THE PURCHASE PROCESS

HUD-Approved Homebuyer Education

BMR ownership comes with restrictions and responsibilities that owners must adhere to. Restrictions on the BMR will be in place for a forty-five (45) year term commencing the date the purchase transaction closes.  These restrictions include, but are not limited to:

  • The BMR must be sold at an affordable resale price that the City assigns at the time of the resale.
  • The BMR must be sold to an eligible buyer whom the City must approve.
  • All capital improvements must first be approved by the City.
  • There are refinance guidelines and restrictions. All refinances must be approved by the City.
  • The property must be maintained in good condition at all times.
  • There are strict restrictions that do not allow the property to be rented out.
  • There are guidelines and restrictions in passing title to an heir and any other non-BMR Program approved individual(s).


 To learn more about BMR home ownership, please click here.

Occupancy of the Home

Prospective first time homebuyers interested in purchasing the BMR townhome must submit a Prescreen Program Application. The Prescreen Program Application will be reviewed by BAAHA to provide a preliminary determination of the applicant’s Program eligibility. If deemed eligible, BAAHA will notify applicants to proceed to secure Program Approval. Ineligible applicants will have an opportunity to appeal for reconsideration. 

Applicants may secure a prescreen application through one of the following methods:

  • Download the application from the BAAHA website (click here). The online application is a fillable form application. Upon filling out the application, save it as a PDF File and email it back to BAAHA. If you need more information or assistance with the process, contact BAAHA at info@myhomegateway.com.
  • Request an application from BAAHA by contacting us via email at info@myhomegateway.com, clearly stating that you would like an application for the Concord Enclave BMR. You can fill out the application in the same format as discussed above. If you need to fill out the application by hand (hand written), scan and save the completed application as a PDF and email the PDF to info@myhomegateway.com.  Do not send BAAHA photographed copies of your application. You can also submit your application by fax at (415) 231-5181.


The Enclave BMR Townhome is available on a first come, first served basis. The first household to be Program qualified and Program approved will be able to purchase the property. BAAHA intends to prequalify up to three households to proceed with the Program and Purchase Approval process. BAAHA recommends that interested households submit their Prescreen Application immediately. Prescreen applications will be time stamped based on the time and date we receive the “fully” completed application by email (see instructions below).

Once a purchase contract is accepted by the seller, BAAHA will begin to prepare the Program documents to be submitted to the City for approval. The document preparation, review, and signature process could take up to sixty (60) days to complete.

All household members on title must complete a HUD-approved homebuyer education course to purchase the Concord BMR unit. Click here to access sources to complete your approved education requirements. We also encourage applicants to conduct their own search for HUD-approved homebuyer education courses on the internet. A certificate of course completion is not a requirement to apply for the Prescreen Program, but is a requirement to close the purchase transaction.

Household Size

Click here to view HUD-approved Homebuyer Counseling agencies in the Bay Area.

Applicants who live and/or work in Concord will receive a preference in the application process. However, Concord residency and/or employment status is not a requirement for eligibility, and all individuals and households may apply. Preference will be applied towards Concord workforce/residents if more than one applicant is deemed eligible to purchase the property.

​​1824 Enclave Place, Concord

Willow Terrace Townhomes

YOUR NEXT STEPS

1. Determine if you are interested in and eligible to purchase this new BMR.

Start by reading and understanding the implications of owning a BMR property.  To get an overview of BMR ownership, click here.


2. Confirm you meet all the eligibility requirements discussed above.

Review and understand the parameters outlined in the Program Eligibility Section. The approval process is comprehensive and requires applicants to submit detailed back up documentation to verify information you provide in your prescreen and 1st lender applications. To be eligible you must meet the following guidelines:

  • Be a first time homebuyer
  • All household members on title must have a FICO score above 640
  • Must have at least $19,625 in liquid seasoned funds (in your accounts for at least three months).
  • Have a household with at least three (3) members and a maximum of seven (7) members
  • Your gross household income (includes all income earners) may not exceed the limits depicted in the chart above in the Maximum Household Income section of this page.


If you are interested in this particular property. BAAHA suggests you drive by the location and view the layout and pictures of the condominium provided here (click). The developer does not have pictures of the actual BMR property interior. The developer has provided a virtual representation of a property within the development. The objective of the virtual representation is to provide prospective buyers a preliminary idea of the BMR’s interior layout. The interior of the BMR property has different interior finishes than the property provided in the above link.

