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 ARE COMING UP.

PLEASE SEE BELOW.

Program Documents

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 participate 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.

• La Playa Restriction Agreement

• La Playa Note

• La Playa Deed of Trust

This program is for households that meet the “first-time home buyer” definition for the program. La Playa Guidelines.

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

File Submission Resources and Information:

Please follow our “Document Naming Conventions” Form to ensure all supporting documents are accounted for and labeled correctly. In addition, view these short videos:

• How to Name or Correct the Document Names in Your File Cabinet

• Frequent Mistakes to Avoid when Uploading to the File Cabinet

• How to find your file cabinet and upload documents

• Application Forms and Exhibits (after clicking the link, scroll to the bottom of the page)

• How to opt-out of a drawing

• How to prepare a buyer file: https://www.housekeys.org/buyerfile

Preference Criteria:

The Final Ranking numbers are subject to change after preferences are verified. In addition, the "Highest" Tier may drop to a lower Tier, to No Tier or Zero (0) once the file is fully reviewed by the Program Underwriter or Program Provider, as applicable.

Steps to Enter the Opportunity Drawing:

1. Create a Profile at MyHouseKeys.com/new

2. Complete the HouseKeys Webinar Orientation. To view the pre-recorded “Orientation Webinar Video,” please go HERE and complete the quiz.

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.

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RESOURCES

Learning Library