Res95 12396 - Laserfiche WebLink

Browse Search

E. ELIGIBLE BUYER'S CRITERIA 1. All buyers shall meet the following requirements: a. Each and every buyer must'be a first time home buyer, which is defined as having n_rio ownership interest, such as fee simple, joint tenancy, tenancy in common, life estate, shareholder in a cooperative, interest held in trust for the applicant that would constitute an ownership interest if held by the applicant, in residential real property used as a primary residence, at anytime within the previous three years as of the date of application. In addition, any individual who is a displaced homemaker is 'also considered a first time homebuyer even if the individual, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse. A displaced homemaker is an adult individual who has not worked time in the labor market for at least one year but has during that time worked primarily without pay to care for the home and family; and is unemployed or under-employed and is experiencing difficulty in obtaining or upgrading employment. An' individual who is a single parent is also considered a first-time homebuyer even if the individ-ul, while married, owned a home with his · or her spouse or resided in a home owned by the spouse. A single parent is an individual who is: a. Unmarried or legally separated from a spouse; and b. Has dependent childre_n who will live in the residence year round (i) Has one or more minor children for whom the individual has custody or joint custody; or (ii) Is pregnant. c. The total household income must not exceed' the limits designated in Part III for San Mateo County. d. 'Each and every ~ba)/er must '.a~ee to live iff the Unit.': as 'tfieir principal residence.