For Buyers > REO Homes for Workforce

REO Homes for Workforce

Northbay Family Homes has started a new program to help the local workforce purchase affordable Marin County homes near local jobs, schools, shopping and transit.

We purchase and renovate bank-owned homes, then make them available for income-qualified families to purchase directly from us. We provide homebuyer education and assistance with financing and all steps in buying the home.

 NFH has two homes in rehab right now and is taking applications from interested working families for purchase of these green upgraded homes!  Both homes will be rehabbed by May 2012 and ready for resale by June 2012.  Expected sales price for both homes is expected to be $230,000 or less.

Learn more about the homes and how to contact us and begin the process to purchase an affordable home in Marin right now! please see REO Flyer (in English) for more information; for information in Spanish see REO Flyer (in Spanish).  

Eligible Families

This program is designed for families who live and work in Marin County with a family size of 2 persons or more (single parents with children encouraged to apply).  Qualified families will earn no more than 80% of Marin County Area Median Income (as of 2012):

  •          $71,050 for 2 persons
  •          $79,950 for 3 persons
  •          $88,800 for 4 persons

 

Buyer Qualifications

  • Have sufficient annual household income to qualify for a 30-year fixed rate home loan.
  • Have not owned a home in the last 3 years (some exceptions apply).
  • Have a down payment of at least 3.5% of sales price. (Gifted funds, housing voucher, escrowed funds and IDEA are O.K.!
  • Homes must be owner occupied, not rented.

 

Financial Assistance:

  • Qualified families may receive up to $15,000 in down payment assistance. No obligation to repay if you stay in your home at least 5 years.
  • Additional down payment assistance loan of up to 3% of purchase price available from the State of California.
  • Homes prices expected to range from $200,000 to $350,000.

 

Ready to buy a home?

We are acquiring and renovating homes constantly, and offer each home to pre-approved buyers as soon as they are ready. As these homes are in limited supply, potential buyers are encouraged to register for this program ASAP so as not to miss out on homes as they become available.

 

  1. Call Terry Ward at Northbay Family Homes at (415) 382-2545 or email at terry@nfh.org
  2. Please indicate how many parents and children are in your household, and contact phone number(s) and email address.
  3. We’ll contact you and provide a checklist of documents you’ll need to provide for loan pre-approval with our lender partner.
  4. Once you’re pre-approved, you’ll be added to our list for notification of each home made available under this program.

 

It Happened to Us!

 

Learn how the Bruinsma Family was able to purchase a Home for the Workforce with help from Northbay Family Homes. Read more.

 

Questions?

Call Terry Ward at (415) 382-2545 or email at terry@nfh.org?

 

NFH and SALT acknowledge the generous support of the San Francisco Foundation which provided a grant under its Foreclosure Response and Neighborhood Preservation program to make the REO Homes for the Workforce possible.