How To Buy Affordable Homes In The San Francisco Area
In America, there is a program that provides housing to low- and middle-income families - the so-called BMR (low market rate program). Using the San Francisco Bay Area as an example, I want to tell you how it works.
The price of such housing does not depend on the prices of other houses in the area. It depends on AMI (area medium income), that is, on the average income in a given area.
So, to buy such a house or apartment, you need:
- so that your income does not exceed a certain amount (it is different in each case) at the time of purchase. If, for example, a week after the purchase, your income doubles, this is allowed;
— already live or work in the city where you are buying housing (in most cases, preference is given to locals);
- be able to get a mortgage. That is, you must work and pay taxes. In most cases, you cannot go to just any bank, but must work with banks that are approved by the program in each city. There are also programs that help with a down payment;
— attend a seminar and receive a First Time Home Buyer certificate. Information about the place and time of the seminars can be obtained on the BMR website of each city. Usually you need to sign up several weeks in advance.
This program has many limitations:
— If you participate in BMR, your housing will be forever linked to this program. That is, when you want to sell it, you can only do so with the permission of the organization that provided you with this housing. She also sets the price.
— You can’t buy a home for cash. You cannot buy housing for someone else to use. It is you who must take out a mortgage and also live in this house/apartment.
- This property cannot be rented out.
— If there are several applications for a given house/apartment, a lottery will be held. All buyers are welcome to attend. They literally pull numbers out of a box. Everything is clear and open. Many houses and apartments receive dozens of applications, and it is often extremely difficult to win such a lottery.
To find housing for the BMR program in your city, simply type in Google: BMR Housing and select your city.
Here are examples of housing for this program in San Francisco Bay Erie: San Francisco, San mateo, San Jose, Mountain view Santa clara, Walnut creek, Dublin.
The moral of this blog is that if you can afford to buy a regular home (and now you can even buy with 3.5% or 5% down payment), then you don’t need to look at the BMR. Such housing has too many restrictions, and this program will serve as a profitable alternative only in very specific cases.
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