Review our 10-Step Guide to the Application Process to learn about how you can prepare to apply for available homes you are interested in purchasing.
City of San Leandro BMR Application Process
Thank you for your interest in purchasing a Below Market Rate (BMR) home in San Leandro! Buying a home in the Bay Area is an exciting but sometimes daunting process. Rise Housing Solutions is here to help you through the process. Just like every homebuyer is unique, so is each home purchase. The following 10-Step Guide will give you an idea of what to expect.
To learn about homes for sale, sign up to receive our e-newsletter which includes homes for sale in San Leandro. In most cases, the listed price is the maximum price the seller can sell for, so no need to bid over asking!
Identify a realtor you would like to represent you in the home buying process.
When you see a home you are interested in, attend an open house.
All prospective homebuyers interested in purchasing the BMR must submit a complete application. A separate link will be provided during the application period, to apply.
Rise Housing Solutions will hold a lottery with all applications, establishing a ranking order for application review. All complete applications are entered into a lottery. Incomplete applications will not be included in the lottery.
The top lottery winners are screened for eligibility based on application completeness and income eligibility. A primary buyer and a backup buyer are determined and shared with the City of San Leandro. If your application is determined to be ineligible, Rise Housing Solutions will communicate the reasons to your agent.
Rise Housing Solutions will then contact the agent to submit a purchase contact to the BMR Seller, then underwriting and escrow activities begin (inspections, appraisal, etc.) and your lender and agent will keep you informed of key timelines.
Before the close of escrow, Rise Housing Solutions will set up a phone appointment with you to go over the details of the program and any questions you may have about the program or the documents.
Welcome to homeownership!