SERVICE
After a BMR homebuyer lottery
Learn what happens after a Below Market Rate homeownership lottery is run.
What to know
What to do
1. Lottery winners fill out a supplemental application
If MOHCD selects your application from the lottery, you must send in a BMR Ownership Supplemental Application package with all required supporting documents. You will have 5 business days to send in the complete supplemental application package after you are being contacted.
2. MOHCD reviews applications of the lottery winners
If the application passes, MOHCD will send out conditional approvals. Approved buyers should receive approvals about 15 business days after the lottery results are posted online.
3. Buyer goes into contract to purchase
- If you get a conditional approval, you must go into a "contract to purchase" within 7 calendar days. You also have to work with your mortgage loan officer on loan approval.
- You must also meet with your housing counselor to get a certification of completion. You may also do a pre-closing interview with your counselor.
4. MOHCD final approval
Your mortgage loan officer will send the lender package to MOHCD for final approval to close escrow. For BMR units, escrow is 60 days.
5. Before final closing
You'll be able to do one last walkthrough of the property.
Partner agencies
What to know
What to do
1. Lottery winners fill out a supplemental application
If MOHCD selects your application from the lottery, you must send in a BMR Ownership Supplemental Application package with all required supporting documents. You will have 5 business days to send in the complete supplemental application package after you are being contacted.
2. MOHCD reviews applications of the lottery winners
If the application passes, MOHCD will send out conditional approvals. Approved buyers should receive approvals about 15 business days after the lottery results are posted online.
3. Buyer goes into contract to purchase
- If you get a conditional approval, you must go into a "contract to purchase" within 7 calendar days. You also have to work with your mortgage loan officer on loan approval.
- You must also meet with your housing counselor to get a certification of completion. You may also do a pre-closing interview with your counselor.
4. MOHCD final approval
Your mortgage loan officer will send the lender package to MOHCD for final approval to close escrow. For BMR units, escrow is 60 days.
5. Before final closing
You'll be able to do one last walkthrough of the property.