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Many below-market-rate places take a long time to sell because the salary restrictions make it difficult to get a loan, even with 10% down. The reality is that

by salem 12y ago

Many below-market-rate places take a long time to sell because the salary restrictions make it difficult to get a loan, even with 10% down. The reality is that you need a large fraction in cash to afford these units. This might be the case if you're selling and moving within San Francisco, but not if you're a new low-income home buyer.

pdx6 12y ago
No, not exactly. The buyer will need to be credit worthy, with at least 5% down plus closing costs. Additional cash in the bank actually reduces the income qualification. The rub comes in after a buyer moves in and the HOA fees go up, or there is an assessment, but that is a risk for anyone who buys a condo. The number of applicants for below market rate, or BMR, far outstrips the number of available properties. If a buyer is diligent and timely with all the required MOH paperwork, they can beat other applicants since the washout rate is high. If you are interested, I suggest signing up to take the class, they are free.