Oakland
City of Oakland
Program Summary
| Type of Assistance: |
CalHome Program (CHP) Mortgage Assistance Program (MAP) Downpayment Assistance Program (DAP) – for Sworn Public Safety Employees and Oakland Unified School District Teachers |
|
Interest Rate: |
CHP and MAP - 3%, simple DAP – 6%, simple |
|
Assistance Amount: |
CHP – up to $40,000 MAP – up to $75,000 DAP – up to $20,000 |
|
Term: |
30 years |
|
Payments required? |
CHP and MAP - No. Payments deferred until time of sale, refinancing of first mortgage for "cash out" or conversion to rental status or other transfers of title. DAP – Payments and interest deferred for the first 60 months (5 years). Beginning of the 61st, monthly payments of principal and interest begin. Loan must be paid in full upon the sale or transfer of title of property. |
|
Deferral period? |
CHP and MAP -Yes. 30 years DAP – Yes. Payments and interest deferred for the first 5 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: | CHP - 80% of AMI MAP – 100% of AMI DAP – 120% of AMI |
|
Purchaser Down Payment Requirement? |
CHP and MAP - 3% DAP - no |
|
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. HUD and NeighborWorks approved agencies |
|
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: |
CHP and MAP - $503,500 DAP – Loan funds must be used towards downpayment and/or closing costs |
|
Owner occupancy percentage in condo complexes? |
None. |
|
Program Administrator: |
Jackie Campbell, Manager |
