GREAT GREAT NEWS!
City of Millbrae is currently offering, as a pilot program, a New Homebuyer Assistance Program (NHAP) which provides $15,000.00 cash (upon approval and close of escrow) for each qualifying buyer who purchases a unit and closes escrow at Belamor Millbrae Paradise during the period of August 20, 2011 – November 30, 2011. Qualified buyers can use this cash towards their down payment or closing costs. This program is offered on a first-come, first-approved basis. Below Market Rate units are included in this program. Please visit our website at www.LFGeorgeProperties.com or email us at Info@LFGeorgeProperties.comfor more details.
CITY OF MILLBRAE
NEW HOMEBUYER ASSISTANCE PROGRAM (NHAP)
Questions & Answers
1. What is the New Homebuyer Assistance Program? (NHAP)
It is a cash assistance program developed for new homebuyers to purchase a house. The City of Millbrae is undertaking this program to promote ownership of residential units, increase presence of new residents in downtown Millbrae and increase sales tax revenue.
We think purchasing a house is more cost effective than renting when rents are currently so high. Furthermore, many families want to purchase their own houses and are qualified for loan application conditions with very good ability for repayment. The problem is that they are not able to save enough money for the down payment and closing costs. Therefore, as a pilot program, the City of Millbrae has developed this assistance program for this purpose.
The homebuyer cash assistance program needs to be initiated with a loan program. The City of Millbrae plans to provide $15,000.00 cash to all qualified homebuyers.
This program is based on first-come, first-approved basis. Below Market Rate units are included in this program.
2. Who is qualified to apply for this program?
● You are qualified if you have the ability to apply for a loan or buy a house.
● You are qualified if you purchase one or more units at Belamor Millbrae Paradise (this program is not applicable to other real estate properties)
● You will sign the real estate purchase contract after August 20, 2011 and close escrow prior to November 30, 2011.
3. Will the bank processing loan, consider this assistance as part of my down payment?
The City of Millbrae agrees to provide the cash assistance to qualified homebuyers who can use this towards their down payment or closing costs. But you should also negotiate with your lending institution and confirm this to be used towards part of your down payment.
4. Do I need to pay tax for the $15,000.00 cash assistance?
Please consult your accountant for additional information.
5. Are there any limitation on the assistance program application?
No. You must first have sufficient down payment and qualify for a home loan and transfer ownership of a unit successfully, and then you can get this assistance from the City of Millbrae.
6. Can I still apply for this program if I buy a unit at Belamor Millbrae Paradise with cash only?
Of course, as long as you purchase a unit and close escrow between the period of August 20, 2011 – November 30, 2011 at Belamor Millbrae Paradise.
7. When will the City of Millbrae provide the cash assistance of $15,000.00 to a buyer?
The City of Millbrae will provide the check to the title company prior to close of escrow. At that time, Belamor Millbrae Paradise and the title company will inform the City of Millbrae.
8. How long does it generally take to close a real estate transaction?
Generally speaking, it takes 45 days to get a loan application approved by a bank. The effective period of this homebuyer cash assistance program is from August 20, 2011 – November 20, 2011, which means you have to get an approval for loan application from the bank and close the real estate transaction prior to November 30, 2011.
9. Can I use the cash from this program to buy units of other real estate?
No. This New Homebuyer Assistance Program is provided exclusively for Belamor Millbrae Paradise.
10. Does this program have limitations on income?
No. This program is for all homebuyers who meet aforesaid qualifications.
11. Do I have to return the $15,000.00 cash from the assistance program to the City of Millbrae in the future?
There is no requirement to return the $15,000.00 cash back to the City of Millbrae. Once you have the credit, it is legally yours.
12. Is this program available only to Homeowner occupied units or to all buyers?
This program is available to all qualified buyers. If you have any other question, you can call Suzanne Lo directly at 415-271-5732.
CITY OF MILLBRAE NEW HOMEBUYER ASSISTANCE PROGRAM (NHAP)
This program is designed to improve life quality of citizens and for new homebuyers who want to purchase a house in downtown Millbrae.
1. How to start?
Those who intend to buy a unit can download the application form for this program from www.LFGeorgeProperties.com or go to the Belamor Millbrae Paradise Sales Office located at 151 El Camino Real, Millbrae, CA 94030 to get the necessary forms and then submit the completed application form to the salesperson at Belamor Millbrae Paradise.
2. Preparation for loan approval
Consult with your lender for necessary loan approval procedures.
3. Selecting your unit
Select your desired unit at Belamor Millbrae Paradise.
4. Contract signing and earnest money
Sign a contract with Belamor Millbrae Paradise for the purchase of the unit and submit the required deposit to start your house purchase process.
5. Handling house loan formalities
Contact your lending bank to confirm and follow your home loan process. Then obtain a loan application form then complete and submit the form to the bank to obtain the needed approval.
A buyer should give their cash assistance program application form to Belamor Millbrae Paradise for approval, where it would be submitted to the City of Millbrae and title company for filing.
6. Revocation of self-protection terms
A buyer should notify Belamor Millbrae Paradise when his house loan application is approved by the bank so that the City of Millbrae can start the assistance program. The City of Millbrae will deposit $15,000.00 in the buyer's account at title company prior to the conclusion of the transaction.
7. We hope you can buy a house to your satisfaction!
When you go through the signing procedure of the real estate transaction, you can go to the sales office to get the key to your unit and the warranty. You will then be able to move in immediately to your long-awaited home.
● Are you concerned about your school district's rating and your children's future?
Our community, Millbrae Paradise is located in the San Mateo School District with API scores that compete with the best schools in the nation.
● Are you looking for convenience of public transportation so you don't have to battle every day with traffic?
Millbrae Paradise is located in a prime Millbrae location which offers a variety of public transportation options, such as BART, Caltrain and Samtrans, also located 5 minutes from San Francisco International Airport.
● Are you searching for a property which can survive uncertain economic times? Would you like to invest in real estate with confidence?
Millbrae Paradise condominiums are easy to purchase, will gain equity and retain great re-sale value.
● Are you tired of fog and wind in San Francisco and neighboring Daly City?
Millbrae Paradise has 262 sunny days per year which provides a comfortable climate and living environment.
New Home Buyer Assistance Program Application
|Address||151 El Camino Real, # Millbrae, CA 94030|
|Removed All Contingencies Date|
|Close Escrow Date|
|Title Escrow Number|
|Seller Verified Signature and Date|
|City's Approval w/ Signature and Date|