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Yes, the homeowner is allowed the opportunity to refinance their home as long as the new loan does not exceed the current principal payoff amount plus closing costs and the new housing payment does not exceed affordable guidelines. A processing fee of $280 is due at the close of escrow. View information on refinancing requirements (PDF).
A Release of First Lien Information Form (PDF) is to be included in the preliminary approval package outlined under the terms for refinancing.
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No, the City of Tustin does not maintain a waiting list. For new units, the developer is responsible for selling the affordable units. For resale units, the current owner is responsible for selling their affordable unit.
The City of Tustin requires that applicants put down a minimum of 3% as a down payment. The 3% down payment must be the buyers' own funds.
No, it does not. The 3% down payment does not include any applicable closing costs.
Yes, gift funds are acceptable for additional down payment in excess of the minimum 3% down payment. A gift letter must be submitted along with supporting documentation reflecting funds available.
Yes, you do have the ability to sell your unit. The unit must be sold to a qualified affordable household at a price that falls within the affordable criteria of that unit.
The affordable sales price is calculated by the City. The price is established using current income limits established by the State of California Department of Housing and Community Development (HCD) and the current housing costs e.g. homeowner association dues, property taxes, insurance, and utility allowance. The current interest rate is also used in determining the affordable sales price.
Yes, you may use a lender of your choice. The City does not have a preferred lenders list at this time, however, we are working on this issue.
Please visit the Resource Documents page for more information.
Please visit the Income Limits page for more information.