Understanding the Affordable Home Buying Process
INITIAL TASKS
Please review the Opportunity Drawing Notification for specific deadlines AND instructions for the unit you are applying for. The information below is for the program in general.
Watch the Introduction Videos on this page and the Mandatory Orientation Webinar. If one is not available, sign up for one under the Events tab. All applicants and co-applicants must complete this.
All applicants and co-applicants must individually take the quiz with a passing score
Carefully review the Application Guide and Program Restriction Documents (on this page)
Contact a Loan Officer registered with Housekeys and obtain a pre-approval , you can find the list here: https://www.housekeys.org/buyerfile
Feeling lost? Attend an FAQ Session. To register click HERE
Register your Household’s Profile at https://www.myhousekeys.com/ to obtain an Application ID for the Program. Update your profiles BEFORE entering any drawing.
All applicants and co-applicants must individually attend an online HUD approved First Time Home Buyer Education Class and provide a certificate of completion
Get familiar with the application forms and document checklist https://www.housekeys.org/buyerfile/ Start organizing your documents and be ready to submit them by the file submission deadline on the Opportunity Drawing Notice you are interested in.
Review the Opportunity Drawing Notice (ODN). It contains important information such as property information, qualification and eligibility criteria, deadlines, file submission instructions and the File Request deadline. The ODN also serves as the official File Request.
Use your Application ID to enter drawings at https://www.myhousekeys.com/
Note: This is a quick list and partial instructions; other requirements and processes apply.
introduction videos & Quiz
These 8 short videos will help you understand how affordable housing works, key terminology, and the affordable home buying process. We encourage you to “Take the Quiz” to confirm that you understand the concepts and the process. In addition to the videos please review the Morgan Hill Orientation slides by clicking HERE , the Initial Action Items Orientation Handout by clicking HERE , and the Resale Restriction Agreement on this page which limits the resale value for a 45 year term and requires the home to be owner occupied. Please check the “Events” tab above to find the registration link for the next mandatory Ownership Orientation Webinar.
Disclaimer: HouseKeys Orientation ZOOM Webinars provide general information only and may be subject to change at any time without notice. HouseKeys Orientation ZOOM Webinars do not constitute financial advice. You should obtain independent advice before making any financial decisions. HouseKeys Inc. does not give any warranty or representation as to the accuracy, reliability or completeness of the information. To the extent permitted by law, HouseKeys Inc. and its employees, shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided or omitted or from any one acting or refraining to act in reliance on this information.
MyHouseKeys
program orientation
MyHouseKeys is our web-based software platform created to help you manage your program relationships, find housing opportunities, and navigate the application process. You start by registering your household profile.
profile Registration Process
When you click on the button to “Register Your Profile, you’ll begin with a quick sign up form that asks: Name, Number of Household Members, Total Household Income, and Zip Code. After you enter and confirm your email address, you will start a Registration Wizard that will have you complete a series of forms. You may want to set aside an hour to complete all of the online forms. These forms include:
Admin Profile - this is the basic information and address for the primary applicant.
Member Profiles - all other household members who will be occupying the housing unit
Income Profile - you’ll identify the type of income that you earn, information about your employer, and your employment details
Household Preference - this form details any special criteria that your household may meet that would allow you to receive preferential treatment among other applicants.
Household Demographics - this is an optional form that allows us to track our Fair Housing statistics
At the end of the process, you’ll get to a page called the Household Overview. This page summarizes all of the information you entered and gives you a chance to review before finalizing.
Program Application & Checklist (Including the loan officer list)
Click the link below to access and download:
Application Exhibits
Application Exhibits are special documents that help provide further details about items that you provided while completing the Program Application and gathering items on the Application Checklist. Click on the links below to open the Exhibit documents.
This program requires additional documents:
program documents signed by buyers
Note: These documents will change and be updated from time to time.
The City of Morgan Hill has a resale restriction agreement with a 45-year term that restricts the price at which a home can be resold and carries other restrictions, including refinancing and inheritance. Please make sure to review this document before applying for the program. Housing opportunities are created through the city’s Inclusionary Housing Ordinance passed in 2018.
Excess Sales Proceeds Note and Deed of Trust
The difference between the fair market value of the home and the maximum restricted resale price is known as “Excess Sales Proceeds”. This amount of money belongs to the program and the City records a note and deed of trust in order to protect those proceeds. Click the links below to open the examples.
Program Guides
These program guides were created in the Fall of 2018 to provide Applicants and Participants with the rules and processes involved with the housing programs.
As an applicant, you must complete the steps to create a household profile, obtain an Application I.D. and enter Drawings for the housing opportunity you want. Each housing opportunity is given an Opportunity ID. If you are chosen in the Drawing, then you will submit a full file to be processed and underwritten and the rules are outlined in this guide.
Once you are a homeowner, you sign a 45-year Restriction Agreement that details what you are allowed to do with the home. While the Restriction Agreement on this site is the latest version, there have been many different versions used over the past 40 years. The Participation Guide walks through some of the rules on refinancing, re-selling the home, and transfers for inheritance. Please keep in mind that your signed Restriction Agreement is the governing document that ultimately determines what you’re allowed to do.
Homebuyer Information Page for City of Morgan Hill Housing Programs
