Resale - 1544 Rosette Way
Missed the drawing entry deadline?
We are accepting backup entries in case the ones ranked on 9/15 don't qualify. See Instructions below!
Down payment assistance loans for this home
Low-income applicants may apply for both sources, totaling $399,999.
o Up to $200,000 CalHOME - County of Santa Clara.
Loans with 1% Interest Rate
Fees: Recording, Title, Tax and Notary Fees
o Up to $199,999 BEGIN - City of Gilroy
All Funds are loans with 1% Interest Rate
$620 Processing and Underwriting Fee (approx.)
Additional fees: Recording, Title, Tax and Notary Fees
Program Documents & Disclosures
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement with a 30-year term.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, to whom you can sell, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.
OPPORTUNITY DRAWING #691
3 Bedrooms / 2 Bathrooms
Approx. 1293 Sq Ft
Sales Price: $670,000
Monthly HOA: $300.00
Full Insurance Required
Property Designated Income Category: Up to Low Income
Age Requirement: At least one homeowner must be 62 years of age or older. This means that if at any point in time none of the owners are 62 or older, the home must be sold back to the program.
Min Occupancy: 1
Max occupancy: 7 unless the HOA has a different limit.
Resale Restriction Terms: 30 Years (Review the documents on this page)
Please refer to the ODN (Right) for additional information
Important Deadlines
Start Entering Drawing on: 8/8/2025
Drawing Entry Deadline: 9/9/2025 5:00 pm
Select City Preferences by: 9/9/2025 5:00pm
Initial Items Due by 9/9/2025 5 PM (Initial Items due from everyone, please see the Opportunity Drawing Notice for details)
Posted Ranking Results on 9/15/2025
File Submission Deadline: 10/2/2025 5pm
Estimated minimum household income: $134,449
ESTIMATED COST BREAKDOWN
City Preferences
Applicants must select the City Preferences by the Drawing Entry deadline and submit proof they meet them by the File Submission Deadline. The Final Ranking number is subject to change after preferences are verified. Applicants cannot adjust their City Preference Tiers/Points after the Drawing Entry Deadline. Preference Tiers/Point adjustments or corrections by the applicant after the Drawing Entry Deadline will not be considered. The Preference will be invalidated if supporting documents are not submitted on time or if insufficient proof is submitted.
RESOURCES
Register for the HUD-approved 1st Time Homebuyer course
Lender List and Forms: Click Here
Property Location
Please do not disturb the owners. See Open House Details. After the open house, viewings are by appointment only for final candidates.
