Buyer
The Housing Authority of the City of San Buenaventura maintains a list of interested buyers who want to receive updated information on homes coming available for sale. These interested buyers receive an automatic reply email anytime an update is done to the list of homes available for sale.
Interested buyers may meet the income requirements necessary to purchase an affordable restricted home, however, be aware this is not a guarantee that buyer will qualify for a first trust deed mortgage. Buyer will need to get prequalified with lender to see if they would qualify as well.
If you are interested in having your name placed on a buyer interest list, read the requirements below and complete the Homebuyer Interest Form and you will receive updates anytime new information becomes available on homes.
There are certain steps you need to follow to meet the requirements if you are interested in purchasing an income-restricted unit.
- Your income must not exceed the Maximum Allowable Household Income Limits
- Within 5 days of opening escrow the HACSB should be contacted by either the buyer or listing agent and submit the following:
- Completed and signed original Affordable Housing Program Application along with requested documentation.
- Copy of the signed Purchase Agreement accepted by both seller and buyer.
- Provide contact information for Escrow Officer and Lender
- Within 10 days of opening escrow the buyer needs to submit all required income documentation to the City.
Here is additional information required to to be reviewed for eligibility and final determination:
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Income verification will be reviewed for buyer
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Minimum eligibility standards/criteria needed to be reviewed by development/tract for buyer.
APPLICATON WILL NOT BE REVIEWED UNTIL ITEMS 1 THRU 3 HAVE BEEN RECIEVED
MEETING THE COMPLIANCE CERTIFICATE REQUIREMENTS
In order for the sale of a city affordable property to be completed, the HACSB must approve and issue a Certificate of Compliance. The HACSB has 35 days from notification that escrow has opened to issue a Certificate of Compliance, provided that all requirements have been met. The following are the items that need to be reviewed and approved by the HACSB before the issuance of a Compliance Certificate to the escrow company:
- Seller has furnished the HACSB with a Letter of Intent to Sell and all required information. (Numbers 1-7 under the “What to do if you are the Seller” section). This item is for resale units only not for new construction units.
- Buyer has provided the HACSB with the Affordable Housing Program Application and requested documentation.
- Buyer has provided proof of income and asset documentation which is received within 10 days of escrow opening.
- HACSB has verified that Buyer meets the income eligibility requirements.
- HACSB has received a copy of the Purchase Agreement, and any amendments, Escrow Instructions (if applicable), Buyer’s Vesting Interest in Property, Lender’s 1008 and 1003 form, and Legal Description of property.
- The purchase price of the home does not exceed Maximum Allowable Housing Price.
When the above requirements have been met HACSB issues the Certificate of Compliance and will submit to escrow. In addition, HACSB will submit to escrow a Request for Notice of Delinquencies required by the City to be signed by the buyer(s).
