American
Dream Downpayment Initiative Program
(ADDI)
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Purpose
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This
program is funded from a special federal grant,
and provides assistance that can be combined
with the City's First Time Homebuyers Mortgage
Assistance Program
(MAP) to assist low-income,
first
time homebuyers to purchase homes in the City of
Oakland.
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Status
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Taking
applications now. Application is made through
participating lender.
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Maximum
Amount
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Loan
equal to greater of $10,000 or 6 percent of
purchase price of home
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Minimum
Amount
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$1,000
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REQUIREMENTS
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| Eligible
Applicants |
Borrowers must be First
Time Homebuyers* |
| Location |
Property
must be located in the City of Oakland.. |
| Eligible Properties |
Any single family dwelling, including condos, townhomes
Purchase price cannot exceed $503,500 for single-family
homes or $389,500 for condominium units. |
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Income
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Applicant’s
annual household income cannot exceed 60%
of the Area Median Income. Income
of all household members 18 years or older
must be considered (includes
house/roommates). |
|
Occupancy
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Single-Family
Dwelling
Owner-Occupied only |
| Eligible Uses |
Primary
Residence |
| Other
Requirements |
Property
must pass an inspection for Housing Quality Standards |
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LOAN / GRANT DETAILS
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Interest Rate:
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3.0%
simple
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Payments/ Term
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- No
Monthly Payments
- Due
in 30 Years
OR
when the borrower sells, transfers, refinances the
property (under certain conditions) or converts
the home to rental property.
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Prepayment Penalty
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None
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Security
|
Deed
of Trust
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HOW TO APPLY
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| Status |
Available
Now |
| Deadline |
None |
| Process |
1.
Reserve space in an Education Workshop by calling
510.238.7486.
2. After getting a certificate from the workshop,
apply through one of the participating
lenders. (Applications are NOT made directly through
the City.)
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| Application |
N/A.
See lender for application. |
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MORE INFORMATION
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| Details |
N/A |
| Projects |
N/A
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| Contact |
First Time
Homebuyer Program
City of Oakland
Community and Economic Development Agency
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*Area
Median Income limits are revised annually. Click here for current limits.
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