The restrictions on maximum sale price are quite significant in periods of appreciating prices, though the lower purchase prices may outweigh that downside for buyers with moderate income looking to secure housing.
The ARCH website is a great resource to learn more about the program and be sure to work with a real estate agent who is familiar with the program if you are looking to buy one. Here are some of the key restrictions: Homes must be owner occupied. You cannot rent out the home, though occasionally a short-term rental is allowed if you can prove a hardship.
Future resale prices are fixed by a formula, they do NOT change based on market competition and neighboring sales. The may not sell for more than the amount calculated by this formula, though it could sell for less if market prices have declined.
During the first days of trying to sell an ARCH home, you may only sell to individuals who meet the appropriate income guidelines. After the initial period has passed without a sale, you may sell the home to anyone.
The maximum sale price remains fixed and the transaction must still be approved by the County. Thank You. Online Homebuyer Education will not meet the seminar requirement for this program. Once you are pre-approved and your lender says you are ready to close, please contact one of the following agencies to schedule an appointment for one-on-one pre-purchase counseling session:.
Funds may be used for downpayment and closing costs based upon need. Santana HomeStreet. Sibley APMortgage.
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