hcd home  |  about us |  contact us  |  FAQs 
   
  OVERVIEW  
  complete list     
  homebuyers  
  repair/rehab  
  renters   
  housing developers  
   
     
     
     
     
     
      
     
      
     
      
     
      
     
      
     
      
     
      
     
   
housing loans & grants > homebuyers > public safety employee & OUSD teachers down payment assistance
 

 

Public Safety Employee & O. U. S. D. Teachers Down Payment Assistance Program (DAP)
 

Purpose

Loan funds for down payment and/or closing costs for the purchase of owner occupied, single family homes in the City of Oakland. The Program is designed to offer an incentive to Oakland Police and Fire Services Sworn Employees and current full-time Oakland Unified School District Teachers to purchase homes in the city in which they work. 

 Status

Taking applications now.

Maximum Amount

Loan of  $20,000

Minimum
Amount

  $5,000

 REQUIREMENTS
Eligible Applicants  Borrowers must be First Time Homebuyers*

Location

 Citywide
Eligible Properties Any single family dwelling.

 Income

 Applicant’s annual household income cannot exceed 120% of the Area Median Income*.  Income of all household members 18 years or older must be considered (includes house/roommates).

 Occupancy

 Single-Family Dwelling
Owner-Occupied only
Eligible Uses Loan funds must be used towards the down payment and/or closing costs.
Other Requirements

None

LOAN / GRANT DETAILS

 Interest Rate:

 6.0%

Payments/ Term
  • 120 Months (10 years)
  • Final payment due at end of ten-year term
  • Payments and Interest deferred for the first 60 months (five years)
  • Monthly payments of principal and interest begin in the 61st month
  • Loan must be paid in full upon the sale or transfer of title of property

 Prepayment Penalty

None.

 Security

Deed of Trust

HOW TO APPLY
Status Available Now
Deadline None
Process Complete and submit an application through a participating lender.
Application N/A. See lender for application.

MORE INFORMATION
Details N/A
Projects

N/A
Contact

First Time Homebuyer Program
City of Oakland
Community and Economic Development Agency

 

*Area Median Income limits are revised annually.  Click here for current limits.
 
   
 
     


City of Oakland
Community and Economic Development Agency
Housing and Community Development Division
250 Frank Ogawa Plaza  Suite 5313  |   Oakland, CA 94612
Tel: 510.238.3015 | Fax: 510-238-3691 | TDD: 238-3254
2002 All Rights Reserved
Last updated April 11, 2007
contact the webpage editor

It is the policy of the City of Oakland not to discriminate on the basis of race, ethnicity, religion, family status,
sexual orientation, or disability in employment or any of its programs, activities, or services. 

City of Oakland is an equal opportunity housing provider