A Below Market Rate home (BMR) is a home is one that is priced to be affordable to households that are low to moderate income. A BMR property price is lower than the price of a similar property being sold as a “regular” priced one on the open real estate market. For example, in this currently Active, For Sale Condo, the terms are that the max household income cannot exceed 60% of the San Mateo County Area Median Income. Max incomes are: for 1 person = $78,300; 2 people = $89,520. Prospective buyers must also submit a complete pre-screen application and lender approval letter to determine qualification to enter lottery. There is a final date when all applications are to be uploaded. Also, after you purchase there are selling restrictions with other rules set forth by the County of San Mateo. The application process is straight forward, and as a licensed real estate agent, I will help you with the application. Interested? Call or text me to find out the application process.
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