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RES 84628
City of Pleasanton
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CITY CLERK
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RES 84628
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10/8/2012 4:37:34 PM
Creation date
2/1/2000 12:22:37 AM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
12/11/1984
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HOME MORTGAGE FINANCING PROGRAM <br /> <br /> The Ageney's Home Mortgage Finaneing Prog~?am (the "Program") is intended to <br />provide perm~ment fin~meing to "first time homebuyers" who intend to occupy a Home as a <br />principal residence (except th=~t 10% of the Home MOrtgages may be ~nade to persons who <br />do not qualify as "first time homebuyers"). First time homebuyers awe defined as persons <br />who have not had a present ovn~ership interest (as defined in the Home Mortgage Purchase <br />Agreements) in any principal residence during the three years prior to the execution of <br />the Home Mortgage. The [lousehold Income of the mortgagor of a Home located in the <br />City of Pleasaj~ton may not exceed 120% of the applicable median income in the ease of <br />new Homes; the Household Income of the ~nortgagor of a Home located in the City of <br />Suisun City may not exceed 150°/,, of the applicable median income in the ease of new <br />Homes. The Authority hgks determined that the applicable medias income is currently <br />$.36,000 for the City of Pleasanton (120% is currently $48,200) ~md $29,300 for. the City of <br />Suistm City (150% is etLvrently $43,950). Lower limitations are. applicable in the ease of <br />existing Homes. <br /> <br /> The pttrehase price of Ho~nes may not exceed 110% of the applicable Average Area <br />Purch,'kse Price. As ot' the date hereof the safe harbor average area purchase priees <br />puhlished hy the Internal Revenne Service are $~53,100 foe new Homes (110% earrently <br />equals $168,4 101 and $t49,200 for existing Ho~nes (~ 10% earrently equals $164,1201 for the <br />City of Plcasm~ton mid $119,800 for new Ho~nes O10% eurrently equals $131,7801 stud <br />$11!t,700 for existing Homes (t10% currently equals $131,6701 for the City of Suisun City, <br /> <br /> <br />
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