Keyword Analysis & Research: mohdc bmr

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Frequently Asked Questions

What is mohcd BMR DALP?

MOHCD provides need-based downpayment assistance for low and moderate-income households who otherwise would not be able to buy a BMR unit. MOHCD will only extend loan funds when is necessary for a borrower to qualify for an affordable mortgage. Applicants must work with a MOHCD-approved lender to request BMR DALP funds.

What loan types are not compatible with mohcd BMR programs?

FHA, CalHFA, or VA first mortgage financing: MOHCD does not have restrictions on these loan types, but they are typically not compatible with MOHCD BMR programs Loan Types not allowed: Stated income, ARM (adjustable rate mortgage), reverse mortgage, interest-only, negative amortizing, and balloon payments.

What is a BMR home?

BMR homes are specified units in San Francisco sold at below market rate prices. They are also resold at below market rate prices to future eligible buyers. BMR homeowners must work with MOHCD to sell their homes.

What is mohcd and how does it work?

MOHCD will add 5% to the base resale price to pay for your realtor commission and for the buyer's realtor commission. Realtor sends a price request to MOHCD. Proof of current HOA dues amount (i.e., most current HOA coupon or statement that states the address, owner name, HOA due amount and date)

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