HOMEBUYER ELIGIBILITY

Pacific Renaissance Affordable Condominiums will sell at an affordable price to families and households who meet the following eligibility criteria:

• Minimum down payment - At least three percent of the purchase price must come from the buyer's own funds, and be available for the down-payment. Buyers are encouraged to provide more than the minimum required amount.
• Mortgage eligible - Able to secure sufficient financing.
• Income qualified - Total Gross Income must be at or below 100% of the Area Median Income.
  • Maximum annual income limits are*:
    • 1 person household - $64,600
    • 2 person household - $73,850
    • 3 person household - $83,050
    • 4 person household - $92,300
    • 5 person household - $99,700
    • 6 person household - $107,050

*Based on 2010 data. Subjet to annual change.

• Household size - There are no household size restrictions for 1 and 2-bedroom units. For 3-bedroom units, there must be a minimum of 2 persons in the household.
• Purchasing households must complete an approved Homebuyer Counseling course before close of escrow.