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Updated Asset Limits: Seeking Buyers for 1, 2, 3, and 4-Bedroom BMR Homes

Find out if you qualify for the BMR Home Ownership Program.





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Sunnyvale




*BELOW MARKET RATE (BMR) HOME OWNERSHIP PROGRAM*






Black American Family




*Updated Asset Limit.*

We’re reaching out to let you know that we’ve updated our program guidelines, including changes to the asset requirements.


* *New Asset Limits*: The maximum amount of assets allowed has been updated. You are allowed to have up to 30% of the maximum home purchase price based on your designated household size. After closing, you are not to have more than 10% of total assets remaining.

Please review the updated program guidelines to understand the new asset requirements and other changes.  

*We are accepting applications from eligible one, two, three, and four-bedroom households.*

Moderate- and lower-income, first-time home buyers who currently live or work in Sunnyvale receive priority to buy these homes

*Review Minimum Eligibility Requirements* [ https://content.govdelivery.com/attachments/CASUNNYVALE/2024/04/22/file_attachments/2854369/BMR-Homebuyer-Program-Quals-1-3.pdf ]


Visit the Home Buyer Programs webpage [ https://www.sunnyvale.ca.gov/homes-streets-and-property/housing/home-buyer-programs ] for general information and BMR Program Resources.






How to Determine Eligibility and Apply

*Households eligible for, one-, two- , three-, and four-bedrooms**:* Apply by completing the following steps. Click on the *links* to download forms and resources needed. 


* Verify that you meet the *Income Limits [ https://www.sunnyvale.ca.gov/home/showdocument?id=358&t=637884731401700000 ]* based on your household size.
* Review the *BMR Home Ownership Program Guidelines. [ https://www.sunnyvale.ca.gov/home/showdocument?id=354&t=637896141452630000 ]*
* Confirm with Housing staff, the number of bedrooms that your household qualifies for.
* Obtain a pre-approval letter for a loan from a *Qualified Participating Lender [ https://www.sunnyvale.ca.gov/home/showpublisheddocument/3366/637886628233930000 ]*.
* Attend an 8-hour Homebuyer Education Workshop, in person or online. *The workshop must be from a **HUD-Certified Homebuyer Education Provider [ https://www.housing.org/first-time-homebuyer-education ]*
* Complete a *Homebuyer Program Eligibility Application [ https://www.sunnyvale.ca.gov/home/showpublisheddocument/3350/637926275362030000 ]**,* and gather all the required supporting documentation.
* *Email Housing staff <housing@sunnyvale.ca.gov>* to receive instructions on how to *electronically submit your:

* Homebuyer Program Eligibility Application
* Supporting documentation 
* And where to mail the $75 non-refundable fee

*Note: Only electronic submissions are accepted











*Contact Us*

Housing Division
Email Housing <housing@sunnyvale.ca.gov> 
408-730-7250
Sunnyvale.ca.gov [ https://Sunnyvale.ca.gov ]








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