Resale - 206 Via Naretto

INFORMATION & ANNOUNCEMENTS

DOWN PAYMENT ASSISTANCE LOANS AVAILABLE TO THOSE WHO QUALIFY:

• Applicants making UP TO 80% AMI (Low Income). Households may apply for both sources for a total of $159,080 (conditional upon approval):

  • Up to $100,000 from CalHOME - County of Santa Clara.

  • Up to $59,080 from Santa Clara County -Measure A Funds

    • All County Funds are loans with 0% Interest Rate

Loan Documents:

• CalHOME Promissory Note

• CalHOME Deed of Trust

• Measure A Funds Promissory Note

• Measure A Funds Deed of Trust

Guidelines: City of Morgan Hill Applicant Guide

Program Documents: Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust

The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the city records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you as the owner are still occupying the property. Renting the property will breach program requirements disqualifying you from the program.

Restriction Term: 45 years

MINIMUM DOCUMENTS REQUIRED TO ENTER A DRAWING AND BE RANKED

Please ensure you review the Opportunity Drawing Notice for full instructions, deadlines, and disclosures.

This drawing has required documents that must be submitted by the drawing entry deadline:

1. A Housekeys Application specific to the project and drawing must be completed and signed.

2. A current/valid loan Pre-Qualification: To participate in the drawing and complete the purchase, choose a loan officer from the APPROVED HouseKeys list of lenders and loan officers. Obtaining a pre-qualification letter requires time; we highly recommend you start this immediately. The Lender list, application forms, and lists can be found here: Packaging a Buyer File — HouseKeys

3. Exhibit E – Preference Form with supporting documentation. Locate the form here: Reference Documents & Standard Forms — HouseKeys

PLEASE NOTE: If a selected preference cannot be verified because the completed Exhibit E or the specific supporting documents required by the city are not provided, you will lose the preference and be ranked without it.

IMPORTANT: Please follow our “Document Naming Conventions” Form to ensure all supporting documents are accounted for and labeled correctly. In addition, view:

• How to Name or Correct the Document Names in Your File Cabinet

• Frequent Mistakes to Avoid when Uploading to the File Cabinet

• How to find your file cabinet and upload documents

Submit ONLY PDF format file. (No JPEG, SVG / screenshots, pictures, etc. will be accepted)

The minimum “INITIAL FILE” for review is due by the File submission deadline and is comprised of the following documents…

We will begin reviewing applicants’ files in ranked order that submit a complete Minimum File (aka “Initial File”) by the File Submission deadline.

1.     All adult household members are required to submit income and asset documentation by the file submission deadline even if they will not be on the loan or listed as owners. Partial submissions are ineligible.

2.     Ensure that all documents you upload to your file cabinet are in PDF format. Access instructional videos and best practices for document uploading here.

3.     To view the full complete file document checklist, Click here.

• You can find a breakdown of the “minimum file for review” here.

• Please refer to the city’s Program Information page for any additional documentation (if needed).

Once notified of the review, you will need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. To do so, you can expect to be given a deadline to provide them to continue through the process and be considered for the opportunity.

(Navigate the map by clicking and scrolling)

RESOURCes

Learning Library

State Income Limits for 2023

• https://www.housekeys.org/s/income-limits-2023.pdf

How to get started and prepare a file: https://www.housekeys.org/buyerfile

This program is for households that meet the “first-time home buyer” definition for the program. See guidelines.