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What is the goal of the Montebello First Time Home Buyer Program?

April 26, 2017buyer GOAL Home montebello program time

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What is the goal of the Montebello First Time Home Buyer Program?

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The MFTHBP is administered by the Montebello Housing Development Corporation (MHDC), with the goal of assisting individuals and families who live or work in Montebello in purchasing their first home. This goal is accomplished by providing home buyers with the assistance necessary to fill the “affordability gap”: The difference between the purchase price of a home and the maximum first mortgage loan that a lender will grant a homebuyer. The MHDC provides the subsidy to make the home affordable.