The Mortgage Assistance Program (MAP) is a City of Oakland loan system, running jointly with participating loan providers, to help low and income that is moderate time homebuyers aided by the purchase of houses within the City of Oakland. MAP loans offer help that fills the gap between exactly just what a family group are able to afford plus the price.
First-time homebuyer: Applicant(s) and spouse needs to be First Time Homebuyers which can be understood to be anyone who has maybe maybe not owned their major residence through the past 3 years. Some exceptions may apply.
Home Income: candidates’ yearly home earnings may well not surpass 120% regarding the region Median Income. Earnings of most family members 18 years or older needs to be considered (including house/roommates). Relate to in 2010’s income and rent limitations.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more household that is adult must certanly be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from the former Oakland house).
Other demands: purchasers must contribute 3% of this price from their very own funds to pay money for advance payment and/or closing costs. Some exceptions may use.
Maximum Loan Amount: MAP loans provide help that fills the gap between exactly just what a family group are able to afford as well as the price. […]