First
Time Homebuyers Mortgage Assistance Program (MAP)
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Purpose
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The
First Time Homebuyers Mortgage Assistance Program
(MAP) is a City of Oakland program operating jointly
with participating lenders 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
of
$75,000
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Minimum
Amount
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N/A
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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. |
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Income
|
Applicant’s
annual household income cannot exceed 80%
of the Area Median Income. Income of all household
members 18 years or older must be considered (includes
house/roommates). |
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Occupancy
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Single-Family
Dwelling
Owner-Occupied only |
| Eligible Uses |
Primary
Residence |
| Other
Requirements |
Buyers
must contribute 3% of the purchase price from
their own funds to pay for down payment or closing
costs. |
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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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