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Bay Area California Real Estate Blog and News

Below Market Rate (BMR) Housing Program

Below Market Rate homes is a housing program put on by the Mayor’s Office of Housing that allows middle income families the opportunity of home ownership. BMR units are mostly condominium units in newly developed buildings offered through out San Francisco at affordable prices that allows middle income families to obtain the “American Dream.”

The way a BMR home for sale works is; you must apply through the Mayor’s Office of Housing because there are income restrictions and you must be a first time home buyer (in some cases you could have owned a home before but not in the last 3 years).

All applicants must complete a first time home buyers course and they must be pre-approved by a specific lender...