Even during these tough, economic times, the City of Whittier has good news to report: Besides the possible development of the Fred C. Nelles site (almost 74 acres of land) and the changes in Uptown Whittier (Presbyterian Intercommunity Hospital with its estimated $5mil investment for interior and exterior improvements as well as the new construction of "Amber Blu", a restaurant and dinner theater North of "Crepes & Grapes"), the City has been able to introduce the brand new Affordable Home Ownership Program (AHOP) for the new home development site called "The Gables of Whittier".
Under this program, moderate-income households will have an opportunity to get a "silent" second loan in order to purchase a home with an affordable first mortgage (very much like the programs already in place in cities like Long Beach and Lakewood).
As with most of these programs, certain income limitations apply and program specific requirements have to be met in order to qualify. The following are the generalized criteria potential buyers have to meet (according to the Whittier Redevelopment Agency):
1. The Program Participant must not have owned a home for a three-year period.
2. The Program Participant has to attend a mandatory education course for homebuyers.
3. The Program Participant has to be able to qualify for a 30-year fixed rate mortgage for the maximum mortgage amount fixed by the Program.
4. The household size of the Program Participant must fit the available unit size.
5. The Program Participant must have a minimum of 3% down payment and be able to pay for the closing cost on the first mortgage.
6. The property has to be used as a principal residence.
7. The Program Participant has to maintain property insurance.
8. The income guidelines have to be met.
If you would like to find out more about this special program and see the exact income guidelines, and requirements, you can download the program specifics (including the application) at http://cityofwhittier.org/ and click on the "Affordable Home Ownership Program" tab on the right.
I just got off the phone with a representative of the Community Development Department, and at the current time, the program only extends to "The Gables of Whittier". The developer has set 24 units (of a total of 96) aside for the Program, there is no technical deadline, you can apply as long as they are still for sale.
If you have any questions at all, please feel free to contact me!
Whittier, a great place to live!
Stephanie Schroeter-Frymyer
DRE # 01390458
http://www.serenefoundations.com/
http://twitter.com/HappyHabitat
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