We’re here in beautiful north Boulder where my team and I are listing a gorgeous townhome-style condo.
One thing that is unique about this home is that it’s a part of the Boulder Affordable Homeownership Program. I think this program is fantastic – it can be a wonderful fit for the right homebuyers, giving them the opportunity to actually secure a home in the city of Boulder. Let’s take a look at 4 things you should know about this program:
#1. There are income and asset limitations for homebuyers. For example, if you have two people in your household, the household income limit is $110,000. The assets limit would be $155,000. Each home that’s for sale will have it’s own income and assets limits so be sure to verify these limites with any property you’re interested in.
#2. There is no First Time homebuyer requirement. You don’t have to be a first time home buyer to qualify. In fact, you could have owned homes in the past or currently own a home.. but if you do currently own a home..it must be sold before closing on a permanently affordable home.
#3. You can still gain equity in your home. Equity growth, One of the greatest advantages of homeownership is still available to you..but just at lower rate of growth than what the open market would experience. There will be limits to the equity growth each year in order to keep the home within the qualifications of the program.
#4. There is a 30 day marketing period for each home. For each home in this Boulder program that is listed for sale, there’s a requirement for the home to be marketed for 30 days. During that time, interested buyers can work through the necessary application process and submit a selection process form for the home. At the end of the 30 day marketing period, a fair selection process begins.
If the Boulder Affordable Homeownership Program seems like a solid fit for you, I’d recommend getting started with the city’s application and your lender’s pre qualification process as soon as possible. There are a few steps you’ll need to work through before being “certified” for the program, so the earlier the better.
If you’d like to learn more about this program, about homes or the market here in Boulder and the surrounding areas, or just want to connect, reach out to us today. My team and I will be ready to serve you!
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