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Pre-Application Checklist
Affordable Housing Program
PROGRAM SUMMARY & REQUIREMENTS
Four (4) homes within Flora Walk development have been designated as affordable for-sale homes targeted to moderate and middle income first time homebuyers.
One (1) of the four (4) homes are targeted to qualified moderate income first time homebuyers. Three (3) of the four (4) homes are targeted to qualified middle income first time homebuyers.
The annual gross income for the buyers and all household members 18 years of age and older cannot exceed the following income limits:
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All buyers must be first time homebuyers who have not had an ownership interest or held title in any real property during the past three years. Federal income tax returns for the past 3 years shall be provided and will be used to verify first time homebuyer status.
All buyer’s and household members must provide a copy of their U.S. birth certificate or U.S. passport or permanent resident card and a copy of their social security card. All household members must also reside in the same principal residence as the buyers at the time of application, and must meet the minimum household size of the three people to qualify.
Household Size Moderate Middle
3 $83,500 $111,280
4 $92,750 $123,680
5 $100,150 $133,600
6 $107,600 $143,440
7 $115,000 $153,360
8 $122,450 $163,280
Affordable Housing Program Summary
Homebuyer Requirements
REQUIREMENTS CONTINUED
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A minimum of 1% of the down payment must be from the buyer’s own funds for the purchase of the home and cannot be a gift. The household assets cannot exceed the combined total of the buyer’s portion of down payment, estimated closing costs (up to six months total), (total monthly housing costs), and an emergency allowance of $5,000 in addition to liquid or convertible assets allowable.
The buyers are required to complete a face to face eight (8) hour education class from a HUD certified agency. The class must be completed prior to loan closing and a certification of completion must be provided.
The buyers must meet credit underwriting criteria established by the first trust deed lender. The prospective household must have sufficient income and creditworthiness to qualify for primary financing defined by the lender. Debt to income ratios must not exceed the maximum allowed by the lender and also meet LACDA requirements. Adjustable interest rates are only permitted if the loan terms meet LACDA requirements.
LACDA will provide down payment and closing cost assistance in the form of a second trust deed loan. The Affordable Homeownership Program (AHOP) loan is a deferred 30 year second trust deed loan. All payments are deferred until the home is sold, ownership is transferred to another party, the property is no longer occupied by the owner as their primary residence or a refinance event. LACDA will share in a percentage of the equity accumulated on the property, depending upon the circumstances that exist at the time of the sale and federal requirements. The AHOP loan is not transferrable or assumable. The buyer’s eligibility to purchase the home is subject to review and approval by the LACDA.
The property must be occupied and used as the buyer’s principal residence and may not be used as an investment property, rental, vacation home, or recreational home. All buyers are required to submit an annual certification of residency to the LACDA for the duration of ownership of the Restricted Unit.
All applications for the program will be processed through Finance of America Mortgage. For more information about the community and how to apply, please visit the Flora Walk website at florawalk.com
Down Payment and Closing Costs
Homebuyer Education
First Trust Deed Loan Requirements
Down Payment and Closing Cost Assistance
Ownership Requirements
Additional Requirements
CONTACT INFORMATIONREQUIRED DOCUMENTS
EXPERIENCE ISN’T EXPENSIVE, IT’S PRICELESS.
APPLY ONLINEFollow the easy step by step process
by clicking “Apply Now”
©2019 Finance of America Mortgage LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | Licensed by the
Department of Business Oversight under the California Residential Mortgage Lending Act
HOW TO APPLY
(949) [email protected]
Most recent 3 Pay Check Stubs
Most recent 3 years W- 2 and/or1099 forms (all employers)
Most recent 3 years Personal Tax Returns (all schedules)
Most recent 3 years Business Tax Returns (if applicable/all schedules)
Most recent 3 mos Bank Statements for all assets (all pages)
Most recent Retirement Statement (401k/IRA/Pension)
Name and Phone number of Landlord (if applicable)
Copy of CA driver’s license or ID card for all buyers
Copy of social security card for all buyers
Social Security/ Pension award letter (if applicable)
Us Passport /Permanent Resident Card/US Birth Certificate
Credit Report for all household members over the age of 18
Applications Begin Nov 7th at 10:00am
FloraAffordableApply.Floify.com/Apply-Now
