Oakland Below Market Rate Homes for Sale

City-assisted below market rate [BMR] homes have deed restrictions that restrict sales to purchasers that meet the unit's Affordable Housing Program eligibility criteria. The resale terms for each property are unique, so contact the seller's agent for the disclosure package detailing the property's Affordable Housing Program terms, deed restrictions, and the application forms.

The City provides this listing to assist buyers in finding BMR units.

4039 Park Boulevard, Oakland, CA 94602

Single Family Home

New construction 4-bedroom townhome style home with no HOA.

Buyer to put 3% down and have a household of 2 persons or more.

Household income capped at 120% Area Median Income levels:

Persons Max Income
2  $153,400
3 $172,600
4 $191,750
5 $207,100
 6 $222,450

Max Price: $617,000

Status: COMING SOON

Seller Contact: Claudia Mills – 1-510-350-6419, KW Advisors East Bay, DRE #01881682

Restrictions: State Density Bonus law restricts the initial sale to moderate income households of two or more persons. Initial sale price, owner occupancy and financing restrictions apply. Resale price is not restricted.

Program Disclosure and Legal Documents(PDF, 798KB)

Application Process: Contact the seller’s agent for an application to be submitted for a lottery drawing.

Monthly Housing Cost example based on a 10% downpayment, 6.75% rate 30-year fixed mortgage.

Each buyer's financing package may be unique.

  Principal & Interest

$3,601.67  

  Parcel Taxes

$794.70  

  Homeowner's Insurance

$179.96  

  PMI @ 0.77%

$356.32  

  HOA Dues

$0.00  

  Monthly Payment

$4,932.64  

  Program “Utilities & Maintenance” Factor   

$606.00  

  Qualifying Monthly Housing Cost

$5,538.64  

  Qualifying Ratio

0.45  

  Annual Income needed to qualify

$147,697  

 

Buyers Self-Screen for the Key Eligibility Criteria

City-assisted BMR homes require owner occupancy. Prospective buyers are encouraged to carefully review the disclosure package to pre-screen for these key eligibility criteria before making an offer:

  1. the buying household will permanently owner-occupy the home
  2. the buying household has a stable household composition that meets the unit's minimum household size requirement
  3. the buying household's current income does not exceed the income cap for their household's size
  4. the buyer's loan pre-approval meets the unit financing requirements [loan type, loan to value, buyer contribution]
  5. the buyer can document their ability to meet the down payment requirement
  6. the buyer can document their ability to meet the program ratio requirement

BMR Resale Process for City-Assisted Units

  1. Seller contacts the City to calculate the current maximum "Affordable Sales Price", receives a City approval to sell letter plus a package of "BMR sale terms and disclosures" to share with potential buyers. Seller may sell directly to a buyer, or may market and sell the property with a realtor's assistance.
  2. Prospective buyers request the BMR sale terms disclosure package from seller or seller's agent. Agents may find the disclosure package posted to MLS in the "associated docs".
  3. Buyer self screens to assess that they meet the program eligibility criteria.
  4. Eligible buyers make offers to seller. Price may not exceed the maximum "Affordable Sales Price" stated in the City's resale terms letter. Negotiating for seller credit is permissible.
  5. Once the seller accepts the buyer's offer, the buyer submits the completed buyer application packet to the City. Property appraisal and inspections may be submitted subsequently.
  6. City reviews the application to assure it is complete and meets the program criteria outlined in the declaration of deed restrictions. The City issues a buyer approval letter to eligible applicants.
  7. City prepares closing instructions, passes legal review, executes closing doc, and sends closing package to escrow. Allow up to 20 days from date of approval to release of closing documents.
  8. Escrow arranges for buyer to execute [sign] in front of a notary along with the loan and legal closing documents.
  9. After the loan/s fund, escrow arranges the closing, usually within 1 business day.
  10. After the county confirms recording of new owner's legal documents, buyer is the legal owner and gets key.

Oakland Below Market Rate Program Frequently Asked Questions [FAQ]

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