10090 Imperial Ave
Price: $408,694
HOA: $281/mo
Bedrooms: 3
Bathrooms: 2.5
Interior Size: 1,709 Sq. Ft.
Type: Townhouse

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THIS OPPORTUNITY IS BY INVITATION ONLY

The top thirty applicants on the 2020 City of Cupertino Homeownership Waitlist who match the criteria will be invited to apply. You should receive an email from Hello Housing with instructions on the application process.

You must have a household size of three or more to qualify for this home.

You must currently qualify for the priority points listed on your original waitlist pre-application – for more information on preference points, please refer below to the section titled “Priority Points”.

Priority Points

The City has established a priority point placement system that reflects the City’s priorities regarding placement of households into the limited number of BMR affordable units in the City.

Applicants can receive up to a maximum of 4 points based on the criteria below:

• One Point: At least one member of the household must currently maintain a primary residence at an address located within Cupertino.
• Two Points: At least one member of the household must:
  • Work for wages or salary within the boundaries Cupertino; or
  • Own or operate a business in Cupertino; or
  • Perform contract or commission work where the actual work is conducted at a Cupertino location.
• One Additional Point: At least one member of the household must work for wages or salary for a public agency within the boundaries of Cupertino.
  (e.g.: Cupertino Unified School District (Cupertino schools only), City of Cupertino)

Applicants receiving four points shall be considered the highest priority; applicants receiving three points shall be considered the second highest priority; applicants receiving two points shall be considered the third highest priority; applicants receiving one point shall be considered the fourth highest priority; and applicants receiving zero points shall be considered the lowest priority.

Priority points will be verified by Hello Housing before any applicant can receive final approval to purchase a BMR home. Applicants who misstate their priority points will lose their waitlist position.

Asset Limit for Purchase Program

Households with assets over $100,000 or 30% of the BMR purchase price, whichever is greater, will not be eligible. Assets are the combined assets of all household members including, but not limited to, checking and savings accounts, stocks, mutual funds, profit sharing accounts, CDs, and money market accounts. Excluded from assets are all non-accessible funds or any assets that generate a penalty when withdrawn, i.e., 401K, CALPERS, STRS, and other pension plans.

Owning Property

All applicants who will be on property title must be first-time homebuyers. Applicant(s) shall be considered a first-time homebuyer if they have not owned any residential real estate for at least three years.  This definition applies to property owned in foreign countries as well as in the United States. An exception will be made for people who were homeowners prior to a divorce or legal separation.

Available Cash for Down Payment, Closing Costs to Purchase

Households are required to have readily available assets of a minimum of 5% of the purchase price to cover down payment and closing costs to purchase, 2% can be gift funds.  Pricing will vary based on income limits and bedroom counts but a minimum of $12,500 would be needed to qualify.