A Below-Market-Rate (BMR) home is a home that is priced to be affordable to households that are low to moderate income. Usually, the BMR price is lower than the prices of similar homes that are being sold on the open market. BMR owners must occupy the home as their primary residence and cannot rent the home.
What is a BMR loan?
BMR (below market rate) – is a program that provide housing to low and medium income families in Bay Area. To be eligible to purchase a “BMR” unit, a household must meet specific income and first-time homeowner requirements. The price for this kind of home doesn’t depend on comparable sales in an neighborhood.
How do you qualify for BMR?
To be eligible for a below market rate home, you must be a first-time homebuyer (meaning you, as the applicant and your spouse or co-applicants have not owned a home during the 3-year period prior to date of the application), have the ability to provide at least 10% required down payment, and household’s income cannot …
How do BMR homes work?
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. They are also resold at below market rate prices to future eligible buyers. BMR homeowners must work with MOHCD to sell their homes.
Where can I find affordable housing in the Bay Area?
One Home is a Bay Area specific online resource for affordable housing. This free, nonprofit website that makes it easy to find affordable housing that you could be eligible for. Visit
What is DALP?
DALP is a downpayment loan up to $375,000, to bid on a property on San Francisco’s open market. The DALP is a silent second loan that requires no monthly payments. When the property is sold or transferred, the owner pays MOHCD back the principal amount of the loan, plus an equitable share of appreciation.
Can you refinance a BMR?
BMR homeowners may refinance their units to obtain a new loan that will result in reduced monthly payments or a lower interest rate. Refinancing is subject to certain requirements and restrictions.
What are below market rate units?
A Below-Market-Rate (BMR) unit is a unit that is priced to be affordable to households that are moderate income or below. Moderate income is defined as an annual income of 120% or less of the AMI, and varies depending on the number of people in the household. BMR owners must occupy the unit as a primary residence.
