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.

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

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.

Exhibit E - City Preferences

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…

1. HouseKeys Program Application

2. Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.

3. Latest Tax Return

4. Last 30 Days of Paystubs**

5. 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

Learning Library

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. Updated Documents Coming Soon!

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.

La Playa Restriction Agreement

La Playa Note

La Playa Deed of Trust