Upon securing first lender approval, BAAHA and the City will conduct a thorough review and analysis to determine the applicant’s 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:
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 protocols have been established to maintain industry instituted COVID-19 safety requirements. You can take a virtual 3D tour of the property. The highest ranked lottery winners will be able and required to visit and view the property prior to entering into a purchase contract.
Eligible BMR buyers may be able to gain access to homebuyer down payment assistance subsidies. The Subsidies referenced below may be applied jointly or individually. Eligible applicants may be able to secure up to $52,000 in down payment assistance. The dollar level of subsidies provided is determined on an as needed basis by the subsidy provider. Subsidies are available from BAAHA Certified lenders (see Certified Lenders below).
Palomino Drive, Pleasanton
2 Bedroom, 2 & 1/2 Bathroom Three Level Town Home
1,528 Square Feet (Per Tax Records)
Projected sales price: $550,511
Monthly HOA: $407
Up to the top five ranked (1 through 5) lottery winners will proceed to the next step.
Lottery Deadline Passed.
Lottery has been Held
Ownership of the BMR home requires that a household’s gross combined income may not exceed 120% 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 2021 Federal Income tax returns. Gross maximum household incomes are based on household size and cannot be greater than the amounts listed below:
The household must demonstrate financial capacity to purchase the BMR. This will include:
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.
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.
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.
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 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 lottery, but is a requirement for purchase.
The minimum household size allowed to purchase the property is one (1) 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 2021 federal tax returns. Because qualifying household size influences qualifying household income, applicants must identify household members at time of application.
1. Determine if you are interested in purchasing the BMR.
2. Submit a BMR Lottery Application by 5:00pm Friday, November 4, 2022. The application period has passed. To obtain an electronic BMR lottery application, you can download an application or you can request an application by email at email@example.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.
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).
If you have any additional questions, please contact BAAHA by email at firstname.lastname@example.org. Please make certain to state that you are inquiring about the Pleasanton BMR and provide us with your phone number.
All prospective homebuyers interested in purchasing the BMR must submit a Lottery Application. Lottery Applications must be submitted to BAAHA (see below) by no later than 5:00pm Friday, November 4, 2022. The application period has passed and the lottery has been held. BAAHA will review the Lottery Application and provide applicants a preliminary determination regarding their Program eligibility. If lottery eligible, applicants will be provided a Lottery Preference Program worksheet. 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. To obtain an electronic BMR lottery application, you can download an application or you can request an application by email at email@example.com.
Lottery winners must secure a 1st mortgage loan approval from 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.
The Federal Home Loan Bank (FHLB) WISH Program is a hybrid loan and grant subsidy program. Buyers applying for the WISH Program to purchase the Palomino Drive BMR must also meet all City BMR guidelines Additional key elements of the WISH Program include (and are not limited to):
Below Market Rate (BMR) homeownership comes with restrictions and responsibilities that BMR owners must adhere to. BMR Restrictions shall remain in perpetuity. Restrictions include:
To learn more about BMR home ownership, please click here.
The City of Pleasanton (City) contracts the Bay Area Affordable Homeownership Alliance (BAAHA www.myhomegateway.org) to assist in the sale of the Palomino Drive 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 firstname.lastname@example.org.
|Household Size||1 person||2 people||3 people||4 people||5 people|
Applicants must meet the following eligibility requirements to purchase the City's Below Market Rate home.
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 has been held.
Silicon Valley Bank (SVB) will provide up to a $30,000 down payment and closing cost assistance grant at the time the property is purchased. The $30,000 provided by SVB is a grant (it is not a loan) and does not have to be repaid by the borrower. The grant is available for first time homebuyers whose gross combined household income is less than $116,000. SVBG recipients must also meet all qualifying City BMR guidelines. In addition, SVBG 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.
Submission of the BMR Lottery Application will allow BAAHA to help determine if you may be eligible to participate in the SVB Grant Program.
The essential steps to purchase the Pleasanton Palomino Drive BMR include:
These steps are further discussed below:
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