March 30, 2017
The California Association of REALTORS® has recently launched a wonderful new program to help first-time homebuyers save money on their homeowner association (H.O.A.) dues. In a nutshell, the Housing Affordability Fund’s Homeowners Association Grant Program will give qualified first-time buyers up to six months of H.O.A. dues, not to exceed $2,500. This is free money, not a loan! However, this money is forever lost if not applied for within 30 days of the close of escrow. Also, there is a limited budget for this program, and it will end when the funds dry up.
To qualify, the buyers must:
- Purchase a California single-family dwelling (e.g., condo, townhouse, single-family residence, mobile home) costing no more than $954,225 (the 2017 limit), which they intend on occupying as their primary residence for at least two years;
- Buy a home with applicable H.O.A. dues/fees;
- Use a California REALTOR® to represent them in the purchase. It should be noted that referral fees do not qualify, so there may be challenges with some new home communities due to the way their contracts are structured (DeLeon Realty provides its clients with free access to an attorney to evaluate these contracts and determine eligibility on an individual basis);
- Not have owned any interest in real property in any location during the three-year period ending on the date of the individuals’ signatures on the certification form; and
- Obtain financing for some part of the transaction.
Like many things in real estate, there are a lot of opportunities out there if you know where to look. Unfortunately, many of these types of opportunities are missed by buyers who lack the appropriate experience or guidance. Buyers working with a DeLeon agent to purchase real estate can rest assured that they will be guided every step of the way. Not only will DeLeon buyer agents flag the opportunities, but we will also obtain and complete the forms and submit them for our buyers.