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"For 2011 only; income limits subject to change yearly."

Affordable Income Table

http://null/affordable_income_limits.pdf http://vistaurbana.net/affordabel_income_limits___vista_urbana.pdf

FAQ's

What is Vista Urbana?

Vista Urbana is a new mixed income community of homes for both low and moderate income buyers. The most exciting thing about Vista Urbana is that it allows you to buy a home for less than you may be paying in rent.

What type of down payment assistance is available for Vista Urbana?

There are currently several types of down payment assistance for Vista Urbana. These include the following:

WISH: A three-to-one matching grant from the Federal Home Loan Bank of San Francisco (FHLB). For every dollar of your down payment, FHLB matches it by three up to $15,000. This is a loan with no payments of principal or interest that is forgiven after 5 years.

Begin: A silent loan from the City of Oxnard, with no payments of principal or interest. Interest does accrue at 3% simple interest. However, said funds are designed to be repaid at the end of your 30 year loan term.

Faith Based Initiative Grant: A grant that ranges from $1,500 to $3,000 from Citi Bank.

MCC Program: A federal tax credit of 20% on the interest you pay on your first trust deed mortgage.

Property Tax Reduction: Typical RiverPark homes must pay Mello-Roos fees. Vista Urbana property taxes will not be calculated in that manner. Vista Urbana taxes will be calculated at approximately 1% of the loan amount plus a low Community Facility Fee of about $50.00 dollars.

What is the average down payment assistance for Vista Urbana buyers?

The average financial assistance for Vista Urbana home buyers is approximately $35,000 to $40,000 per home. Subsidies are on a "first-come, first-serve" basis for qualified buyers. Grant and down payment assistance funds are limited. We encourage you to apply as soon as possible.

What will my down-payment be?

It's only $2,500 for your down-payment! Of course, the more you put down the higher the WISH match (up to $15,000) and the lower the payment.

Do I need good credit?

No, you need average credit only. For example, on an FHA (government secured loan) all you need is a 620 middle credit score; for a conventional loan, all you need is a 640 middle credit score. To check your credit score go to AnnualCreditReport.com

Website is as follows: www.annualcreditreport.com

What about property tax or Mello-Roos in the Riverpark Community?

Vista Urbana clients only have to pay a $50 a month bond. You do not have to purchase flood insurance. All this with REDUCED property taxes!

What are the maximum income guidelines for Vista Urbana?

Vista Urbana is designed for both Low Income (LI) and Moderate Income (MI) families. The following chart lists State defined low and moderate income guidelines. Each amount represents the income limit that a household can make. Add up the number of people in your household and if you do not exceed the amount shown, you may qualify! For example, a family size of 4 can earn up to $67,650 and be considered a low income buyer; while a family of four can earn up to $107,150 and be a moderate income buyer.

CLICK HERE TO VIEW THE CHART

What is the minimum income requirement?

The minimum income requirement largely has to do with the amount of debt you have, the down payment, interest rate, grants and down payment you receive.

However, generally speaking, families with very low debt earning as little as $31,000 may qualify for our two bedroom, two bath home; while families earning as little as $39,000 with little debt, may qualify for our largest three bedroom, two and a half home.

Therefore, if you meet or are close to the minimum income requirements and do not exceed the maximum income guidelines or if you are unsure for any reason about your ability to qualify, your best option is to download your Vista Urbana Questionnaire here;

CLICK HERE TO DOWNLOAD VISTA URBANA QUESTIONNAIRE

and submit it to our sales Office located at 451 West Fifth Street in downtown Oxnard.

How big are these homes?

They range in size from approximately 980 to 1,500 sq. ft. and are a mix of 2 and 3 bedrooms.

What is the pricing on these new homes?

Current Phase 2 pricing will start in the high 100's and end in the low 200's. Please see the pricing chart by clicking:

HERE

What are the payments on a Vista Urbana home?

Your payment is influenced by many factors that include: the type of loan (FHA or Conventional), your down payment, the type of subsidy (down payment assistance) and how much of that subsidy you actually need.

Generally speaking, on a fixed rate, conventional loan at 4.25% assuming $5,000 down with a $15,000 WISH grant used for down payment and closing costs, and $30,000 in BEGIN funds, the total payments including principal and interest, taxes, fees, bonds and HOA are as follows

Plan 1B $1,123
Plan 1C $1,152
Plan 2 $1,170
Plan 3 $1,371
Plan 4 $1,389
Plan 5 $1,401

When are the homes available to move in?

We estimate that the first units will be available for occupancy this July, 2012. After that, 12 homes will be available on a monthly basis for 12 months for a total of 156 units.

What sort of amenities will Vista Urbana feature?

Vista Urbana will have all the amenities that our standard market rate homes have: Granite counter tops throughout the house, ultra modern wood cabinets, porcelain tile floors, plush carpeting, sleek stainless steel appliances, flat-screen TV wire conduits, CAT5 wiring, washer and dryer hook-ups and more.

Vista Urbana will also feature plenty of guest parking and community park all within walking distance to local shopping and entertainment.

Frequently Asked Questions