MAP: Oakland’s First Time Homebuyer Mortgage Assistance Program (MAP)

Article last updated July 2023

Applicant Requirement

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:

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

Property Requirements

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

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

Property 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.

Purchase price limit: $955,000

HOW TO APPLY:

Take the next steps here.

​About the Author

Montana Gabrielle Hooks is a SF Bay Area Realtor in the East Bay. Local entrepreneurship, playing bass guitar and singing live karaoke are a few of her favorite things. She serves on the Young Realtists Division, Oakland board is a member of the Associated Real Property Brokers. Follow her on Instagram or learn more about her on her website.