Seagrass by Pulte Homes in Discovery Bay

information & announcements

Set against more than 1200 miles of delta waterways, you’ll find Seagrass, featuring waterfront new construction homes with the life-tested innovation of Pulte's new home builders. Here you’ll enjoy a selection of one- and two-story homes, easy commutes via major thoroughfares, and access to onsite amenities, plus popular shopping, dining, and recreation options at nearby Discovery Bay and Brentwood.

Drawing Entry Dates Below: Spring 2024

5 Four-Bedroom Moderate Income Units

$570,301 (HOA Dues: $312/month)

1 Four-Bedroom Low Income Unit

$148,617 (HOA Dues: $312/month)

Other costs

Mello Roos amount of $188/mo (Increasing 5% per year)

Solar Cost Estimate (based on Plan 4): Lease - $267/mo, Purchase - $37,050

Program Documents: Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust

• Resale Restriction Agreement

• Deed of Trust

• Promissory Note

The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you, as the owner, are still occupying the property. Renting the property will breach program requirements disqualifying you from the program.

Guidelines - Seagrass

THE MINIMUM “INITIAL FILE” FOR REVIEW IS COMPRISED OF THE FOLLOWING DOCUMENTS…

1. HouseKeys Program Application

2. Loan Pre-Approval Documentation from a Registered Lender. Pre-approvals by an unregistered lender will not be accepted, delaying your review process.

3. Latest Tax Return

4. Last 30 Days of Paystubs**

5. Proof of Down Payment Funds

   **If you are Self-Employed, submit your last year's Profit and Loss Statement and your Year to Date Profit and Loss Statement (one for each business).

Please Note…Upon timely submission and approval of these initial review documents, you will still need to provide the remainder of the items on the Document Checklist to make your COMPLETE FILE for further review. In order to do so, you can expect to be given a deadline to provide them in order to continue through the process and be considered for the opportunity.

Applicants selected to purchase one of these homes must remain qualified for their financing and eligible for the program throughout the application process until they close escrow and get the keys. Unit delivery dates are estimated and construction delays may occur.

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RESOURCES

Learning Library

Program Documents: Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust

The Resale Restriction limits the price you can resell the house for and the amount of equity it can build. The difference between the home's fair market value and the maximum restricted resale price is known as “Excess Sales Proceeds.” This amount belongs to the program, and the City records a note and deed of trust to protect those proceeds. You are free to hire an attorney to help you understand the program you contractually agree to participate and follow. Among other requirements and responsibilities, you will be required to complete an annual compliance certification, validating that you, as the owner, are still occupying the property. Renting the property will breach program requirements disqualifying you from the program. Updated Documents Coming Soon!

How to get started and prepare a file: https://www.housekeys.org/buyerfile

This program is for households that meet the “first-time home buyer” definition for the program. See guidelines.