Purchase an Affordable Home in Orange County

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1 Purchase an Affordable Home in Orange County Habitat for Humanity of Orange County offers affordable homeownership opportunities. Families who work in Orange County can live in Orange County under construction: Moderate Income Families Families must earn no more than 120% of the Area Median Income 793 North Concord St., Santa Ana 4 Bedrooms 2.5 Baths 1,494 Sq. Feet Offered at $453,000 Home must be owner-occupied Income Restrictions apply Resale Restrictions apply 797 and 812 North Concord St., Santa Ana 3 Bedrooms 2.5 Baths 1,470 Sq. Feet Offered at $421,400 CONTACT: Nicole Pompey, Realtor Re/Max of N. Orange County Ritchey Street Santa Ana, CA

2 Information and Application Packet Table of Contents Purchase Information and Restrictions... 1 Documentation Checklist Applicant Information Qualification Document of Understanding Information Sharing Authorization Credit Report Authorization.. 6 Frequently Asked Questions Map & Floor Plans

3 Purchase Information Affordability Restrictions Resale Restrictions Habitat for Humanity of Orange County (Habitat OC) builds homes for sale to Orange County residents earning low to moderate income. This provides opportunities for homeownership to families who are unable to qualify for a market rate home. Habitat OC has obtained land from local cities on which to build homes in exchange for Habitat OC s promise to maintain the affordability of the workforce homes it constructs. Below is a description of the restrictions that must be met to purchase a Habitat OC Workforce home. Purchase Information There are deed restrictions that limit the sales price of the home. The purchase price will be below the market price for a similar home and will be set at an affordable price for a moderate income purchaser. Home must be owner-occupied and cannot be rented or subleased, in whole or part. Affordability Restrictions must be sold to a qualifying family of "low to moderate income" earning up to 120% of the Area Median Income for Orange County. (See chart below). The maximum income allowable to purchase this home is defined by the Department of Housing and Urban Development (HUD) guidelines as published by the State of California Department of Housing and Community Development. These values change on a yearly basis. Total income of all household members from all sources (employment, child support and/or SSI, Social Security disability, retirement, pensions, and other benefits) must be included Income Limits by number of people in household People In Household Maximum Income $73,250 $83,700 $94,200 $104,650 $113,000 $121,400 $129,750 $138,150 Resale Restrictions The home is restricted to an affordability period of sixty (60) years. If the home is re-sold within the sixty year affordability period, it must be sold to another family who qualifies with the same income level as the seller of the home. This means that the sale of a moderate income home must be sold to a moderate income buyer. The Sales price to a new qualifying family is determined by an Affordable Housing Price calculation and not by local comparative sales ("Comparables" or "Comps"). 1

4 Documentation Checklist Please return all of the following documentation: Habitat forms Applicant Information Qualification Document of Understanding Information Sharing Authorization Credit Report Authorization Personal Information Paycheck stubs for last three months Signed Federal Income Tax Returns for previous three years W-2 s for previous three years (these are usually attached to your tax returns) Bank statements for all bank accounts for last three months (all pages) Current debts (education loans, credit cards, auto loans, revolving loans) Two forms of identification for applicant and co-applicant: Driver s license -and one of the following- Birth Certificate Passport Social Security Card Loan prequalification letter provided by your lending institution (if available) Please send completed document packet to Nicole Pompey* Re/Max Real Estate, Lic. # Cell *Your application cannot be considered until all required documents are received. 2

5 Applicant Information Homes for Purchase Please rank the homes (in order of preference): Rank Address Bedrooms Bath Sq. Footage Affordable Sales Price 793 North Concord St. 4 Bedrooms 2.5 Bath 1,494 Sq. Feet $453, North Concord St. 3 Bedrooms 2.5 Bath 1,470 Sq. Feet $421, North Concord St. 3 Bedrooms 2.5 Bath 1,470 Sq. Feet $421,400 Applicant Name Co-Applicant Name Address City Preferred Phone Home Phone Work Phone Partner Contact Info Realtor Banker MEMBERS OF HOUSEHOLD Name Applicant Co-Applicant Relationship to Applicant Sex Date of Birth 3

