Housing Opportunities Program
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
Monitoring & Evaluation Supervisor
250 Frank H. Ogawa Plz, 5th Flr
Oakland, CA 94612
(510) 238-7293
JCampbell@oaklandnet.com |
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| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
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