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?
No. All parties must be FTHB. (See Program Guidelines for a definition of a FTHB.)
Can I fax or email my home ownership application to the City?
No, the City needs the original application with a wet signature.
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?
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.
Do I get to keep the equity in a Below Market-Rate (Inclusionary) home?
How do I get a copy of a deed
How do I record a mortgage or deed
How do you define household?
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.
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 for home ownership before sale.
How much are closing costs?
Usually between 3% and 5% of the purchase price of the home.
I am being evicted
I am plagued by rodents and bugs
I have a problem with my water/electric/gas bill
I have no air conditioning
I have no heat or hot water
I want to complain about my landlord
I want to complain about my realtor or broker
I want to know my rights as a renter
I want to rent a city owned apartment
Is there rent control
My landlord is unreasonable
My tenant is unreasonable
What is a FICO score?
A FICO score is another name for a credit score.
What is included in total 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 under 24 years of age.
What is the Inclusionary Housing Program?
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.
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 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.
What is the Resale Restriction Agreement?
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.
What programs are there to help me fix up my property