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740 N. Angeleno Avenue

San Gabriel Valley Habitat for Humanity (SGV Habitat) is building new homes in Azusa!

Project Description

This housing project is an entirely new fourplex, gated development, in Azusa. Each home is uniquely designed at over 1400 sq ft., with 3 bedrooms 2.5 bathrooms, a two-car garage, and 150 sq ft., of private outdoor space. One home will be single story and wheelchair accessible. All homes are available to purchase by income-eligible, first-time homebuyers with households between 3 – 6 people.
The initial screening application for these homes has now been closed.

Eligibility Requirements

– Must be a first-time homebuyer
– Must have good credit (no bankruptcies or active collections)
– Must have ability to pay at least $7,300 as a downpayment plus additional closing costs
– Must be a household of 3 – 6 full-time people
– Must have a minimum borrower income of $56,000 or $43,950*
– *One unit is reserved for a very-low income household and will be filled first-come, first-served
– Must have a Gross Household Income below the following limits:

Other Important Information

This project has received financial assistance that ensures homebuyers can purchase these homes at affordable prices. This includes downpayment assistance funded by SGV Habitat. Homebuyers, at time of purchase, qualify for a monthly housing payment based on 30% of their gross monthly income. This can include; principal mortgage amount and interest, property taxes, homeowners’ insurance, and HOA fees. Along with an approximate 1% downpayment and minimum closing costs – this is an amazing opportunity to purchase a home affordably.

In exchange for the benefits of this assistance, restrictions are placed against the property. Affordability Restrictions will be recorded against the home so that if you wish to sell the house during the term of your agreement (45 years), SGV Habitat will have the first right to re-purchase the property at the original sales price. This ensures the long-term affordability of the property while also allowing the original owners to access their paid-in equity, enjoy financial stability with a fixed-rate mortgage, and experience the opportunity so create, grow, and thrive in their own space. Additionally, the property that you purchase must remain owner-occupied for the term of the mortgage. Meaning, you are not allowed to rent out your home. Additional loan terms may accompany this purchase.

Homeownership is a big responsibility and our Affordable Homeownership Program is unique. Please watch our information video or attend an upcoming Information Session. Dates are listed on our main Homeownership Page.

Process

  1. 1 Screening
  2. 2 Qualification
  3. 3 Selection

Step 01

Screening

The screening process will be open on 11/1/2023. Anyone is welcome to submit a pre-application. On 11/30/2023 this initial pre-application period will close. All eligible pre-qualified applicants determined during the screening process will be placed into groups based on local preference points per City and funding requirements, and then randomly assigned a processing order. SGV Habitat will then invite intakes in batches to submit full applications, including documents of income verification.

Preferences will be given to Veterans and those actively serving in the Military, current Azusa residents and workers, as well as those with a permanent disability.

 

 

 

Step 02

Qualification

Those invited to submit full applications should be prepared to submit all household income, asset, and employment documentation. The application will include a credit check, landlord and employment verification, and additional required documents. Applications will be reviewed based on submission date and only if complete.

 

Step 03

Selection

SGV Habitat will continue to qualify eligible homebuyers until all homes are filled. The number of qualified applicants may exceed unit availability. Selected eligible buyers will be required to complete sweat equity (volunteer) hours, as well as homebuyer education courses with SGV Habitat. All four units will be ready to purchase in early 2025.

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