City of Oakland First Time Homebuyer Mortgage Assistance Program (MAP)
With the Mortgage Assistance Program, eligible applicants receive funds to help make the down payment and/or pay closing costs, in the form of a 30-year loan. There is a $250 application fee (waived for FHA/VA loans), 3% simple interest accrues annually, and there are no monthly payments. Payment is due in 30 years or when the borrower sells, transfers, or refinances the property, or converts the home to rental property. Maximum loan amounts are relative to the transaction but cannot exceed the following amounts based on household income:
Up to and including 80% AMI: 30% of the purchase price not to exceed $75,000.
Between 80% AMI and 120% AMI: 20% of the purchase price not to exceed $50,000.
To be eligible for MAP, applicants must be first-time homebuyers who have not owned a home in the last three years, and their annual household income cannot exceed 120% of the Area Median Income. (Income of all household members 18 years or older must be considered. At least one adult household member must be an Oakland resident, an Oakland worker/student or an Oakland displacee. Additionally, homebuyers must contribute 3% of the purchase price from their own funds to pay for the down payment and/or closing costs.
Any property purchased with funds from MOAP must be located in the City of Oakland and must serve as the borrower’s primary residence. Eligible property types include single-family dwellings, including condos, townhomes, manufactured and live-work units (properties with conforming and non-conforming in-law units are not eligible), and they must all pass a home inspection.
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
First-Time Homebuyer Programs in California
The City of Oakland offers low- to moderate-income first-time homebuyers the Mortgage Assistance Program. Program applicants receive assistance funds in order to help offset the costs of purchasing a new home.
In order to help low- and moderate-income first-time homebuyers, the San Diego Housing Commission administered the County of San Diego's First-Time Homebuyer Down Payment and Closing Cost Assistance Program.
Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. This assistance comes in the form of a grant, which has no repayment terms.
California’s Fresno County offers the 1st Time Homebuyer Program in an effort to help eligible low- and moderate-income families purchase their first home in the unincorporated area and partner cities.
The San Diego Housing Commission (SDHC) First-Time Homebuyer Program can assist eligible buyers with the purchase of single-family homes, townhomes, or condominiums.
The City of Norwalk's First Time Home Buyer program helps low-income families the opportunity to affordably purchase their first home.
The City of Fremont offers first-time homebuyers assistance with its Below Market Price Homes program to help residents afford and purchase their first-home.
The Moderate Income Purchase Assistance Program helps first-time, moderate income homebuyers purchase homes by providing loans to cover the down payment, acquisition, and closing costs.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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