First Time Homebuyer Mortgage Assistance Program (MAP)

The Mortgage Assistance Program (MAP) is a City of Oakland loan program, operating jointly with participating lenders, to assist low and moderate income first time homebuyers with the purchase of homes in the City of Oakland. MAP loans provide assistance that fills the gap between what a household can afford and the purchase price.

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Applicant Requirements

First-time homebuyer: Applicant(s) and spouse must be First Time Homebuyers which is defined as someone who has not owned their principal residence during the previous three years. Some exceptions may apply.

Household Income: Applicants' annual household income may not exceed 120% of the Area Median Income. Income of all household members 18 years or older must be considered (including house/roommates). Refer to this year's rent and income limits.

Oakland resident, Oakland worker/student, or Oakland displacee: At least one adult household member must be an Oakland resident, an Oakland worker/student or an Oakland displacee (displaced from a former Oakland home).

Other Requirements: Buyers must contribute 3% of the purchase price from their own funds to pay for down payment and/or closing costs. Some exceptions may apply.

Loan Requirements

Maximum Loan Amount: MAP loans provide assistance that fills the gap between what a household can afford and the purchase price. Maximum loan amounts are relative to the transaction but can not exceed the following amounts based on household income:

Household IncomeMaximum Loan Amount
up to and including 80% AMI30% of the purchase price not to exceed $75,000.
Between 80% AMI and 120% AMI20% of the purchase price not to exceed $50,000.

Minimum Amount: N/A

Interest Rate: 3.00% simple interest accrues annually

Payments: No Monthly Payments

Term: 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

Property Requirements

Location: Property must be located in the City of Oakland.

Property type: Single family dwelling, including condos, townhomes, manufactured and live-work units. (Properties with conforming and non-conforming in-law units are not acceptable).

Purchase price limit: $955,000

Occupancy: Owner-occupied or vacant

Eligible Uses: Primary Residence

Condition: Property must have a satisfactory home inspection. Renovation/rehabilitation acquisition purchases are permitted with an approved renovation/rehabilitation first mortgage product.

See a participating community loan officer to complete the application. There is a $250 application fee (waived for FHA/VA loans)

Application Approval Process for the First-Time Homebuyer Mortgage Assistance Program (MAP)

  1. Attend a home buyer education workshop
  2. Get your loan pre-approval from a participating lender
  3. Select a real estate agent.
  4. Find a home.
  5. Sign a purchase contract.
  6. Complete the loan application with a participating lender by providing them a copy of the purchase contract.
  7. Lender structures your financing package and reserves MAP program funds.
  8. 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.
  9. Lender submits application to City of Oakland.
  10. City of Oakland verifies eligibility and issues approval letter.
  11. City coordinates loan closing and funding with first lender and escrow.