1. Determine if you are interested in purchasing a BMR.
- Read all the information provided prior to taking your next steps. Understand the restrictions, guidelines, and procedures required to becoming a BMR owner.
- Be certain you are interested in buying a BMR. Understand the implications of owning a BMR property. Click this link to get an overview of BMR ownership.
- Determine if you are interested in this specific property. BAAHA suggests you drive by the neighborhood and view the layout and pictures and virtual tour of the condominium provided at this link.
2. Submit your application by 5:00PM Monday, June 2, 2025. Click here to download an application or request an application by email at info@myhomegateway.com. When requesting an application by email, make certain to state in your email that the application is for the Pleasanton BMR. BAAHA will contact you if any additional information is required regarding your application.
Upon completing the review of your application, BAAHA will issue you a preliminary lottery eligibility and preference determination.
248 Birch Creek Terrace, Pleasanton
Deadline is June 2, 2025 at 5:00 pm
(be sure to write Birch Creek Terrace on the application)
BAAHA
Deadline is June 2, 2025 at 5:00 pm
(be sure to write Birch Creek Terrace on the application)
The Federal Home Loan Bank (FHLB) WISH Program is a hybrid loan and grant subsidy program. BAAHA will advise lottery applicants if they meet Program guidelines to utilize the WISH Program to purchase the Birch Creek Terrace BMR. Household incomes may not exceed 80% of the area’s median income to participate in the WISH Program. Eligible participant in the WISH Program could secure the following benefits:
- The amount of subsidy provided is equal to four times the amount the household contributes towards their down payment, with a maximum $30,000 funding cap. Accordingly, a household contributing $7,500 (or more) towards their down payment would receive the maximum subsidy of $30,000 to purchase their home.
- The WISH subsidy is forgiven by 1/5 of the subsidy amount each year over a five-year duration. The loan is totally forgiven after five years. The household must reside as a full time resident during the five years of ownership.
- There is no interest charged on the loan, and no payments are required. Within the loan’s five-year term, if any of the following events occur the owner will be required to pay back the prorated loan balance for the remaining term of the loan. Repayment of the loan balance will be required if any of the following occur:
All prospective homebuyers interested in purchasing the BMR must submit a Lottery Application. Be sure to write Birch Creek Terrace on the lottery application. Lottery Applications must be submitted to BAAHA no later than 5:00PM Monday, June 2 30, 2025. BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility. All lottery eligible applicants will be provided a Lottery Preference Program worksheet for submission prior to the lottery. Applicants will have an opportunity to appeal an ineligible determination for reconsideration. Applicants who pass the preliminary eligibility screening may participate in the lottery. However, securing preliminary screening and eligibility to participate in the lottery is not a Program approval. Top-ranked lottery winning applicants will be required to go through a comprehensive Program approval process.
A PDF copy of the BMR Lottery Application, with comprehensive instructions, can be downloaded byclicking this link.
Up to the top five ranked (1 through 5) lottery winners will proceed to the next step.
- Find a lender who currently is or can be approved by the City to finance a City of Pleasanton BMR purchase. If you do not have a lender in mind, BAAHA has identified lenders who have extensive experience originating purchase loans for BMR properties, and are likely to merit City approval.
- Secure 1st lender approval from your first lender. A lottery winner may only proceed to enter into a purchase contract and secure a City BMR Final Program Approval after securing a 1st lender loan approval.
Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to. BMR Restrictions shall remain in perpetuity and be renewed after a forty-five (45) year term. The renewal term for restrictions commences on the date of purchase. Restrictions include:
- 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.
- 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 disallow 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.
Spacious multi level town-home style condo located in the City of Pleasanton’s Birch Terrace Community. This BMR condo has two bedrooms, two baths, and a large two car garage. The well maintained home is nested in a park-like setting, and has a central location within walking distance to downtown. Highly regarded school district. The projected market non-deed restricted value of this home is over $700,000.
Ownership of the BMR home requires that a household’s gross combined income may not exceed 80% of Alameda County's Area's Median Income (AMI), adjusted for household size. Gross income includes the household’s total income prior to all deductions from their payroll earnings. For self-employed individuals, the City applies net income provided in the household's 2024 Federal Income tax returns. Gross maximum household income is based on household size and cannot be greater than the amounts listed below:
A virtual 3D tour of the exterior and interior of the property is available by clicking here. The highest ranked lottery winners will be required to visit the property in person prior to entering into a purchase contract.
Program Lottery Preferences
BAAHA Certified Lender
The City has established lottery preferences that promote ownership for first time homebuyers who reside and work in the City of Pleasanton. Preferences are not a requirement to apply. However, all lottery eligible applicants will be required to fill out a Pleasanton lottery preference worksheet prior to participating in the lottery. A scoring system based on the information provided in the worksheet will be applied in ranking priority applicants drawn at the lottery. Inaccurate information provided either in the original lottery application or in the preference scoring worksheet could either disqualify the applicant or place them in last position of the lottery draw.
Your Next Step
The WISH program incorporates very similar program requirements (including income thresholds) to those that are applied in the above stated City of Pleasanton’s BMR guidelines.
Program Eligibility Requirements
First Lender Approval
| Household Size | 2 person | 3 person | 4 person | 5 person | |
| Maximum Income Limit | $100,050 | $112,550 | $125,050 | $135,100 |
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.
BMR Lottery
Applicants must meet the following eligibility requirements to purchase the City's Below Market Rate home.
Upon securing 1st loan and City Program approval, the applicant will be required to submit a purchase contract to the BMR seller. Once a purchase contract is ratified (signed by seller and buyer), it will take approximately 30 to 45 days to close the purchase escrow and secure ownership to the BMR home.
