Home Buying in 94109>Question Details

Manny K, Other/Just Looking in San Francisco, CA

Are BMR's in SF only for first time homeowners?

Asked by Manny K, San Francisco, CA Mon Apr 6, 2009

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Generally, yes, but...the City's definition of a First Time Homeowner is that you cannot have purchased a property(or on title) for the past 3 years. So you could still qualify even though you bought a condo 10 years ago and sold it 5 years ago, given you also meet the income restrictions.
0 votes Thank Flag Link Sun Aug 16, 2009
Dear Manny,

As noted, yes they are. Please go to http://www.sfgov.org and go to Mayor's Office of Housing and you will be able to see all of the details for Below Market Rate purchasing.

Good luck!

Sally
0 votes Thank Flag Link Mon Apr 6, 2009
Yes they are. That is one of many problems with the program. Others are the preponderance of low income API projects and not enough moderate or high API projects nor is there enough family size housing in production.
The program also doesn't address people that become disabled, have an asset such as a home or condo they can no longer afford and now are on disability. They don't qualify because they have the asset, even though they qualify on the income level. It seems as if the API segments addressed are addressed for political reasons and not to make home ownership more afforadable.
The BMR program is of course well intentioned but the housing needs of many are not being met.
0 votes Thank Flag Link Mon Apr 6, 2009
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
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Manny,

I believe there are income restrictions as well. Take a look at the East Bay if SF is too pricy. Lots of opportunities out there right now as well.

I hope this helps!

Tony
0 votes Thank Flag Link Mon Apr 6, 2009
yes, the program is for first-time buyers only, which means you cannot have owned a primary residence in the past three years.

Please see: http://www.sfraaffordablehousing.org for more details.
Web Reference: http://www.natashalovas.com
0 votes Thank Flag Link Mon Apr 6, 2009
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