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City of Boulder Affordable Homeownership Program – Realtor
Transcript of City of Boulder Affordable Homeownership Program – Realtor
He loves Boulder
He wants to buy a home in Boulder
She tells him the price of Boulder homes
He calls Ashley, a Boulder real estate agent
They go their separate ways
I can't afford that!
This does not need to be the end
Ashley tells him about the City's Homeownership Program
The city has a program with homes at below market prices - affordable prices
I am going to be renting forever
Lost chance to help with a dream
1 bed, 1 bath
3 bed, 3 bath
2 bed, 2 bath
Govenment program. #&!*%!
Government program. What's the "catch?"
There are some program requierments. However, you should have no problem.
Income Limits(Annual Gross)
Liquid Asset Limits for one-person House Hold
Middle Income $140,000
Recently divorced $ 85,000
Retired $ 85,000
Permanently disabled $140,000
Low to Moderate Income $ 55,000
For each additional member add $15,000
Some retirement assets and down payment funds exempt
Within income and asset limits
Qualify for a loan
Agree to restrictions
Requirement to live in the home
Limited appreciation/max re-sale price
Sell to program certified buyer
Restriction on homes
I wish I
1 person hh $76,410
2 person hh $87,340
3 person hh $98,280
4 person hh $109,090
5 person hh $117,930
Low to Moderate
Income property listings
1 person hh $52,070
2 person hh $59,510
3 person hh $66,950
4 person hh $74,380
5 person hh $80,340
I am under
Solve the customers' problem
Is this going to be a hassle for me?
Similar to most real-estate transactions
Buying and selling Affordable Homes
Like a regular deal
Negotiate price down
30 day closing schedule
Different than a regular deal
2.5% max commission (1.25%/each)
30 day marketing period (no contracts)
Max price can't sell above
Sell only to income qualified households
That all sounds good . . .
. . . well, except the commission part
City Marketing Support
City marketing support
List home where income qualified buyers look - our web site
Weekly marketing e-mail
Quarterly open house events
Present property at program orientations
Various activities throughout the year to drive people to the program
303-441-3157 ext 2
But wait . . . there is more
Down payment Assistance
3-5% Grant – help people with minimal assets to cover minimum down payment and closing costs
House to Homeownership (H2O) – Shared appreciation loan on market rate homes (non Permanently Affordable homes)
City of Boulder Homeownership Program
Homeownership Program Coordinators