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First Time Homebuyer Mortgage
Assistance Program (MAP)
Purpose: The Mortgage Assistance Program (MAP) is a City of Oakland loan program, operating jointly with participating lenders, to assist low and moderate income* first time homebuyers with the purchase of homes in the City of Oakland.
Status: MAP funds are currently available. Please check the website periodically for updates.
Maximum Amount: MAP loans provide assistance that fills the gap between what a household can afford and purchase price. Maximum loan amounts are relative to the transactions but can not exceed the following amounts based on household income:
|Household Income||Maximum Loan Amount|
|upto and including 80% AMI||30% of the purchase price not to exceed $75,000.|
|Between 80% AMI and 100% AMI||20% of the purchase price not to exceed $50,000.|
Minimum Amount: N/A
Eligible Applicants: Applicant(s) and spouse must be First Time Homebuyers which is defined as someone who has not owned their principal residence during the previous three years. Some exceptions may apply.
Location: Property must be located in the City of Oakland.
Eligible Properties: Any owner-occupied or vacant single family dwelling, including condos, townhomes, manufactured and live-work units. Purchase price may not exceed $450,000. Renovation/rehab acquisition purchases are permitted with an approved renovation/rehab first mortgage products.
Income: Applicants' annual household income may not exceed 100% of the Area Median Income. Income of all household members 18 years or older must be considered (including house/roommates).
Occupancy: Owner-Occupied only
Eligible Uses: Purchase assistance for Primary Residence
Other Requirements: Buyers must contribute 3% of the purchase price from their own funds to pay for down payment and/or closing costs.
Interest Rate: 3.00% simple interest accrues annually
• No Monthly Payments
• Due in 30 Years or when the borrower sells, transfers, refinances the property (under certain conditions) or converts the home to rental property.
Prepayment Penalty: None
Security: Deed of Trust
How To Apply
The program is currently funded and is now taking reservations.
Deadline: Funds are available on a first-come first-served basis. Please check the website periodically for status updates.
1. Reserve space in the City’s monthly Homebuyer Education Workshop by calling (510) 238-7486 or complete a class at one of the HUD-certified partner agencies.
2. After getting a workshop certificate, apply through a community loan officer at one of the participating lenders. (Applications are made through a lender and NOT made directly to the City.)
Application: N/A. See a participating community loan officer for application.
Contact: If you need additional assistance, please feel free to contact us at 510-238-6201
*The City revises the Area Median Income Limit tables annually, use the most current year available on the city’s page. Click here for current income limits.