Community Development DepartmentHousing and Human Services

FAQs

Frequently Asked Questions

Homeownership Programs

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

A: 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.

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Q: What is the Inclusionary Housing Program?


A: The Inclusionary Housing Program was created through the City Council’s adoption of an ordinance that requires residential developers to provide either 10% or 15% 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) or, 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.

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Q: What is the Resale Restriction Agreement?
A: The Resale Restriction Agreement restricts the use and sale of the home for 55 years.
Click here for a copy of the Resale Restriction Agreement.

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Q: Do I get to keep the equity in a Below Market-Rate (Inclusionary) home?
A: Yes.

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Q: How long do I have to live in the Below Market-Rate Inclusionary home before I can sell it?
A: There is no minimum or maximum time limit for home ownership before sale.

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Q: What is the minimum income needed to qualify for the Below Market-Rate (Inclusionary) Housing Program?
A: It varies depending on the purchase price of the home, the amount of down payment, 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.

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Q: Can a friend or family member who is not a First Time Homebuyer (FTHB) purchase the home with me even if I am a FTHB?
A: No. All parties must be FTHB. (See Program Guidelines for a definition of a FTHB.)

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Q: How do you define household?
A: A household includes all persons who reside in a housing unit. Persons included in the household must have lived together in one location for a minimum of six months prior to the initial date of the application.

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Q: What is a FICO score?
A: A FICO score is another name for a credit score.

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Q: How much are closing costs?
A: Usually between 3% and 5% of the purchase price of the home.

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Q: What is included in total household income?
A: 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 under 24 years of age.

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Q: Can I fax or email my application to the City?
A: No, the City needs the original application with a wet signature.