The Mortgage Assistance Program (MAP) is really a City of Oakland loan system, running jointly with participating loan providers, to help low and income that is moderate time homebuyers because of the purchase of houses into the City of Oakland. MAP loans offer help that fills the gap between exactly just what a family group are able together with cost.
First-time homebuyer: Applicant(s) and spouse should be First Time Homebuyers that is thought as anyone who has perhaps maybe perhaps not owned their residence that is principal during past 36 months. Some exceptions may use.
Home money: Applicants’ yearly home earnings might not go beyond 120% regarding the certain area Median Income. Earnings of most family members 18 years or older needs to be considered (including house/roommates). Relate to this season’s income and rent limitations.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more household that is adult should be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from the former Oakland house).
Other demands: Buyers must add 3% associated with the cost from their very own funds to pay money for advance payment and/or closing costs. Some exceptions may use.
Maximum Loan Amount: MAP loans offer help that fills the gap between just exactly what a family group are able while the cost. Optimum loan quantities are in accordance with the deal but can maybe maybe maybe not go beyond the following amounts based on home income:
|Domestic money||optimum Loan Amount|
|up to 80% AMI||30% regarding the cost never to surpass $75,000.|
|Between 80% AMI and 120% AMI||20percent of this price to not ever meet or exceed $50,000.|
Minimal Amount: N/A
Rate of interest: 3.00% easy interest accrues yearly
Re Re Payments: No Monthly Premiums
Term: Due in three decades or if the debtor offers, transfers, refinances the house (under specific conditions) or converts the true house to rental property