Below Market Rate (BMR) Lottery Drawings Process

The top lottery winners are notified by MHA directly using the contact email and phone number provided on the application. As part of the notification, MHA will provide instructions and request the following items before finalizing the selection process and introducing the buyer(s) to the seller(s).

Loan Prequalification: Top applicants will be asked to provide a letter of pre-qualification from a lender to demonstrate their ability to acquire financing before moving forward. Applicants may select a BMR-participating lender found here: https://www.marinhousing.org/bmr-participating-lenders, or they may use an alternative lender.  When choosing a non-participating BMR lender, Marin Housing must approve them, ensuring they have the requisite experience and understanding of BMR transaction specifics.

First-Time Homebuyer Certificate: All first-time homebuyers must complete a homebuyer education course from a HUD-approved agency.   Upon completion of the homebuyer education course, the applicant will receive a Certificate.  A copy of this certificate must be submitted to MHA as part of the application process.

Application for Purchase: A complete application includes supporting documentation: 

• Employment information for each household member over 18, including employer names, job titles, and employment status (full-time/part-time). 
• Recent pay stubs (typically the four most recent and consecutive ones). 
• A complete set of Federal and State income tax returns for the past three years, including all schedules, signed and dated, along with W-2 forms. 
• If applicable, profit and loss statements for the past three years for self-employed household members, plus a current year statement. 
• Statements for all financial accounts (savings, checking, retirement, investments, etc.) for the last three months. 
• Disclosure of all assets including checking and savings accounts, retirement accounts, investments, stocks, and any available gift funds. 
• Valid photo identification for all adult household members. 
• Other relevant documentation for any additional income sources such as alimony, child support, pensions, public benefits, rental income, etc.. 
• Letter of non-filing from the IRS, if taxes have not been filed for the past three years

Pre-Purchase Meeting: The primary buyer(s) will be required to attend a one-hour meeting with Marin Housing staff to review their application and the restrictions and agreements governing the property. This is also a time to ensure the buyer has all of their questions answered, and they are prepared for BMR ownership. 

Purchase Agreement and Closing: The final step is where the seller accepts the primary buyer’s offer, the buyer executes the purchase agreement, then collaborates with their real estate agent and lender to complete the transaction. This includes: 

• Conducting professional home inspections. 
• Reviewing seller disclosures about the property's history. 
• Securing mortgage financing. 
• Managing escrow and title checks to ensure the property is free of liens. 
• Performing a final walk-through before closing. 

The process concludes with the closing stage, where all necessary documents are signed and funds are transferred, officially finalizing the purchase.