BMR - 140 South Van Ness Ave. #203

Pending!!

 

OPEN HOUSE: 

3/12/2017   2-4pm
3/13/2017   5-7pm
3/19/2017    2-4pm

1 bed \1 bath in the heart of the city. Below Market Rate (BMR) housing opportunity available at 100% Area Median Income (AMI). Maximum income for 1 person = $75,400; 2 people = $86,150; 3 = $96,950; 4 = $107,700, etc.

Must be 1st-time homebuyer & income eligible. Unit available through the Mayor's Office of Housing and Community Development (MOHCD) & subject to resale controls, monitoring & other restrictions. Visit www.sfmohcd.org for application & program info. A fair housing opportunity.

**Application, loan pre-approval, homebuyer education verification and SF Purchase Contract due on 3/29/2017 by 5pm @ 855 Folsom St. *Front Desk*!  Tickets will be assigned and emailed to buyers the week of 3/27/2017.**

Qualification Notes

Applicants must secure a loan preapproval and a final loan through a MOHCD Participating Lender who have an “X” marked under BMR.

All titleholders/borrowers must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply. Please visit http://homeownershipsf.org/workshops for a schedule of upcoming classes. 

Verification of Homebuyer Education Completion or Certificate of Homebuyer Education from a MOHCD approved first-time homebuyer workshop is required.  Certificate of Homebuyer Education issued before May 1, 2015 is valid for 2 years from the date of issuance. Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance. In the case of buyers receiving down payment assistance from the City, certificates must not be older than 6 months from the time of closing on the unit.

A copy of the mortgage loan pre-approval and homebuyer counseling certificate for every adult household member on loan and title to the BMR unit must be included with the BMR application.

Applicants are encouraged to apply for downpayment assistance through the following programs.

  • BMR Downpayment Assistance Loan Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to 15% of the purchase price towards the purchase of a BMR unit.
  • Police in the Community Program (PIC) for active members of SFPD.
  • Teacher Next Door Program (TND) for active educators serving the SFUSD.
  • Mortgage Credit Certificate (MCC) Program (can be combined with BMR-DALP for households earning 81% or above of AMI). There is a $675 application fee if applying for MCC.
  • Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance.  Please ask your mortgage lender.

All MOHCD Participating Lenders should explore these options with BMR buyers.

Households must be as many people (or more) as number of bedrooms in the unit to apply.

See other qualification rules in the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual 2013

SF Luxury Real Estate