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 because of the purchase of domiciles within the City of Oakland. MAP loans offer help that fills the gap between just exactly what a family group are able therefore the price.
First-time homebuyer: Applicant(s) and spouse needs to be First Time Homebuyers which will be understood to be somebody who has maybe perhaps not owned their principal residence throughout the past 36 months. Some exceptions may use.
Home money: candidates’ yearly home earnings may well not go beyond 120% regarding the certain area Median Income. Income of most family members 18 years or older needs to be considered (including house/roommates). Make reference to this present year’s income and rent restrictions.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more adult household user must certanly be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from the former Oakland house). (more…)