Jasper by Trumark

These units are $300,000 LESS compared to Market Rate!

Information & Announcements

DOWN PAYMENT ASSISTANCE LOANS: See below to view what DPA is available to those who qualify:

• Applicants making UP TO 120% AMI (Moderate Income):

  • Up to $50,000 from Morgan Hill BEGIN - 1% Interest Rate Loan, 2nd position

• Applicants making UP TO 80% AMI (Low Income). Households may apply for all three sources for a total of $320,000 (conditional upon approval):

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

  • Up to $100,000 from Santa Clara County -Measure A Funds

    • All County Funds are loans with 0% Interest Rate

  • Up to $120,000 from Morgan Hill BEGIN - 1% Interest Rate Loan, 2nd position

Loan Documents:

• Begin Promissory Note

• Begin Deed of Trust

• 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

• Resale Restriction Agreement and Option to Purchase (8.25.2023)

• Performance Deed of Trust (6/7/2023)

• Excess Proceeds Note (6/7/2023)

The minimum “INITIAL FILE” for review is comprised of the following documents…

1. HouseKeys Program Application

2. Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.

3. Latest Tax Return

4. Last 30 Days of Paystubs**

5. Proof of Down Payment Funds

   **If you are Self-Employed, submit your last year's Profit and Loss Statement and your Year to Date Profit and Loss Statement (one for each business).

Please Note…Upon timely submission and approval of these initial review documents, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. In order to do so, you can expect to be given a deadline to provide them in order to continue through the process and be considered for the opportunity.

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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.