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BELOW MARKET RATE (BMR) HOME OWNERSHIP PROGRAM |
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Updated Asset Limit.
We’re reaching out to let you know that we’ve updated our program guidelines, including changes to the asset requirements.
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New Asset Limits: The maximum amount of assets allowed has been updated. You are allowed to have up to 30% of the maximum home purchase price based on your designated household size. After closing, you are not to have more than 10% of total assets remaining.
Please review the updated program guidelines to understand the new asset requirements and other changes.
We are accepting applications from eligible one, two, three, and four-bedroom households.
Moderate- and lower-income, first-time home buyers who currently live or work in Sunnyvale receive priority to buy these homes
Visit the Home Buyer Programs webpage for general information and BMR Program Resources.
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How to Determine Eligibility and Apply
Households eligible for, one-, two- , three-, and four-bedrooms: Apply by completing the following steps. Click on the links to download forms and resources needed.
- Verify that you meet the Income Limits based on your household size.
- Review the BMR Home Ownership Program Guidelines.
- Confirm with Housing staff, the number of bedrooms that your household qualifies for.
- Obtain a pre-approval letter for a loan from a Qualified Participating Lender.
- Attend an 8-hour Homebuyer Education Workshop, in person or online. The workshop must be from a HUD-Certified Homebuyer Education Provider
- Complete a Homebuyer Program Eligibility Application, and gather all the required supporting documentation.
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Email Housing staff to receive instructions on how to *electronically submit your:
- Homebuyer Program Eligibility Application
- Supporting documentation
- And where to mail the $75 non-refundable fee
*Note: Only electronic submissions are accepted
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