6 Qualification Document of Understanding Income Requirements Family income does not exceed Moderate Income limits listed below. Total income of all household members from all sources (employment, child support and/or SSI, Social Security disability, retirement, pensions, and other benefits) must be included. Total gross income (before deductions) must not exceed 120% of the median income for Orange County, as defined by HUD guidelines and published by the State of California Department of Housing and Community Development Income limits by number of people in household People In Household Maximum Income $73,250 $83,700 $94,200 $104,650 $113,000 $121,400 $129,750 $138,150 General Requirements I understand this home must be owner-occupied, not rented or sub-leased. I understand that my homeownership costs (mortgage, interest, property taxes, home insurance and HOA fees) must not exceed 35% of my household income. Financial Requirements - or - I have closing costs & down payment funds. I hereby give permission for Habitat OC to share my information with financial, escrow and city institutions. I have my own bank to use as my lender and have attached a copy of the pre-approved loan qualification letter. I would like more options on potential lenders who understand Habitat OC s purchase and resale restrictions. Restrictions Documentation I have received and read the purchase and resale restrictions (Disposition and Development Agreement - DDA), and shared it with my lender. I have provided Habitat OC with the required documents listed on the Documentation Checklist All of the above is accurate and complete. Applicant Name (printed) Signature Date Co-Applicant Name (printed) Signature Date 4

7 Information Sharing Authorization The undersigned Applicant and Co-Applicant (if any), authorize Habitat for Humanity of Orange County, Inc. (Habitat OC) and its employees to obtain, provide, release, discuss, and share information with mortgage lenders selected by the potential Applicant, and with governmental subsidy providers. Information can also be shared with city housing officials. This information may include (but is not limited to) the name, address, telephone number, social security number, credit score, credit report, income, liquidity, debt ratios, government monitoring information, loss mitigation application status, account balances, program eligibility, and payment activity of the Applicant. This Information Sharing Authorization is valid for 180 days, beginning on the date signed by the applicant and co-applicant, or until Habitat OC and the Mortgage Lender/Mortgage Servicer/City Officials receive written revocation from the Applicant(s), whichever date is first. I UNDERSTAND AND AGREE WITH THE TERMS OF THIS INFORMATION SHARING AUTHORIZATION: Applicant Printed Name Signature Date Co-Applicant Printed Name Signature Date 5

8 Credit Report Authorization The undersigned Applicant and Co-Applicant (if any), authorize Habitat for Humanity of Orange County, Inc. (Habitat OC) and its employees to request credit reports from consumer reporting agencies. This Credit Authorization Form is valid for 180 days, beginning on the date signed by the Applicant and co-applicant, or until Habitat OC receives written revocation from the Applicant(s), whichever date is first. I UNDERSTAND AND AGREE WITH THE TERMS OF THIS CREDIT AUTHORIZATION FORM: Applicant Printed Name Signature Social Security Number Date Co-Applicant Printed Name Signature Social Security Number Date 6

9 Frequently Asked Questions What happens when I want to sell my house? Habitat OC has a Right of First Refusal to repurchase this home at an affordable price according to the current HUD income table for a moderate income at the time of resale. Habitat OC cannot promise it will actually buy the home. This decision will be made at the time the owner indicates they wish to sell the home. If Habitat OC chooses NOT to exercise its right of first refusal, the owner may sell the home to a qualifying buyer at an affordable price based on HUD income levels at that time. However, Habitat OC will need to qualify the buyer to ensure they have met the income requirements. Habitat OC may choose to assist the seller in finding a qualified buyer, but cannot promise that it will do so. Is there a price limit to how much I can sell my house? Yes, the sales price cannot exceed what is affordable to the purchasing family based on the HUD/California HCD income level table referenced above, and it is recalculated each year. Keep in mind, that the sales prices of homes that are not deed restricted also have limits to the extent that you can find someone willing to pay that price. Why would I buy a home that I cannot sell at market rate? Is that a good investment for my money? Habitat OC Workforce homes are priced below market, which is an immediate benefit to you as you purchase this home. You will own a new home for a smaller investment than needed for a comparable market rate home. When you choose to sell your home, the sales price is NOT driven by current market prices of homes (comparable sales, or comps ), but rather by current income levels of residents of Orange County. Historically, the area median income (AMI) in Orange County has increased over time, but there is no guarantee it will continue to increase each year. In the history of reported median income, Orange County s area median income has grown every year, except it was flat in 2010 and decreased somewhat in If AMI in Orange County grows between now and when you sell your home, the sales price will increase accordingly. There is no guarantee that median income, and therefore affordable sales prices, will go up. Similarly, if AMI decreases between now and when you sell your home, the sales price will decrease accordingly. If the affordable home prices should go down over time, it would be due to deterioration in the overall income levels in Orange County, such as a recession. In such a scenario, the value of every home in the county would be negatively impacted. With affordability restrictions, your home investment is somewhat insulated from the highs and lows of the market. Prices of market rate homes have had severe peaks and valleys over the past years in Orange County. It is a matter of timing that has decided if the purchase or sale of a home was a good investment. 7

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