What to do
1. Decide if you can apply
You must match market rate offers for these homes.
The amount you can borrow depends on how much you need and how much funding we have.
Your household must make under a certain amount. The maximum amount depends on the number of people in your household:
- For 1 person, $146,250
- For 2 people, $167,200
- For 3 people, $188,050
- For 4 people, $208,950
- For 5 people, $225,700
- For 6 people, $242,350
- For 7 people, $259,100
- For 8 people, $275,800
- For 9 people, $292,550
Before you can apply, you must attend homebuyer education and get a mortgage loan pre-approval letter from an approved lender.
2. Apply for listings
Applications are first come, first served in the City Second program.
You must be able to afford the "offer price to match" shown on each listing. You can use the City Second loan to fill the gap between what you can afford and the seller's asking price.
You must submit an application before the deadline shown on the instructions.
After you apply
- If we approve your application, you’ll take our approval letter to your realtor.
- Your realtor gives a purchase offer to the seller.
- Both you and the seller sign the purchase offer. It then becomes a ratified purchase agreement.
- You take the ratified purchase agreement to your lender. Your lender sends in paperwork to us within 30 days.
- You'll need to give your lender more paperwork, including a nonrefundable processing fee. You only pay the fee after you have your ratified purchase agreement.
Selling your home
You can sell your City Second home at market rate prices. Let us know when you sell your home. The City can assign a buyer to match your first offer.
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Last updated June 6, 2023