What does the H.O.A. fee include? (Home Owners Association)
H.O.A. fee includes: pool(s), clubhouse, parks, barbecues, limited property insurance, roof maintenance, common area maintenance, exterior landscaping and building maintenance.
May I change the floor coverings?
Purchasing in this neighborhood is similar to any other community that has an active H.O.A. You may make any alterations to the interior of your living space as long as it meets the H.O.A. guidelines. (For example, you may replace carpet flooring with wood flooring, but if the unit is located on the 2nd floor, an application must be approved by the H.O.A. to verify the appropriate sound padding is used.)
Are there any Mello-Roos fees?
No, Mello-Roos Fee = $0 (exempt)
Do I need to be a first time home buyer?
No, but there are certain downpayment assistance programs, as well as loan programs, that do require first time home buyer status.
When were these homes built?
Mulberry is one of eight neighborhoods in Bressi Ranch, built by Lennar Homes in 2005.
Are there any pet restrictions?
No.
Are there any ground level floor plans?
Yes. All floor plans are actually single level living, as they are either an all ground floor dwelling or they are an all second story dwelling. Second story floor plans are accessed by either an exterior or interior flight of stairs.
Can a single person purchase a 3 bedroom home?
Yes, program guidelines only focus on total household income.
How large of a down payment do I need?
A predetermined amount has not been set. All down payments will be calculated by the lender and will vary by a buyer's income, credit and household size.
What if I get a raise in a couple months and no longer meet the income restrictions?
You only need to meet the income restrictions through the close of escrow. After you get your keys there is no longer any restrictions on your household income.
May I move out and rent my home out after purchasing?
No, program guidelines require owner occupancy.
Do I need to be a City of Carlsbad resident to qualify within this program?
No, you do not need to currently reside in Carlsbad, but program guidelines require owner occupancy during ownership.
Are there restrictions as to when I can sell my home?
No, you are free to sell at any time.
Is this neighborhood eligible for federal loan programs?
This neighborhood is VA approved, but be advised that program guidelines only allow up to 35% of monthly income to cover all monthly housing related fees (e.g. mortgage, HOA, property tax, etc.). There is no FHA approval.
I currently own another property, will I qualify within this program?
No, program guidelines require that you are not on title of any other properties at the time of purchase.
May I have a co-signer for my loan?
No, program guidelines specify that all person(s) on title must occupy the property and meet the income restrictions at the time of purchase.
How large of a "gift" may I receive from someone?
Buyers may receive an unlimited "gift" of cash towards their purchase.
May I purchase with all cash?
Yes, all cash buyers will still need to obtain some type of City of Carlsbad
pre-qualifying letter or email showing that the buyer meets the income
requirements and program guidelines to purchase within the neighborhood
of Mulberry at Bressi Ranch, prior to scheduling appointments. In addition, the city does not have any liquidity test or ratio towards current cash and/or invested funds. Please call 760-533-2540 for additional details on pre-qualifying as a cash buyer.
When did Carlsbad’s affordable housing program begin?
The City of Carlsbad’s affordable housing program began in 1993, when the Carlsbad City Council adopted the Inclusionary Housing Ordinance.
What is the program’s intent?
The Ordinance states that not less than 15% of all residential units in any master plan, specific plan or residential subdivision must be set aside and be affordable to lower-income households. The program also ensures that lower- income housing is not centralized in an isolated area, but distributed throughout the community.
