While our agency does not manage housing units or services directly, this section provides weblinks and telephone numbers for local services and providers that may be of assistance.
The BMR Home Ownership program offers low and moderate-income first-time homebuyers the opportunity to purchase houses and condos in Marin County at less than market value. There are over 300 homes in the program located throughout Marin County. Marin Housing manages the sales activity of new and resale units. Approximately 15-20 units are available for sale each year. In 2006, unit sales prices ranged between $119,000 and $329,000. A lottery system is used to identify potential buyers, and requires a $50 annual lottery fee. Applicants must be able to qualify for a mortgage and meet the down payment and closing costs.
Mortgage Credit Certificate (MCC)
The MCC provides a federal income tax credit to eligible first-time homebuyers. The credit is equal to 15% of the annual interest paid on the first-time homebuyer's first mortgage and can be taken as long as the home is the principal residence. The applicant must apply for and qualify for a first mortgage purchase loan from one of the participating Marin MCC lenders and mortgage brokers.
The California Housing Finance Agency provides financing, down payment assistance and lower interest rates for Californians within specified income ranges. To qualify for a CalHFA loan, applicants must meet the following requirements:
Be a first-time homebuyer (defined as persons who have not had an ownership interest in their primary residence during the previous three years).
Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located.
Have sufficient funds available to meet the required down payment (3-5%) plus closing costs. Property must be owner-occupied for the term of the loan or until sold.
Meet credit, income and loan requirements for the CalHFA lender and the mortgage insurer.
Be a citizen or other national of the US or a qualified alien as defined by the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA).
Residential Rehabilitation Loan Program
The Residential Rehabilitation Loan Program provides low-interest property improvement loans and technical assistance to qualified very-low-income homeowners to make basic repairs and improvements, correct substandard conditions, and eliminate health and safety hazards.
