You must be able to qualify for a mortgage loan from a private lender. Eligibility for a mortgage will depend on purchase price and your income, assets, and credit rating.

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What costs are there?

You will need to pay a down payment and closing costs. Most lenders require a minimum down payment of 5% to 10% of the purchase price. Closing costs are items such as loan fees, escrow fees, title insurance, home inspection, and credit fees.

Summary of Homebuyer Opportunities

First Time Homebuyers

• Eligible Buyers*: First Time Homebuyers
• Available Properties: Participating condominium complexes
• Available Loans: Varies with cost of unit
• Other Highlights and Requirements:
  • No payment due until you sell the unit
  • The City retains first right of purchase
  • Resale price restrictions apply

Below Market Rate (BMR)

• Eligible Buyers*: Priority for First Time Homebuyers
•  Available Properties: Residences throughout the City
•  Available Loans: No financing available from the City

 Other Highlights and Requirements:

• Units are sold below market and carry a permanent price restriction which is adjusted annually.
• City retains first right of purchase.

*Notes Regarding Borrower Eligibility: "First Time Homebuyer" means that you have not owned a principle residence for the past three (3) years.

Have questions?

Please contact the Neighborhood Improvement & Housing Division at (650) 522-7220 or by email with additional questions.