WHAT IS THE DEFINITION OF A FIRST-TIME HOMEBUYER?
A first-time homebuyer is a person or household who has not owned real estate within the last three years and does not show mortgage interest deductions in the income tax returns during the last three years. See the official statement from MOHCD.
WHAT IS THE MAXIMUM INCOME MY HOUSEHOLD MAY EARN TO QUALIFY FOR A HOME?
The maximum income a household may earn is 100% of the area median income for San Francisco as established by HUD. See below for the maximum incomes by household size:
1 person: $71,350*
2 person: $81,500*
3 person: $91,700*
4 person: $101,900*
5 person: $110,050*
*AMI is the Area Median Income including San Francisco for 2015.
IS THERE A LOTTERY PRIORITY?
The MOHCD has established a lottery priority as follows:
1. Certificate of Preference Holder
2. Ellis Act evicted certificate holders
3. Households who live and/or work in San Francisco
4. Households who do not live or work in San Francisco
HOW DO I APPLY TO PARTICIPATE IN THE LOTTERY?
You may apply for the 1400 Mission BMR lottery by following the MOHCD application process. The process includes:
1. Attending and completing a first-time owner workshop and receiving a completion certificate;
2. Obtaining a loan pre-approval from a MOHCD approved lender;
3. Attending a 1400 Mission application clinic;
4. Completing and submitting your application to your housing counseling agency.
For more information, visit the Homeownership SF Resources page.
WHO ARE THE PREFERRED LENDERS?
Please go to the MOH preferred lender website for a complete list.
HOW MUCH DO I NEED AS DOWN PAYMENT?
A 3% deposit is required when a contract is signed.
FOR MORE INFORMATION
For a full calendar of application clinics and individual counseling on a variety of homeownership and financial topics, please visit Homeownership SF at www.homeownershipsf.org/workshops.