| | | | | | | | | | | |  The City of Inglewood First-time Homebuyers Mortgage Assistance Program (MAP) is administered by Inglewood Neighborhood Housing Services (INHS), which is a NeighborWorks Homeownership Center (HOC). INHS and the City have created this silent second deed of trust deferred loan program to provide homeownership opportunities to first-time homebuyers in the City of Inglewood. Maximum loan amount is $40,000. Eligible Borrowers - Eligible borrowers are those households whose income is below 80% of the Los Angeles County Median income, adjusted by household size. The applicant will be required to provide all documentation and information required by the lender. Income of all members residing in the property and over the age of 18 will be considered in determining program eligibility.
- Household size should be consistent with the number of individuals claimed on federal income tax returns.
| Household Size | Very-low Income (30%) | Low-income (50%) | Moderate-Income (80%) | | 1 | $11,450 or less | $11,451-$19,100 | $19,101-$30,500 | | 2 | $13,100 or less | $13,101-$21,800 | $21,801-$34,900 | | 3 | $14,700 or less | $14,701-$24,550 | $24,551-$39,250 | | 4 | $16,350 or less | $16,351-$27,250 | $27,251-$43,600 | | 5 | $17,650 or less | $17,651-$29,450 | $29,451-$47,100 | | 6 | $18,950 or less | $18,951-$31,600 | $31,601-$50,550 | | 7 | $20,250 or less | $20,251-$33,800 | $33,801-$54,050 | | 8 | $21,600 or less | $21,601-$35,950 | $35,951-$57,550 | Source: The Department of Housing and Urban Development for FY 2001-2002 (10/1/01-9/30/02). Eligible Properties  Eligible properties include single family homes and condominiums located in the City of Inglewood. The property must be owner occupied.
- Maximum appraised value, including any proposed rehabilitation, is limited to HUD's HOME Single Family Purchase Price limits, currently $235,000.
- Properties in need of repair may also qualify for a rehabilitation/home improvement loan (see rehabilitation loan program).
Homebuyer's Education
All borrowers' purchasing a home under the MAP Program will be required to undergo homebuyer education provided by INHS. Homebuyer's education courses will cover areas such as budgeting, underwriting and credit, finding a house, and mortgage financing. Loan Applications - Applications for the MAP program can be obtained from and submitted to INHS. Participating lenders will provide the first mortgages.
- INHS will process the loan application for both the first and second mortgages.
Lead Based paint testing and abatement is funded by the City of Inglewood in conjunction with all housing programs. For more on information the First-time Homebuyer Program, please contact Inglewood Neighborhood Housing Services (INHS), Inc., 335 East Manchester Blvd., Inglewood, CA 90301, (310) 674-3756. |
| | | | | | | | | | |
| |
