NEW BELOW MARKET RATE UNITS AVAILABLE FOR SALE

 

1121 40TH Street #4202 -NEW LISTING

 

1121 40th Street #4202 is a 1-bedroom, 1 bathroom condo offered for sale at $148,500.  This 622 square foot  unit has a bright an open floor plan, in unit washer/dryer and wood laminate floors throughout.  Building amenities include a fitness center, hot tub and private parking.  Within a short stroll to groceries and a retail center, the location only adds to the charm.  This home is priced to be affordable to low-income households earning at or below 80% of Area Median Income. 

 

For information on how to apply, view the Property Flyer for more details, including contact information for the listing agent. 

 

1121 40TH Street #3402 -CURRENT LISTING

 

   

 

1121 40th Street #3402 is a 1-bedroom, 1 bathroom condo offered for sale at $355,000.  This 622 square foot  unit has been recently renovated with new carpet, welcoming colors and modern appliances.  Within a short stroll to groceries and a retail center, the location only adds to the charm.  This home is priced to be affordable to moderate-income households earning at or below 120% of Area Median Income.  However, the buyer does not have to meet income requirements to qualify.    Owner occupancy requirements and affordable resale restrictions still apply.

 

For information on how to apply, view the Property Flyer for more details, including contact information for the listing agent.

 

How to Apply

If you are interested in an existing BMR unit being sold by the owner, please read our BMR Ownership Steps 2022 to learn about how you can prepare to apply.  After reviewing the BMR Ownership Steps and BMR Ownership Program Guidelines , please contact the sales office or listing agent to view the unit and make a purchase offer to buy the unit. If your offer is accepted by the seller, you will need to enter into a purchase agreement and complete a BMR Application, which will be reviewed by Hello Housing prior to the contract to purchase becoming finalized.

Eligibility Requirements

• Eligible households must meet the household size requirement for the home.
• All household members must be first-time homebuyers.
• Homebuyers must have sufficient creditworthiness to qualify for a first mortgage.
• Creditworthiness includes: a) not having filed bankruptcy in the last three years; and b) a minimum FICO credit rating of 660 points.
• Households must have at least 3% down payment.
• Households must be able to qualify for a 30-year fixed mortgage
• All applicants must be U.S. citizens or lawfully permitted for permanent residence.
• All households must earn below the Area Median Income limit referenced in the listing.

City of Emeryville’s Homebuyer Program

Homebuyers who previously benefited from the City of Emeryville’s Below Market Rate (BMR) Homebuyer program pass along the opportunity to the next owner when they sell their home.  This ensures that there will be affordable housing available for future generations of Emeryville residents.  Bookmark this page or sign up here to learn about BMR homes that may be for sale in the City of Emeryville and as well as other home buying resources and programs.

A Below Market Rate (BMR) unit is a unit that is priced to be affordable to households that are moderate income or below.  Moderate income is defined as an annual income of 120% or less of the AMI, and varies depending on the number of people in the household.  Area Median Income is adjusted each year.  Usually, the BMR price is lower than the prices of other units in the same development that are being sold on the open market.  BMR owners must occupy the unit as a primary residence.  To learn more about the City of Emeryville’s Homebuyer Program, please see the BMR Ownership Program Guidelines