La Playa Place by DR Horton
INFORMATION & ANNOUNCEMENTS
*PLEASE NOTE:
A MORTGAGE PRE-APPROVAL IS NO LONGER REQUIRED TO ENTER THESE DRAWINGS BUT IS REQUIRED BY THE FILE SUBMISSION DEADLINE.
PLEASE COORDINATE WITH YOUR LOAN OFFICER TO MEET THIS EXPECTATION.
THE FILE SUBMISSION DEADLINES HAVE BEEN EXTENDED.
PLEASE SEE BELOW.
Program Documents
The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you as the owner are still occupying the property. Renting the property will breach program requirements disqualifying you from the program.
This program is for households that meet the “first-time home buyer” definition for the program. La Playa Guidelines.
Video from the Webinar held January 31, 2024
MORE Live webinars are coming this month. See the information below.
Where: Online Webinar
When:
Monday, February 12, 2024 @ 6:00 PM
Saturday, February 17, 2024 @ 10:00 AM
Tuesday, February 27, 2024 @ 6:00 PM
Opportunity Drawing Index #433
24711 Sagebrush Ct
24742 Manzanita Dr
24722 Manzanita Dr
4 Bed / 2.5 Bath
Approx. 1810 Sq. Ft.
Restricted Sales Price: $463,356
Property Designated AMI: Moderate Income (up to 120% AMI)
Monthly HOA: $318.66
Deed Restriction Terms: In Perpetuity
Occupancy Standard: Minimum 1 Person. No Maximum
For more information, please see the ODN (to the right)
Important Deadlines
Date Applicants May Start Entering The Drawing: 1/5/2024
Drawing Entry Deadline: UPDATED 2/19/2024 @ 5 PM
File Submission Deadline: TBD - Update coming soon
Deadline to submit the City Preferences Form and Supporting Documents 4/26/2024 5pm
Opportunity Drawing Index #434
24781 Manzanita Dr
24738 Manzanita Dr
3 Bed / 2.5 Bath
Approx. 1549 Sq. Ft.
Restricted Sales Price: $183,925
Property Designated AMI: Low Income (up to 80% AMI)
Monthly HOA: $318.66
Deed Restriction Terms: In Perpetuity
Occupancy Standard: Minimum 1 Person. No Maximum
For more information, please see the ODN (to the right)
Important Deadlines
Date Applicants May Start Entering The Drawing: 1/5/2024
Drawing Entry Deadline: UPDATED 2/19/2024 @ 5 PM
File Submission Deadline: TBD - Update Coming Soon
Deadline to submit the City Preferences Form and Supporting Documents 4/26/2024 5pm
Preference Criteria:
How to prepare a buyer file: https://www.housekeys.org/buyerfile
This program is for households that meet the “first-time home buyer” definition for the program. See guidelines.
To view the pre-recorded “Orientation Webinar Video,” please go HERE and complete the quiz.
Steps to Enter the Opportunity Drawing:
1. Create a Profile at MyHouseKeys.com/new
2. Complete the HouseKeys Webinar Orientation
3. Meet with a Registered Lender to get PRE-APPROVED. Pre-approvals by an unregistered lender will not be accepted and delay your review process.
4. Enter the Opportunity Drawing by the published deadline
5. Register for HUD Approved 1st Time Homebuyer course
THE MINIMUM “INITIAL FILE” FOR REVIEW IS COMPRISED OF THE FOLLOWING DOCUMENTS…
HouseKeys Program Application
Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.
Latest Tax Return
Last 30 Days of Paystubs**
Proof of Down Payment Funds
**If you are self-employed, submit your last year's profit and loss statement and your year-to-date profit and loss statement (one for each business).
Please Note…Upon timely submission and approval of these initial review documents, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. To do so, you can expect to be given a deadline to provide them to continue through the process and be considered for the opportunity.
(Navigate the map by clicking and scrolling)
RESOURCES
Program Documents: Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to patriciate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you as the owner are still occupying the property. Renting the property will breach program requirements disqualifying you from the program.
State Income Limits for 2023
https://www.housekeys.org/s/income-limits-2023.pdf
How to get started and prepare a file: https://www.housekeys.org/buyerfile
This program is for households that meet the “first-time home buyer” definition for the program. La Playa Guidelines.