BMR (Below Market Rate) Affordable Housing
1. Are you a first-time homebuyer?
You are considered a first-time homebuyer if you have not owned any residential property anywhere within the last 3 years.
2. Are you income-eligible?
Your household's total pre-tax (gross) income is compared to San Francisco's Area Median Income (AMI). Download Area Median Income (AMI) chart by household size
Income eligibility differs between properties, but generally, it's 100% AMI. (For 2019, 100% AMI for one person is $7183 per month.) It can range from 80%-120% AMI. Please see Public Lottery BMR Listings, First Come, First Served BMR listings or City Second Program listings for details
3. Did you finish homebuyer education approved by MOHCD?
A 2-hour free program orientation and 6-hours total of group workshops which are provided by organizations through HomeownershipSF.org.
A housing counselor from the organization will then work with you 1-on-1 for 2 hours. They’ll review your financial history and determine your eligibility to apply. The counselors are familiar with our programs, and will help you plan and budget.
Get details about signing up to complete homebuyer education
4. Are you pre-approved for a mortgage loan by a MOHCD-approved lender?
We have different approved lenders for each program. Your mortgage loan pre-approval letter must be dated within the past 120 days to apply for any homeownership listings.
The lender will look at your financial situation, using up to:
- 3 months of your most recent bank statements
- 3 years of your most recent tax returns
- 3 most recent paystubs
5. Do you have enough savings for closing costs and downpayment?
Your housing counselor will help you figure out how much you need. Keep in mind that with mortgage payments, your unit will also have a monthly HOA fee that may go up every year.