Uncategorized__ Very First Time Homebuyer Mortgage Assistance Program (MAP)
The Mortgage Assistance Program (MAP) is just a City of Oakland loan program, running jointly with participating loan providers, to help low and moderate income very first time homebuyers with all the purchase of houses into the City of Oakland. MAP loans offer help that fills the gap between just exactly what children are able to afford therefore the price.
First-time homebuyer: Applicant(s) and spouse must certanly be First Time Homebuyers that will be understood to be somebody who has maybe perhaps perhaps not owned their residence that is principal during past 3 years. Some exceptions may use.
Domestic money: candidates' yearly home earnings might not meet or exceed 120% regarding the certain area Median Income. Income of all of the family members 18 years or older should be considered (including house/roommates). Relate to in 2010's income and rent restrictions.
Oakland resident, Oakland worker/student, or Oakland displacee: one or more household that is adult 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% of this price 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 exactly just what a family group are able and also the price. Optimum loan quantities are in accordance with the transaction but could perhaps perhaps not go beyond the amounts that are following on home earnings:
|Domestic money||Maximum Loan Amount|
|up to 80% AMI||30% for the cost never to surpass $75,000.|
|Between 80% AMI and 120% AMI||20percent associated with cost not to ever surpass $50,000.|
Minimal Amount: N/A
Interest: 3.00% easy interest accrues yearly
Re Re Payments: No Monthly Obligations
Term: Due in three decades or if the debtor offers, transfers, refinances the home (under particular conditions) or converts the house to rental home
Prepayment Penalty: None
Protection: Deed of Trust
Location: Property should be found in the City of Oakland.
Property type: solitary family members dwelling, including condos, townhomes, manufactured and live-work devices. (Properties with conforming and non-conforming in-law devices are maybe perhaps perhaps not appropriate).
Price restriction: $825,000
Occupancy: Owner-occupied or vacant
Eligible Uses: Primary Residence
Condition: Property should have a home inspection that is satisfactory. Renovation/rehabilitation purchase acquisitions are allowed by having an authorized renovation/rehabilitation very first home loan item.
Notice a participating community loan officer to perform the program. There clearly was a $250 application charge (waived for FHA/VA loans)
Application Approval Process for the First-Time Homebuyer Mortgage Assistance Program (MAP)
- Go to house customer training workshop
- Pick a realtor.
- Find a property.
- Indication a purchase agreement.
- Finish the loan application with a participating loan provider by giving them a duplicate associated with the purchase agreement.
- Lender structures your funding package and reserves MAP system funds.
- City of Oakland commits funds towards the transaction. Funds are committed on a serve that is first-come-first just following the customer is with in agreement and qualified funding is organized.
- Lender submits application to City of Oakland.
- City of Oakland verifies eligibility and problems approval page.
- City coordinates loan funding and closing with very first loan provider and escrow.
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