lumen by KB home
ANOUCEMENT!
KB Home is now offering $10K in NRCC to buyers for transactions that close by May 31,2025.
Nonrecurring closing costs (NRCC) include the one-time fees that buyers pay only at the time of purchase. These costs include the escrow fee, the title insurance, the appraisal fee, the underwriting fee, the notary fee, the recording fee, and the transfer taxes, among other things. These fees can range from $4,000 to $20,000 (or more) for a purchase with no discount points or origination fees, depending on the size of the purchase and the amount of transfer taxes.
Now accepting files for review on a First File, First Served process, see below for more details!
Images above are of Plan 2
Housing Payment Assumptions
These are estimates. All homebuyers are responsible to work with their lending professional and review all related HOA, Solar, Tax, and Assessment Documentation.
Stacked Units
Commuter-friendly Silicon Valley location; near I-680 and I-880
Convenient to several parks and recreation areas
Close to Milpitas BART and VTA station
Shopping nearby at Great Mall®
Program Documents & Disclosures
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement
with a 55-year term.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by
OPPORTUNITY DRAWING #609
5 Units - 3 Bedroom
Approx. 1,415 to 1,510 Sq Ft
Restricted Sales Price: Approx. $746,079
Monthly HOA: $446 ($404 at build-out)
Solar: Lease - $163/month, estimated
Estimated Supplemental Tax: $16.12/month
Estimated Supplemental Tax Assessment (Mello Roos): $65.30/month
Property Designated AMI: Up to Moderate
Occupancy Standard: Household Minimum 1, Maximum 7 people (Owners must occupy the unit)
Resale Restriction Terms: 55 years
Please refer to the ODN (Right) for additional information
Important Deadlines
Specific to this drawing, there is no entry deadline or file submission deadline.
Applicants will be reviewed on a First-File, First-Served basis. Please refer to the Opportunity Drawing Notice for further details. Applicants who opted out can submit to participate as a First File First Serve by following the process
estimated cost breakdown
RESOURCES
Historical Information that no longer applies
Note: The Final Ranking number is subject to change after preferences are verified.
Applicants cannot adjust their City Preference/Tiers Points after the Drawing Entry Deadline. Preference/Tier Point adjustments or corrections by the applicant after the Drawing Entry Deadline will not be considered.
