What happens to a BMR purchase if you go back to school full-time?
I am currently working full time and looking to buy a BMR condo in San Francisco. However, I have plans to go back to school full time at some point in the next few years and will probably be in school for 5 years or so. How does this affect my BMR purchase? Thanks.
Answers (1)
FIRST ANSWER
If you purchase a BMR and your income changes, as long as you continue to make the payments and stay in the unit it shouldn't affect anything. It is invisble to the City while you are there. If you sell you need to sell to the same income range you bought at.
The deed will say that it has to be sold to someone making the same percentage of AMI that you are.
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