage (ARM); Interest-Only Loans; and, if the Front-End Ratio is below 20 percent or over 38 percent, the Back-End Ratio is over 45 percent.
The City of Bell Gardens has been awarded the CalHome Grant to assist individual first-time homebuyers through deferred-payment loans for down payment assistance and home rehabilitation.
A complete list of mortgage lenders pre-approved by City of Bell Gardens is available at: First Time Homebuyers Approved Lender List.