BMR Ownership Program Application Process Overview
- Applicant reviews informal program overview on Mayor’s Office of Housing and Community Development (MOHCD) website at www.sfmohcd.org. Applicant reviews legal program rules in the City and County of San Francisco Inclusionary Affordable Housing Program Monitoring and Procedures Manual at www.sfmohcd.org
- Applicant learns of new or resale BMR units through the Mayor’s Office of Housing and Community Development website at www.sfmohcd.org, through www.homeownershipsf.org, or through marketing conducted by the developer of the BMR units. 45-day marketing period for new units and 21-day marking period for resale units is required.
- Applicants attend a certified first-time homeownership workshop from one of five approved local housing counseling agencies and a one-on-one counseling session in order to apply. All BMR applicants who will be on title and loan to a BMR unit must obtain a Verification of Homebuyer Education Completion or Certificate of Homebuyer Education prior to applying. Certificate of Homebuyer Education issued before May 1, 2015 is valid for 2 years from the date of issuance. Verification of Homebuyer Education Completion is valid for 1 year from the date of issuance. In the case of buyers receiving down payment assistance from the City, certificates must not be older than 6 months from the time of closing on the unit. Visit www.homeownershipsf.org for a list of upcoming classes.
- Applicant obtains a loan preapproval for the unit through an approved BMR lender who is listed on the MOHCD website at www.sfmohcd.org.
- Applicant downloads MOHCD application from www.sfmohcd.org or requests paper copy of application from developer’s sale agent.
- Applicant submits complete BMR application packet directly to sales agent by a specified deadline and before a public lottery for the units. Deadline is stated on unit posting at www.sfmohcd.org. (Must not submit applications to MOHCD)
- When submitting application, sales agent issues one-half of a lottery “ticket” to applicants and then enters applicant information on applicant tracking sheet.
- Public lottery is held. MOHCD conducts lottery with developer. Applicants are not required to attend. List is sorted by program preferences and then finalized.
- Sales agent contacts lottery winners with results. Applicants may contact sales agent for results, as well.
- Sales agent compiles and sends completed buyer application packets to MOHCD for qualification for the program.
- MOHCD reviews and approves/disapproves buyers within 15 working days of receipt of a complete packet from sales agent.
- BMR enters in contract within 10 business days of MOHCD approval. Contact grants buyer at least 60 days to close with a 45 day financing contingency.
- Buyer secures a loan for financing the unit through an approved BMR lender who is listed on the MOHCD website a www.sfmohcd.org.
- Buyer’s lender submits sales contract; final fair market appraisal; preliminary title report; final loan applications (1003 and 1008); Good Faith Estimate and Loan Commitment and other documents to MOHCD. (See lender information at www.sfmohcd.org)
- MOHCD drafts closing documents to be reviewed and signed by BMR buyers after receiving a complete and accurate loan, appraisal, title report and sales contract packet, etc. from the lender.
- Title Company works with BMR buyer to review and sign documents that restrict the resale of the BMR unit and that establish a lien on the property. Buyer will also sign all other closing documents associated with the sale.
- Title Company returns signed, notarized and recorded closing documents to MOHCD.
- Unit closes escrow and buyers move into unit.
- Unit is subject to annual monitoring.
For specific questions regarding a current development and submitting your application, please contact the development or developer’s sales team directly.
Visit our Assistance for First-time Homebuyers page for more information.