Bay Area Affordable Homeownership Alliance

The minimum household size is one person (1) and the maximum household size is three (3) 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 2021 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.

Viewing the Property

Access a virtual three dimensional (3D) tour by clicking here.  Contact the listing agent Arturo Valerio  at realtorvalerio@gmail.com to make arrangements to view the property.  


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

SUBSIDY FUNDING SOURCES

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 Kirker Pass 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.comDo not send BAAHA photographed copies of your application. You can also submit your application by fax at (415) 231-5181.


The Kirker Pass Road BMR 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).

OVERVIEW

Kitchen
living room
Living room to breakfast nook and kitchen

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 Kirker Pass 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 emailto avoid miscommunication by either party.

BMR HOME OWNERSHIP

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.  

The property may not be purchased as a rental property. The owner(s) of the home must be full time residents who occupy the home as their primary home.

First Time Homebuyer

PROGRAM PARTICIPATION PREFERENCES

BAAHA in conjunction with the City have established up to three subsidy resources that can be applied towards purchasing the Kirker Road BMR.  These resources include:

  • The City of Concord's shared appreciation down payment assistance loan -  offers up to $40,000 in the form of a repayable subsidy loan.  No monthly payments are made on the City’s loan.  The loan, plus shared appreciation, is repaid when the property is sold, or refinanced.  Visit the City of Concord’s First Time Homebuyer Down Payment Assistance Loan page for more information.
  • Federal Home Loan Bank’s First Time Homebuyers WISH Program loan/grant which can provide up to $22,000.  The WISH Program subsidy is forgiven after an owner has lived in the property for five years.
  • Silicon Valley Bank’s (SVB) Community Reinvestment Homebuyer Grant Program - SVB can provide an immediate grant at the time of purchase of up to $30,000.  To participate in the grant, participants must secure their first mortgage from SVB.  SVB offers SVBG participants a significantly discounted fixed mortgage interest rate; which further expands the household’s purchasing power 

 The combination of these three sources could provide up to $92,000 of subsidies.    

Households participating in any of the three subsidies must meet all BMR Program guidelines and requirements.


Submission of the BMR Prescreen Application will allow BAAHA to determine if you may be eligible to participate in any of the above referenced subsidies.

BAAHA Logo
checklist on clipboard clipart
Dollar and time clipart

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.

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Household Size

YOUR NEXT STEPS

Swimming pool - Source: https://www.discoveryhomes.com/concord-ca/willow-terrace-townhomes
Lawn of the complex. Lush trees, lawn and a bench.

THE PURCHASE PROCESS

BEFORE YOU APPLY...

Make certain to read the Program eligibility requirements provided below 

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).

1 bedroom, 1 bathroom | 647 SqFt

Sales Price: $285,000

The complex offers a pool, spa, clubhouse and gym. HOA fees $377.

EXPANDED AFFORDABILITY FOR ELIGIBLE BUYERS

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.

  • A household that is eligible for all the above benefits may be able to purchase the home with as little as a 2% down payment and with a total monthly house cost that could potentially be approximately $1,700 per month.  According to Zumper, the average rental cost for a one-bedroom apartment in Concord is currently $1,900.


The BMR’s asking sales price is $285,000; and, according to the listing agent, the property has a market value of approximately $330,000.

Occupancy of the Home

Concord City Logo

Financial Capacity

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:

  • All household members on title must be a first time homebuyer.
  • All household members on title must have a FICO score above 640.
  • Must have at least $5,700 in liquid seasoned funds in an institutional account..
  • Have a household with a minimum of one (1) and maximum of three (3) members
  • Your gross household income (includes all non dependent 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 by viewing the virtual tour of the home provided.

3. Submit a BMR Prescreen Program Application
Refer to the Purchase Process Prescreen Application section 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

  • Up to $92,000 in down payment assistance and grant subsidies applied towards purchasing the property.
  • There are no monthly payments required on all the potential subsidies a household can capture.
  • Up to $52,000 of the subsidies will be forgiven over a five-year period (they will become a grant).  This will allow an eligible household to realize a $52,000 increase in equity.  This will exclude any potential increase in equity created through any rise in the BMR’s price and reduction on the first mortgage loan balance.
  • The purchase will provide access for eligible buyers to a first lender that participates Community Reinvestment Programs, including providing a mortgage that may be up to 2% below the current market rate, and does not require mortgage insurance.  This could create up to an effective 2.75% reduction to the rate charged by traditional real estate mortgage lenders.

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

picture of concord with hills in background

Eligible buyers for this BMR may be able to take advantage of subsidies that could significantly reduce the cost of home ownership, and increase the level of equity a homeowner can realize over the following five years.  An eligible homebuyer purchasing this BMR may be eligible to secure the following financial benefits:

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

Front entrance of complex

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.

Ownership of the BMR home requires that a household’s gross combined income may not exceed 80% of Concord’s Median Income, adjusted for household size. Maximum household incomes per household size are as follows:

Purchase Contract & Close of Escrow

PROGRAM ELIGIBILITY REQUIREMENTS

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

  • Buyers must have at least 2% of the purchase price, equaling $5,700 to cover the minimum required down payment and some of the closing costs.  Funds applied must be seasoned liquid funds within an institutional account(s).  Gifts of up to $48,000, and no more than 17% of the purchase price, may be provided by 1st line relatives.  Gifts funds must also be seasoned and come from an institutional account(s)
  • 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.

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 - Prescreened Eligible 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 eligible 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 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.

1505 Kirker Pass Road, #138 Concord

Below Market Rate Home (BMR)

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.

Maximum Household Income

Household Size1 person2 people3 people
Maximum Income$76,750$87,700$98,650


bedroom showing the bed and windows