What?! A $300,000 Home in San Francisco?! Check If You Are Qualified

What?! A $300,000 Home in San Francisco?! Check If You Are Qualified

What are BMRs?

Below Market Rate (BMR) Ownership Programs help first time homebuyers who are low, moderate, and middle-income. BMR homes are specified units in San Francisco sold at below market rate prices. This type of housing is provided through the Mayor’s Office to serve those who qualify.

Do I Qualify?

To qualify, you must meet specific income and first-time homeowner requirements.

Here are some helpful guidelines to keep in mind when applying for this program:

  • You need to meet specific income requirements. In San Francisco as of 2021, 100% of the Area Median Income for one person is $7770 per month. BMR prices depend on the Area Median Income, not on Comparative Market Analysis. The prices are set by different cities depending on which city you are applying in. See San Francisco income maximums by household size HERE.
  • Your income cannot exceed the AMI (Area Median Income) amount. If your income increases after the purchase, that’s okay.
  • You need to secure a loan & approval letter from the list of approved lenders. Click HERE to see the list.
  • You need to pass an educational class and get a “First Time Buyer” Certificate. The requirement is 10 hours and you can register HERE.
  • You need to either work or live in the city you’re applying for.

Some helpful information to keep in mind:

  • BMR properties are forever classified as BMR. When you sell your BMR property in the future, it goes back into the program and the price is set by the Mayor’s Office of Housing.
  • All the occupants of the home need to be listed on the title of the home. It is mandatory practice to get a loan for this property. You can not do an all cash purchase, and you can not buy the property for someone else.
  • Most times, there will be multiple applications for one BMR property, in which case a lottery system will occur. For more information about the lottery system, click HERE.

For more detailed info about Below Market Rate Ownership Programs, click HERE.

Any Questions?

If you have any questions regarding real estate, the housing market, or anything else, don’t hesitate to CONTACT US. Or if you’re looking to get into the housing market, we’d love to help. You can click HERE to schedule a free consultation.

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