The Mortgage Assistance Program (MAP) is just a City of Oakland loan system, running jointly with participating loan providers, to help low and income that is moderate time homebuyers with all the purchase of houses when you look at the City of Oakland. MAP loans offer help that fills the gap between exactly what a family group are able to afford as well as the cost.
First-time homebuyer: Applicant(s) and spouse must certanly be First Time Homebuyers which can be understood to be somebody who has maybe perhaps not owned their major residence throughout the past 36 months. Some exceptions may apply.
Domestic money: candidates’ annual home earnings may well not surpass 120% regarding the certain area Median Income. Earnings of most family unit members 18 years or older needs to be considered (including house/roommates). Relate to this season’s lease and earnings restrictions.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more adult home user must certanly be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from a former Oakland house).
Other demands: purchasers must add 3% associated with price from their funds that are own spend for advance payment and/or closing costs. Some exceptions may use.
Optimum Loan Amount: MAP loans offer help that fills the gap between just just just what a family group are able plus the cost. Optimum loan quantities are in accordance with the deal but can maybe not surpass the following amounts based on home earnings: