BMR Resale: 32 Rebecca Lane

Posting Date

April 5, 2016, updated on May 5, 2016

Program

Limited Equity Homeownership Program

Type of Unit

Townhouse

Unit Address (including city/state/zip code)

32 Rebecca Lane, San Francisco, CA 94124

Selling Price

$272,070

Neighborhood and Map

Bayview District ( https://goo.gl/maps/rbAyXvcZi8q )

Number of Bedrooms

2

Number of Bathrooms

2

Square Footage

1255

Year Built

1992

Appliances Included in the Sale of the Unit  

Refrigerator, hood, range, garbage disposal, and dishwasher.

Building Amenities

Parking, Decks, Onsite Laundry

Parking

Garage

Monthly Homeowner Dues

$60

What the HOA Dues Cover

Grounds Maintenance, Management

Income Level of Applicants

Applicants must make no more than the following amounts per household:

 

80% of Unadjusted Area Median Income (AMI) for HUD Metro Fair Market Rent Area (HMFA) that contains San Francisco 2015

(The buyer household must make no more than these amounts by household size.)

 

A two person household can make no more than $65,200

A three person household can make no more than $73,350

A four person household can make no more than $81,500

A five person household can make no more than $88,050

A six person household can make no more than $94,550

(Please visit www.sfmohcd.org for larger households.)

Other Qualification Notes

This unit was formerly managed under the San Francisco Redevelopment Agency Limited Equity Program (LEP) and subject to the asset test below. Qualified retirement accounts (such as IRA, 401K, 403B) will not be counted toward an applicant’s income unless a portion is being used toward the down payment.

The first $15,000 of household assets is excused; 10% of all assets between $15,001 and $100,000 will be added to the total household income; and 35% of assets above $100,001 will be added to the total household income.

 

Applicants must secure a loan preapproval and a final loan through a MOHCD Participating Lender who have an “X” marked under BMR.

 

All titleholders/borrowers must complete a first-time homebuyer workshop through one of the City’s 5 approved first-time homebuyer counseling agencies in order to apply. Please visit http://homeownershipsf.org/workshops for a schedule of upcoming classes. 

 

Verification of Homebuyer Education Completion or Certificate of Homebuyer Education from a MOHCD approved first-time homebuyer workshop is required.  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.

A copy of the mortgage loan pre-approval and homebuyer counseling certificate for every adult household member on loan and title to the BMR unit must be included with the BMR application.

 

Applicants are encouraged to apply for downpayment assistance through the following programs.

 

  • BMR Down Payment Assistance Program (BMR DALP): A deferred down payment assistance loan available to qualified households for up to $57,000 (or maximum of 15% of the purchase price, whichever is less) towards the purchase of a BMR unit.

 

 

  • Mortgage Credit Certificate (MCC) Program (can be combined with BMR-DALP for households earning 81% or above of AMI). There is a $675 application fee if applying for MCC.

 

  • Federal Home Loan Bank’s WISH program provides up to $15K in matching funds for down payment assistance.  Please ask your mortgage lender.

 

All MOHCD Participating Lenders should explore these options with BMR buyers.

Households must be as many people (or more) as number of bedrooms in the unit to apply.

 

Contact Person (Realtor/Sales Agent)

Gina Wendy Tse-Louie

Phone

415-742-5100  x103 or x 121 after hours; Cell:  415-271-2178

Email

Gina@RERevolution.biz

Website

www.RealEstateRevolutionInc.com

How to Obtain an Application

Contact realtor or download from MOHCD website by clicking here.

 

Application deadline

Thursday, April 28, 2016, 5pm

Note: Applications must be received in the sales office by 5pm on the day of the application deadline.

Address to which application should be delivered

Office:                                 Real Estate Revolution

Realtor Name:                    Gina Tse-Louie

Address:                              645 Taraval Street

City/State/Zip Code:           San Francisco, CA 94116

Attn: BMR Unit(s)

Lottery Results, Date, Time and Location

Assigned Ticket # LOTTERY RANK 
256767 1
256762 2
256763 3
256764 4
256771 5
256769 6
256765 7
256766 8
256770 9

Date:            Thursday, May 5th, 2016

Time:            3pm

Location:

Mayor’s Office of Housing and Community Development

1 South Van Ness Avenue, 5th Floor

San Francisco, CA 94103

Open Houses

Wednesday, April 13th 10 AM - 2 PM

Sunday, April 17 1-5PM

Wednesday April 20th 4-8 PM

Special Note(s)

View this unit on the public Multiple Listing Service and on Craig’s List.

Procedures Manual

All potential buyers must review the Limited Equity Program Loan Disclosure Information that governs this property. 

Re-pricing Mechanism

A BMR unit will be resold at a restricted price to a household that meets the first‐time homebuyer and income qualifications for the program. Please review Limited Equity Program Loan Disclosure Information for specific information.