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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: Funding is available.
Maximum Loan Amount: MAP loans provide assistance that fills the gap between what a household can afford and the purchase price. Maximum loan amounts are relative to the transaction but can not exceed the following amounts based on household income:
|Household Income||Maximum Loan Amount|
|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.|
Minimum Amount: N/A
First-time homebuyer: 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.
Household Income: Applicants' annual household income may not exceed 120% of the Area Median Income. Income of all household members 18 years or older must be considered (including house/roommates).
Oakland resident, Oakland worker/student, or Oakland displacee: At least one adult household member must be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from a former Oakland home).
Other Requirements: Buyers must contribute 3% of the purchase price from their own funds to pay for down payment and/or closing costs. Some exceptions may apply.
Location: Property must be located in the City of Oakland.
Property type: Single family dwelling, including condos, townhomes, manufactured and live-work units. (Properties with conforming and non-conforming in-law units are not acceptable).
Purchase price limit: $650,000
Occupancy: Owner-occupied or vacant
Eligible Uses: Primary Residence
Condition: Property must have a satisfactory home inspection. Renovation/rehabilitation acquisition purchases are permitted with an approved renovation/rehabilitation first mortgage product.
Interest Rate: 3.00% simple interest accrues annually
Payments: No Monthly Payments
Term: 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
Status: Funding is available
Deadline: Funds are available on a first-come first-served basis. Please check the website periodically for status updates.
- Attend a First-Time Homebuyer Workshop. Call 510-238-7486 to sign up for the City’s monthly workshop, or contact HUD-approved counseling agency.
- Contact a community loan officer at one of our Participating Lenders to determine if you qualify for the program, the purchase price of the home, and to pre-approve you for mortgage financing.
- Select a real estate agent.
- Find a home.
- Sign a purchase contract.
- Complete the loan application with a participating lender by providing them a copy of the purchase contract.
- Lender structures your financing package and reserves MAP program funds.
- City of Oakland commits funds to the transaction. Funds are committed on a first-come-first serve basis only after the buyer is in contract and eligible financing is structured.
- Lender submits application to City of Oakland.
- City of Oakland verifies eligibility and issues approval letter.
- City coordinates loan closing and funding with first lender and escrow.
Application: See participating community loan officer to complete the application. There is a $250 application fee (waived for FHA/VA loans)
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.