About the Program
Maximum Amount: Loan amounts are 30% of the purchase price, not to exceed $60,000.
Minimum Amount: N/A
Eligible Applicants: Applicants must be first-time homebuyers. A first-time homebuyer is someone who has not owned their main residence during the last three years. Some exceptions may apply.
Location: Property must be located in the City of Oakland.
Eligible Properties: Any owner occupied or vacant single family dwelling, including condos, townhomes and live work units. Purchase price cannot exceed $976,000.
Income: Applicants' annual household income cannot exceed 80% of the Area Median Income. Income of all household members 18 years or older must be considered (includes house/roommates).
Occupancy: Single-Family Dwelling; Owner-Occupied only
Eligible Uses: Primary Residence
Other Requirements: Buyers must contribute 3% of the purchase price from their own funds to pay for down payment or closing costs. This program has no residency requirement or preference.
Interest Rate: 3.0% simple
- No Monthly Payments
- Due in 30 Years OR when the borrower sells, transfers, refinances the property (under certain conditions) or converts the home to rental property.
Prepayment Penalty: None
Security: Deed of Trust
How to Apply
Status: Funding is not currently available. This page will be updated when we have funding replenished and are taking reservations
Deadline: Funds are available on a first-come first-served basis. Please call or check the website periodically for status updates.
Reserve space in an Education Workshop by visiting https://www.oaklandca.gov/services/attend-a-first-time-homebuyer-workshop and selecting a workshop.
- After getting a certificate from the workshop, apply through one of the participating lenders. (Applications are NOT made directly through the City.)
Application Approval Process for the First-Time Homebuyer CalHome Program
- Attend a home buyer education workshop
- Get your loan pre-approval from a participating lender
- Select a real estate agent.
- Find a home.
- Sign a purchase contract.
- Complete the loan application with a participating lender by providing them a copy of the purchase contract.
- Lender structures your financing package and reserves program funds.
- City of Oakland commits funds to the transaction. Funds are committed on a first-come-first serve basis only after the buyer is in contract and eligible financing is structured.
- Lender submits application to City of Oakland.
- City of Oakland verifies eligibility and issues approval letter.
- City coordinates loan closing and funding with first lender and escrow.
Application: N/A. See lender for application. *Area Median Income limits are revised annually.