City of Walnut Creek Inclusionary Housing Program: BMR Condo for $274,000!

The city of Walnut Creek sponsors a program called the “First Time Homebuyer Assistance Program.” Working with the city is long time mortgage dynamo Nate Ellis of GMAC Mortgage in Walnut Creek. As a weekly attendee to the Walnut Creek Marketing meeting, Nate asked me to attend his open house May 15 at The Montecito 1315 Alma Avenue in Walnut Creek.

Ellis’s open house was a beautiful “2 bed 2 bath condo must sell for $274,000. New comparable units are selling for over $500,000. Over 100 people have expressed an interest in purchasing the property since it became available on April 18th. A buyer from the eligible pool will allowed to write an offer on May 21st.”

According to Nate Ellis : “To be eligible, the buyer must qualify as a First Time Home Buyer (FTHB), defined as not having owned a primary residence in the past 3 years. They must not exceed the income requirements (Family of: 2 – $80,500; 3 – $90,500; 4 – $100,600). The buyer must also qualify for financing and have a 5% down payment.

If the eligible buyer happens to currently work or live in Walnut Creek, they may be eligible for an additional $40,000 in down payment assistance from the city of Walnut Creek for this property.”

For further information please contact Dean at Domus Consulting Group.

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