New Listing - Cape Ann Plan 2 detached condo (18912 Coolwater Ln in HB)

NEW -> Contingent Buyer Assistance Program
usctrojancpa

usctrojancpa

Well-known member
I wanted to give everyone the heads up that I just listed a 1,450sf Cape Ann Plan 2 detached condo in Huntington Beach located about 2 miles from the beach. It's got an oversized private yard that backs up to the greenbelt.  The home is priced at $519,900.  Note that the condo is part of the Huntington Beach Inclusionary Housing Program with maximum income limits for household size are: 1-$73,250, 2-$83,700, 3-$94,200, 4-$104,650, and 5-$113,000.  PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.  I'll also have an open house on Sunday (Feb 8th) at 1-4pm. 

Pictures and the virtual tour are up in the link below:

www.18912CoolwaterLn.com

Here's the Redfin link for the listing:
https://www.redfin.com/CA/Huntington-Beach/18912-Coolwater-Ln-92648/home/5792438
 
Or FCB style, all cash and no income. 

Are this type of buyer qualify to purchase?  Also can they purchase as rental or it has to be a primary resident?



 
freedomcm said:
wow, i guess you would need a good downpayment to be able to qualify for a mortgage with those income limits?
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With the low interest rates, it's not really a problem.  HB has about 3 dozen approved buyers.  The model match comp that is in escrow (on Pinnacle) got several offers.
 
lnc said:
Or FCB style, all cash and no income. 

Are this type of buyer qualify to purchase?  Also can they purchase as rental or it has to be a primary resident?
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Not sure how many FCBs there will be in HB, but you never know.  haha  All buyers have to get approved by the City of HB in order to purchase the home.  It has to be a primary residence and renting the property out is not allowed.
 
I did get an email and call from an agent representing one of the back-up buyers on the Pinnacle home.  She said that they will be submitting an offer on the home later today.
 
Just in case the potential moderate to low income buyer have trouble with down payment, here some help.

The little-known way to buy a home with almost no cash down

If you think you can?t get a deal much better than a 3% down payment on a home, you might be surprised.

There are more than 2,000 down payment assistance programs nationwide that can drastically reduce the amount of money buyers need to pay at closing. But according to some in the industry, too few buyers and real estate agents know about them.

RealtyTrac, an Irvine, Calif.-based real estate research firm, along with Down Payment Resource, an Atlanta-based company that aggregates programs for real estate agents and buyers, recently identified nearly 2,300 down payment assistance programs.

There are limits on which buyers and homes can qualify for the programs: Those analyzed in the report had an average household income limit of $104,000 and a maximum sales price limit on average of $823,000.
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USCTrojanCPA said:
Offer has been accepted and deposit received by escrow.  Changing the status of the listing to back-up offers. 
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After the City took it's sweet time in approving the transaction, the loan funded earlier this morning and we are set to close today.  The closing price is $525,000.  Congrats to both the buyer and seller. 
 
USCTrojanCPA said:
After the City took it's sweet time in approving the transaction, the loan funded earlier this morning and we are set to close today.  The closing price is $525,000.  Congrats to both the buyer and seller. 
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