Home Buying in 94583>Question Details

Wing Sung, Home Buyer in San Ramon, CA

Is there any BMR (Below Market Rate) housing in San Ramon?

Asked by Wing Sung, San Ramon, CA Mon May 12, 2008

I've heard that there is BMR housing in every city, I would like to know if there is any in San Ramon. What are the appropriate way to find these BMR homes? Would realtors know where are these BMR homes located at? Thanks.

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Wing - there are BMRs in San Ramon. Currently the City has a wait list for the properties. Occasionally these homes also appear on the open market as well but mostly are on City and County Sale Lists. The first step is to see which types of BMR Homes you are eligible for.

San Ramon has 2 categories. Homes that fall under the City of San Ramon Plan and guidelines and Homes that are part of the County guidelines. Each have slightly different requirements. There are also BMRs in some of the neighboring Cities as well.

You will also need to enroll in a First Time Home Buyer Certification Course Provided by either the Tri-Valley Housing Opportunity Center in Livermore http://www.tvhoc.org or The Mt Diablo Housing Opportunity Center in Concord http://www.mtdhoc.org Both of these organizations are severely impacted dealing with foreclosure counciling but there are work arounds.

Special financing is also required for the purchase of BMRs. Most lenders are not familiar with processing these loans. There are specialist lenders that work primarily with BMRs and Down Payment Assistance programs. These are the folks you want to seek out.
1 vote Thank Flag Link Wed Dec 24, 2008
Check with the City of San Ramon for deed restricted units. You may also check with individual developers most of which were required to provide up to 25% of the units as BMR.
0 votes Thank Flag Link Tue May 20, 2008
We hear about some of them when they are on the MLS. There are a few units in Dublin on Bellini I noticed the other day. They are usually in a regular neighborhood, but some units are saved or set aside for lower-income folks. It isn't a category by which we can search the MLS, though, so your agent has to look at the confidential remarks in all the homes in the area in which you are looking.
0 votes Thank Flag Link Mon May 12, 2008
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