City of Palo Alto Below Market Rate Homeownership Program

City of Palo Alto Below Market Rate Homeownership Program is a shared-appreciation loan for homebuyers in Palo Alto, California. Below Market Rate (BMR) homeownership program offering below-market priced homes with equity-sharing restrictions. Requires city resale controls in perpetuity. shared equity with provider at resale. Funding comes from In-lieu fees / Inclusionary.

City of Palo Alto Below Market Rate Homeownership Program is a shared-appreciation loan and is repaid under the terms set by the administering agency. Repayment is triggered by Sale or transfer. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Palo Alto Below Market Rate Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum 620 FICO score required for all borrowers. A homebuyer education course is required. Residency requirement: Must occupy as primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen.

City of Palo Alto Below Market Rate Homeownership Program limits household income to 120% of the area median income, which varies by county and household size. Low to moderate income: household income ≤120% AMI. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Palo Alto Below Market Rate Homeownership Program caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-2 unit), conventional condominium, townhome, PUD. New construction is eligible. Manufactured homes are not eligible.

City of Palo Alto Below Market Rate Homeownership Program serves homebuyers purchasing in Palo Alto, California.

Applications for City of Palo Alto Below Market Rate Homeownership Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.