Oakland
City of Oakland
Program Summary
| Type of Assistance: |
Loan |
|
Interest Rate: |
3%, simple |
|
Assistance Amount: |
Up to $75,000 |
|
Term: |
30 years |
|
Payments required? |
No. Payments deferred until time of sale, refinancing of first mortgage for "cash out" or conversion to rental status or other transfers of title. |
|
Deferral period? |
Yes. 30 years |
|
Layered Aid Allowed? |
Yes. |
|
City equity participation at time of sale: |
No. |
|
1st mortgage restrictions: |
First mortgages must be fixed rate loans with no negative amortization, balloon payments or adjustable rate features. |
|
List of approved lenders |
Yes. Refer to City for current list. |
Applicant Eligibility
| Income Restriction: |
80% of AMI |
|
Purchaser Down Payment Requirement? |
3% |
|
Debt-to-Income Ratio: |
40% back end ratio. However, a higher credit score or larger down payment allows for flexibility. |
|
Education requirements: |
Yes. Refer to City for list of acceptable classes. |
|
Live/work Requirements? |
No. |
|
Minimum Credit Score: |
No. City defers to lender underwriting. |
Property Eligibility:
| Property Type: |
Homes purchased must be single-family residences. This includes condominiums, townhouses, and single units that are part of a couplet or duet. Multi-unit structures (Duplexes, tri-plexes etc.) where more than one unit is being purchased are not eligible. |
|
Purchase price limit: |
$503,500 |
|
Owner occupancy percentage in condo complexes? |
None. |
|
Program Administrator: |
Jackie Campbell |