3. Submit a BMR Prescreen Program Application

Refer to the Purchase Process Prescreen Application section (click here) for more information on starting the BMR Prescreen Application Process. Since this property is available on a first come, first serve basis, we strongly suggest that applicants immediately submit their application. 

If you have any additional questions, please contact BAAHA by email at info@myhomegateway.com. Be certain to state that you are inquiring about the Concord Enclave BMR and provide us with your email address. You can also call us at (800) 480-9020; however, BAAHA has a strong preference to communicate by email to avoid miscommunication by either party.

BEFORE YOU APPLY...


Make certain to read the Program eligibility requirements provided

below

The household must demonstrate financial capacity to purchase the BMR. This will include:

  • Buyers must have 3% of the purchase price, or $15,800, in seasoned funds (in their bank accounts for at least three months) available to purchase the property. The buyer should also have approximately $3,825 in reserve funds after they close the purchase transaction. Accordingly, eligible buyers must have access to approximately $19,625 to purchase this BMR. Gifts of up to 17% of the purchase price ($89,500) may be provided.
  • Minimum FICO score of 640 for all borrowers involved in financing the purchase.
  • The cost of owning the home in combination with your current monthly personal debt service cannot exceed 45% of your gross earnings.

The minimum household size is three (3) and the maximum household size is seven (7) people. All non-minor household members who are not dependents must be on title when the property is purchased. Qualifying dependents must be designated on 2020 federal tax returns. Because qualifying household size influences qualifying household income, applicants must identify household members that will be living in the BMR at the time a prescreen application is submitted.

PROGRAM ELIGIBILITY REQUIREMENTS

Property viewing protocols have been established to maintain industry established COVID-19 safety measures and requirements.


A virtual 3D tour of the interior of a similar market rate property located in the Willows Development Complex is available by clicking here.


The virtual tour provided is not of the property for sale as the unit has different interior finishes. It is anticipated that showings will be arranged for households who have 1) submitted a Program application to purchase the property; and 2) who have been deemed eligible to participate in purchasing the property

Applicants who have been deemed eligible by BAAHA are required to secure full Program Approval. Full Program approval is a comprehensive process that includes and is not limited to:

Lender Approval - The top three Prescreened Program applicants must secure first lender approval. You do not have to identify a lender to submit your Program Prescreen Application. If you currently do not have a lender, BAAHA can provide qualified prescreen applicants with a list of lenders who have extensive experience originating and underwriting loans for BMR properties. It is highly recommended that you work with a Program certified and experienced BMR 1st lender. The 1st lender is also required to provide BAAHA and the City a number of documents to verify information provided in their Program and 1st lender applications.

City Program Approval
- Upon securing 1st lender approval, BAAHA will conduct underwriting to submit and obtain City Program Approval. The applicant must receive both 1st lender and City Program approval to submit a purchase offer to the owner/developer.

Viewing the Property

Ownership of the BMR home requires that a household’s gross combined income may not exceed 120% of Concord’s Median Income, adjusted for household size. Maximum household incomes per household size are as follows:

Financial Capacity

BMR HOME OWNERSHIP

The Willow Terrace Townhome's 3 bedroom and 3 bathroom floor plan is three stories, with a private 2 car garage, and open kitchen and living space. Similar market rate townhomes in the complex have sold for over $746,000.

Applicants must meet the following eligibility requirements to purchase the Concord Below Market Rate home:

Source: https://www.discoveryhomes.com/concord-ca/willow-terrace-townhomes
https://upload.wikimedia.org/wikipedia/commons/5/5e/Mount_Diablo_Panoramic_From_Newhall.jpg

BAAHA is contracted by the City of Concord to administer the City’s BMR Program. BAAHA is involved and responsible for conducting all BMR application screening and overseeing the sale of the BMR property. If you have any additional questions related to the sale of this BMR, please contact BAAHA by email at info@myhomegateway.com.  

Maximum Household Income

3 bedroom, 3 bathroom | 1,382 square feet

Sales Price: $526,466

Bay Area Affordable Homeownership Alliance

First Time Homebuyer

Applicants must be first time homebuyers. To be a first time homebuyer, all members in the household may not have owned a real property in the past three years (from the time you submit your Prescreen Program application).

Prescreening for Program Eligibility

PROGRAM PARTICIPATION PREFERENCES

Prescreen Program Application

Purchase Contract & Close of Escrow

1824 Enclave Place, Concord

Below Market Rate Home (BMR)

Applicants must be first time homebuyers. To be a first time homebuyer, all members in the household may not have owned a real property in the past three years (from the time you submit your Prescreen Program application).