Upon securing first lender approval, BAAHA and the City will conduct a thorough review and analysis to determine the applicants' BMR Program eligibility. Program eligibility will be based on the applicant fulfilling and meeting the Program guidelines outlined above. For review and reconciliation purposes, households will be required to provide supporting documentation to BAAHA, including and not limited to copies of:
- Bank and investment/retirement account statements to conduct their underwriting and approval process
- Prior filed and signed tax returns
- Payroll information, inclusive of W-2s, recent pay check stubs, and verification of employment
Any inaccurate or false information provided by the applicant in their Lottery Program Application and or in their BMR Lottery Preference Worksheet could disqualify the applicant from securing final BMR Program approval.
Viewing the Property
Federal Home Loan Bank WISH Program Loan / Grant
Homebuyer Purchase Subsidies
BMR Ownership Opportunity
248 Birch Creek Terrace, Pleasanton
2 Bedroom, 2 Bathroom Two Level Condo
1,279 Square Feet (Per Tax Records)
Sales price: $458,250
Monthly HOA: $350
Required steps to purchase the Birch Creek Terrace BMR include, and are not limited to:
- Read all the information provided on this webpage. Be certain to understand the restrictions, requirements, and procedures to apply to participate in the Birch Creek Terrace BMR lottery
- Submit a Lottery Application no later than 5:00PM Monday, June 2, 2025.
- If deemed eligible to participate in the BMR lottery, your household will also be required to submit a Pleasanton Program Lottery Preference Worksheet.
- BMR lottery – applicants do not need to be present at the lottery
- The top ten highest ranked lottery winners will be invited to view the property
- The top five highest ranked (1 through 5) lottery winners will be required to secure 1st loan approval from a BAAHA certified 1st mortgage lender
- Upon securing 1st loan approval, the City will complete underwriting the file for City BMR Program approval
- Enter into a purchase contract to buy the BMR and undergo all required steps to close the purchase transaction.
These steps are further discussed below:
Maximum Household Income
Program participants may be disqualified from purchasing the BMR if their housing cost ratio is either below the minimum or over the maximum ratio allowances.
A housing ratio is the percentage relationship between total monthly costs to own the property in relation to the gross monthly household income that the City and/or first lender apply towards the housing ratio calculation. Monthly housing costs include the principal and interest portion of the mortgage payment, property taxes, insurance, and home owners association fees (HOA). The housing ratio is calculated by dividing the total housing costs by the gross monthly household income. The City and 1st lender derive the gross household monthly income applied towards the ratio calculation. Gross household income includes the household’s total income prior to all deductions from their payroll earnings. Program eligible households must have a housing ratio that falls between a floor of 28% (lowest allowed) and ceiling of 45% (highest allowed).
With a 3% down payment, and applying current interest rates, monthly homeownership cost (including loan payment, taxes, homeowner’s insurance, and mortgage insurance) will be approximately $4,000. Actual costs will vary from the estimate provided. Higher down payments and/or applying down payment subsidies could decrease ownership costs.
- The property transfers ownership/title – including renting out the property
- The property is refinanced with a cash out loan.
Eligible BMR buyers may be able to gain access to homebuyer down payment assistance subsidies. Submission of the BMR Lottery Application will allow BAAHA to help determine if you may be eligible to secure down payment assistance subsidies. Such subsidies could help reduce monthly ownership cost.
Lottery winners must secure a 1st mortgage loan approval form a BAAHA certified 1st mortgage Lender. A BAAHA certified 1st mortgage lender must be able to approve and fund their first loan in conjunction with the City’s BMR Program and participating certified 1st lenders grant/subsidy terms. Lottery winners that do not have a Certified lender will be directed to a list of Certified lenders by BAAHA.
A Certified lender that is involved with providing additional downpayment assistance subsidies must always place the additional homebuyer subsidy in a subordinate position behind the 1st lender's loan and the BMR deed restrictions recorded on the property.
If you have any additional questions, please contact BAAHA by email at info@myhomegateway.com.
City Program Approval
Housing Costs and Ratio Requirements
Occupancy of Home
Purchase Contract and Close of Escrow
Household Size
Questions and More Information
The minimum household size allowed to purchase the property is two (2) and the maximum household size is five (5) 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 2024 Federal Tax returns. Qualifying household size influences qualifying household income, accordingly, applicants must identify all household members occupying/living in the home on the application.
All household members on title must complete a HUD approved homebuyer education course to purchase the Pleasanton BMR unit. To access sources to complete your approved education requirements click here. BAAHA also encourages 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 lottery,but is a requirement for purchase.
The household must demonstrate financial capacity to purchase the BMR. This will include:
- A minimum 3% down payment ($13,750). All funds must be in a bank, trust, retirement, or investment account (no mattress money/cash is allowed). The buyer should also have approximately $6,000 for closing costs and reserves. Accordingly, a household should have access to approximately $19,750 in liquid funds to consider purchasing this property. Gifts may be provided by first and second degree relatives. All gift funds must be sourced. Reserve requirements may be held in accessible retirement accounts (401K, 403B, etc.)
- Minimum FICO score of 660 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.
Financial Capacity
The City of Pleasanton (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA ) to assist in the sale of the Birch Creek Terrace BMR. BAAHA is involved with conducting all BMR application screening, lottery, and sales activities. If you have any additional questions related to the sale of this BMR, please contact BAAHA by email at info@myhomegateway.com.
Below Market Rate Homeownership
All eligible applicants will be entered into a lottery. Lottery applicants with the greatest amount of preference points will secure the highest priority ranking in the lottery. The lottery is scheduled to be conducted in the second week of June 2025.