The Mortgage Assistance Program (MAP) is just a City of Oakland loan program, running jointly with participating loan providers, to help low and income that is moderate time homebuyers with all the purchase of domiciles when you look at the City of Oakland. MAP loans provide support that fills the gap between exactly just just what a family group are able while the price.
First-time homebuyer: Applicant(s) and spouse must certanly be First Time Homebuyers which will be understood to be anyone who has maybe perhaps not owned their residence that is principal during past 3 years. Some exceptions may use.
Home money: candidates' yearly home earnings might not surpass 120% for the region Median Income. Earnings of most family unit members 18 years or older should be considered (including house/roommates). Relate to this current year's income and rent restrictions.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more adult home user needs to be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from the former Oakland house).
Other needs: purchasers must add 3% for the cost from their very own funds to pay money for advance payment and/or closing costs. Some exceptions may use.
Optimum Loan Amount: MAP loans offer support that fills the gap between just just what a family group are able therefore the price. (mais…)