Ready to shop for a home?
What types of homes qualify?
Once you are approved for an AC Boost loan, you can start shopping for a home. Exciting! Please make sure you and your Realtor are very familiar with the kinds of homes that are eligible for purchase with an AC Boost loan. If you are not yet working with a Realtor, you can reach out to the following Realtor associations familiar with AC Boost.
Eligible Homes All properties purchased with AC Boost funds must be located in the County of Alameda. The residences may be a single-family house, a Condominium, a Townhouse/Town Home, a Loft or Live Work Unit (as long as the Live Work property will be used as your principal residence at least 10 months a year).
Vacancy Requirement Properties purchased with an AC Boost loan must have been owner-occupied or vacant for 90 days prior to closing, unless the existing tenant of the property is the purchaser.
Keep this Property Checklist handy and share it with your Realtor.
Excluded Homes Housing types excluded from AC Boost are:
Multi-unit properties (Please note that homes with accessory dwelling units ("ADUs") may be allowed in the future.)
Properties from which a trade or business is actively being conducted without the County's prior written approval of the proposed business use.
Properties purchased through a non-arm’s length transaction, with an identity of interest between the buyer and seller or other parties participating in the sales transaction unless approved by the County. (An example of a non-arm’s length transaction is the purchase of a property owned by the buyer’s friends or family members.)
Inspections & Appraisals
AC Boost requires that buyers submit the following documents once in contract for a home:
Fair Market Appraisal (no more than 90 days old)
General Home Inspection
A signed General Release and Waiver of Liability that you have reviewed the inspection reports with your Realtor or another Real Estate professional and understand all findings.
Transit Benefit Available
In an effort to ease traffic congestion, reduce pollution and increase quality of life, AC Boost encourages applicants to purchase near their place of employment or near transit that can be taken to work. To qualify for the benefit, the home must be:
Located within 5 miles of one household member’s place of employment; or
If further away than 5 miles, the home must be located within ½ mile of a direct transit line or Bay Area Rapid Transit (BART) station that will take the household member within ½ mile of his/her/their place of employment.
The benefit allows for program participants to spend more of their income on housing. AC Boost's criteria for the maximum amount households can spend of their monthly income on housing and debt obligations may be increased from 43% to 45%. For example, if a household earns $10,000 (before taxes) per month, the household may spend no more than $4,300 in total on their proposed housing costs and monthly consumer debt payments (credit cards, student loan, etc) to qualify for AC Boost funds. If the same household purchases a home that qualifies for the transit benefit the household can spend up to $4,500 on their housing and debt payments and qualify for AC Boost.
Some food for thought
Did you know that your zip code can have more of an influence on your health than your genetic code? Learn more.
Learn more about what opportunities there are in the neighborhoods you are looking to live through Enterprise Community Partners' Opportunity360 online resource.
Learn more about the schools in the neighborhoods in which you are looking to buy at GreatSchools.org.