Community Development DepartmentHousing and Human Services

Faqs

Frequently Asked Questions

Affordable Homeownership Programs

What if I don’t meet all of the program guidelines (i.e. FICO score, down payment, etc.) at the time the application is due, can I still submit an application?

Yes, you may still submit an application, but if you are selected you must meet all of the program guidelines at the time you are contacted.

Where are the homes located that are for sale?

We anticipate 6-8 homes will become available this year (2009-2010) through the Inclusionary, Neighborhood Stabilization, and Below Market Resale Housing Programs. This would include 2 and 3 bedroom condominiums in the Portico at Montage development by Shea Homes and two 4-bedroom duet style homes in the Grove development by Northbrook Homes.

Inclusionary Housing Program - What is it?

The Inclusionary Housing Program was created through the City Council’s adoption of an ordinance that requires residential developers to provide 10% (15% in some developments) of their units at an affordable price. There is a high demand for this housing so the City has started a program to identify first time homebuyers that may be eligible to participate. The Program is available to first-time homebuyers whose income does not exceed 80% of the Area Median Income (AMI) and in some programs, 120% of the AMI. Buyers are chosen through a City administered selection process, with preferences given to persons who live and/or work in Livermore.

Resale Restriction Agreement - What is a Resale Restriction agreement?

The Resale Restriction Agreement restricts the use and sale of the home for 55 years. For more detailed information click here for a copy of the Resale Restriction Agreement

Equity - Do I get to keep the equity in a Below Market-Rate (Inclusionary) Home?

Yes.

How long do I have to live in the Below Market-Rate Inclusionary home before I can sell it?

There is no minimum or maximum time limit you must own the home.

Minimum Income -What is the minimum income needed to qualify for the Below Market-Rate (Inclusionary) Housing Program?

It varies depending on the purchase price of the home, the amount of downpayment, personal debt, and other associated costs/payments for the unit (i.e. Homeowners Association Dues, Mortgage Insurance, etc.) For more details, please contact the Housing & Human Services Division.

Can a friend or family member who is not a First Time Homebuyer purchase the home with me even if I am a FTHB?

No, all parties must be FTHB. (see Program Guidelines for a definition of a FTHB)

Household -How do you define household?

A household is defined by including all persons who reside in a housing unit. Persons included in the household must be living together in one location for a minimum of six months prior to the initial date of the application.

FICO -What is a FICO score?

A FICO score is another name for Credit score.

Closing costs -How much are closing costs?

Usually between 3% and 5% of the purchase price of the home.

Household Income – What is included in Household Income?

Total household income is the total gross income of all adult members of the household, including undocumented income and temporary disability income. It does not include income earned by a dependent of a household member who is a full time student less than 24 years of age.

Can I fax or email my application to the City?

No, the City needs the original application with a wet signature.