Frequently Asked Questions
Below you will find information that might help you understand how to find things or learn about information you might need to know about your city or town.
First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
HOP homes carry a 99-year affordability covenant that limits resale price, regulates transfers, and requires primary residency. These restrictions run with the land and affect every future owner.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
Yes, but only up to the Maximum Resale Price determined by Program Guidelines. The home will not appreciate at full market rate.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
Only Eligible Buyers (≤120% AMI) unless the home has been diligently marketed for 12 months after the County’s Purchase Option expires. This is critical for agents and lenders screening buyers.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
The County calculates and confirms the Maximum Resale Price before listing or contracting. Agents must not estimate this themselves.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
Yes - only with County approval and only if it qualifies as a Permitted Mortgage under Article VII. PACE loans are prohibited.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
They must:
• Submit an Intent-to-Sell Notice to the County
• Wait through the County’s Purchase Option period (60-90 days)
• Comply with inspection/repair requirements
• Sell only to Eligible Buyers unless exceptions applyThis governs the entire transaction process for agents and lenders.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
No. The home must remain the homeowner’s primary residence for the full term of the covenant. Rental of the whole home, room rentals, short-term rentals, or investment use are not permitted.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
DTI is determined by the lender, but affordability is reviewed by the County as part of Program compliance. If housing costs change during escrow, lenders should flag this early so the Program team can review updated figures.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
Changes in insurance premiums, property taxes, or HOA fees may impact affordability. These situations are reviewed on a case-by-case basis, and early communication helps prevent closing delays.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
No. HOP assistance does not function as a dollar-for-dollar gap filler to reach market-rate prices. Purchase price, loan amount, and assistance must align with Program affordability limits.
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First-Time Homebuyer Opportunity Program – FAQs for Lenders, Realtors
HOP transactions typically take longer than standard sales due to County review and required procedures. Realtors should generally plan for 45-60 days, depending on the transaction.