Resale - 1230 Mesquite Lane
INFORMATION & ANNOUNCEMENTS
DOWN PAYMENT ASSISTANCE LOANS AVAILABLE TO THOSE WHO QUALIFY:
Applicants making UP TO Low Income. Households may apply for all sources for a total of $200,000 (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
Program Documents & Disclosures
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement with a 45-year term.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.
OPPORTUNITY DRAWING #627
3 Bedrooms 2.5 Bathrooms
Approx. TBD Sq Ft
Restricted Sales Price: $503,000
Monthly HOA: $240
Full Insurance Required
Property Designated Income Category: Up to Low
Resale Restriction Terms: 45 Years (Review the documents on this page)
Please refer to the ODN (Right) for additional information
Important Deadlines
Start Entering Drawing on: 10/4/2024
Drawing Entry Deadline: 10/17/2024 5:00 pm
Initial Items Due by 10/17/2024 5 PM (Initial Items due from everyone, please see the Opportunity Drawing Notice for details)
Ranking results will be published approx. 10/22/2024
File Submission Deadline: 10/31/2024 by 5:00 PM - ADDITIONAL ITEMS DUE from the top 100 Final Ranking Numbers (aka Batch 1). See the Opportunity Drawing Notice for details. Note: Final Ranking numbers above 100 will be assigned a File Submission deadline separately IF backups applicant files are needed. Please be ready.
RESOURCES
Register for HUD Approved 1st Time Homebuyer course
Lender List and Forms: Click Here
Property Location
Please do not disturb the owners. See Open House Details. After the open house, viewings are by appointment only for final candidates.
Historical Information
