AC BOOST , ALAMEDA COUNTY COMMUNITY DEVELOPMENT AGENCY HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT
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Description: Offers loans intended to bring homeownership to households to purchase a home in Alameda County. AC Boost provides loans of up to $210,000 (depending on buyer income and need). Loans are interest free and have no monthly payment during the time that a household owns their home. Instead, the program requires repayment only when:
the 30 year term has ended
the home is sold prior to the 30 year term ending
the owner would like to take cash out of the home in a refinance
the owner no longer wishes to occupy the home
At that point, the owner repays the amount that they borrowed plus a proportional share of the increase in the value of their home.
Eligibility: To qualify for an AC Boost loan, you must meet the following requirements:
Alameda County Residency Buyers must live or work (at least 32 hours/week) in Alameda County or have previously lived in Alameda County and been displaced.
Displaced Households To qualify as a displaced household, the applicant's household must provide proof of residency for at least one adult member who was displaced from their principal place of residence within Alameda County within ten years prior to their application date. Learn more about eligibility due to displacement in this Displaced Household FAQ(https://eee70ad8-1e78-45d1-906a-8f2b5030dad8.usrfiles.com/ugd/eee70a_6b101f1a81be4804982c4d0a51756e52.pdf).
First Time Homebuyer AC Boost defines a first-time homebuyer as: a household in which all adults in the household are (1) purchasing the residential property; (2) will reside in the residential property as a principal residence; AND (3) had no ownership interest (sole or joint) in a residential unit during the three-year period preceding the date of the AC Boost application, OR was a Displaced Homemaker." (https://www.acboost.org/fthb-definition).
Income Limits To qualify, your household income must be at or below 120% of the Area Median Income ("AMI") to qualify for up to $160,000. If your household income is at or below 100% AMI, you may qualify for a larger loan of up to $210,000. The current income limits are:
No. of People 100% AMI 120% AMI
1 $103,550 $124,250
2 $118,300 $142,000
3 $133,100 $159,750
4 $147,900 $177,500
5 $159,750 $191,700
6 $171,550 $205,900
(Income limits are updated annually, typically in late spring)??
Primary Residence Buyers must live in the home as their primary residence at least 10 (ten) months per year.
Asset Limit Households must have no more than $300,000 in Assets at time of application. Assets are defined by AC Boost include, but are not limited, to the following: savings accounts, checking accounts, Certificates of Deposit, the total balance of any joint accounts, money market or mutual fund accounts, in trust for accounts (amount accessible), stocks or bonds, gifts, cash on hand, amount used or borrowed (from a life insurance policy, IRA or retirement accounts), the amount of equity in any real estate owned, and other investments held by any occupant of the Applicant's household age 18 or older. Assets to be excluded The cash surrender value of life insurance policy, the value of an IRA account, the value of retirement accounts (including but not limited to 401K and 403B accounts), the value of a special needs trust or the value of a 529 college savings may be excluded from an applicant's assets for the evaluation of Pre- and Post-Purchase Assets. Assets between $60,000 and $300,000 must be invested in the purchase so that a household has no more than $60,000 in Assets after the purchase of the home.
Requirements: No information has been provided by Agency
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