Oakland Down Payment Assistance

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Oakland Down Payment Assistance Lender

As a direct Oakland Mortgage Lender, Capital Home Mortgage Oakland is a Oakland Down Payment Assistance Program Lender offering Oakland Down Payment Assistance Programs.  As the Oakland Mortgage Company we manage the entire lending process from start to finish. With in-house processing and underwriting, we provide quick, common-sense approvals and timely closings.

Give us a call today at (888) 620-7744 to speak with one of our knowledgeable Oakland Loan Officers and get started on your path to homeownership!

If you’re considering purchasing a home in Oakland, several down payment assistance programs are available to support first time and low to moderate-income homebuyers. Here are some key programs to consider:

Eligibility and Application Process

  • First-Time Homebuyer Status: Generally defined as individuals who have not owned a home in the past three years.
  • Income Limits: Vary by program; many target low- to moderate-income households.
  • Property Requirements: Typically, the property must be located within Oakland or Alameda County and serve as the primary residence.
  • Application Steps: Often involve attending homebuyer education workshops, obtaining pre-approval from participating lenders, and meeting specific program criteria.

Next Steps

  • Attend Homebuyer Education Workshops: These provide valuable information on the homebuying process and are often required for program eligibility.
  • Consult with Participating Lenders: They can offer guidance on available programs and assist with the application process.
  • Check Program Availability: Some programs may have limited funding or be temporarily suspended; it’s essential to verify current status.

By exploring these programs, you can identify opportunities to make homeownership in Oakland more attainable.

City of Oakland Mortgage Assistance Program (MAP)

The City of Oakland Mortgage Assistance Program (MAP) is a down payment and closing cost assistance program aimed at helping first-time homebuyers in Oakland achieve homeownership. Loans offer 3% simple interest with no monthly payments, due in 30 years or upon sale/transfer. However, this program does have limited funds so make sure to have your loan officer check availibility.

Key Features
  • Loan Assistance:
    • Provides deferred-payment loans to cover down payment and/or closing costs.
    • Loans are capped at $75,000 or 20% of the purchase price, whichever is less.
  • Interest Rate:
    • Loans carry a 3% simple interest rate, with no monthly payments required.
  • Repayment:
    • Loan repayment is deferred until: The property is sold, refinanced, or transferred. The loan term ends (30 years).
Eligible Properties
  • Single-family homes, condominiums, or townhomes within the City of Oakland
Eligible Requirements
  • First-Time Homebuyer:
    • Defined as someone who has not owned a home in the past three years.
  • Income Limits:
    • Applicants must meet low- to moderate-income limits (generally up to 120% of the Area Median Income (AMI)).
    • Income limits vary based on household size. For example:
      • 1-person household: Approximately $102,450.
      • 4-person household: Approximately $146,350.
  • Homebuyer Education:
    • Completion of a HUD-certified homebuyer education course is mandatory.
  • Primary Residence:
    • The property must serve as the applicant’s primary residence.
  • Minimum Contribution:
    • Buyers are required to contribute at least 3% of the home’s purchase price from their own funds.
Program Benefits
  • Substantial Assistance: Helps cover significant portions of down payments and closing costs.
  • Deferred Payment: No immediate repayment required, reducing financial pressure.
  • Low-Interest Loans: Favorable loan terms with a simple interest rate.
Alternative Options
  • AC Boost: A county-level down payment assistance program offering up to $210,000.
  • CalHFA Programs: Statewide assistance options for first-time homebuyers.
  • City of Oakland CalHome Program: Provides deferred-payment loans for down payment assistance.
Why Consider MAP?

When available, the MAP program offers vital financial support for first-time buyers in Oakland, bridging the affordability gap.

City of Oakland CalHome Program

The City of Oakland CalHome Program is a down payment assistance initiative designed to help low-income first-time homebuyers purchase homes within Oakland. This program provides financial support in the form of deferred-payment loans.

Key Features
  • Loan Amount:
    • Loans are available for up to 30% of the purchase price, not to exceed $200,000.
  • Deferred Payment:
    • No monthly payments are required.
    • The loan is due upon sale, transfer, or refinancing of the home, or after 30 years.
  • Affordable Housing Focus:
    • Targets low-income households to support sustainable homeownership. 
Elligibility Requirements
  • Income Limits:
    • Applicants must meet low-income guidelines, which are generally set at 80% or below the Area Median Income (AMI) for Oakland.
  • First-Time Homebuyer:
    • Defined as someone who has not owned a home in the past three years.
  • Property Requirements:
    • The property must be located within the city limits of Oakland.
    • It must be the applicant’s primary residence.
    • Eligible properties include single-family homes, condominiums, and townhomes.
  • Education Requirement:
    • Applicants must complete a HUD-certified homebuyer education course.
Program Benefits
  • Significant Assistance: Provides substantial support for down payment and closing costs, making homeownership accessible for low-income families.
  • No Immediate Repayment: Deferred payments alleviate financial stress during homeownership.
  • Equity Building: Enables buyers to enter the housing market and build equity over time.
Application Process
  • Express Interest:
    • Visit the City of Oakland website or contact the program office to check current availability and funding status.
  • Attend a Workshop:
    • Complete a HUD-certified homebuyer education course.
  • Get Pre-Approved:
    • Obtain a pre-approval letter from a participating lender.
  • Submit Application:
    • Provide proof of income, first-time homebuyer status, and pre-approval from a lender.
  • Program Review:
    • Applications are reviewed for eligibility and compliance with program requirements.
Important Notes
  • Funding Availability: This program may occasionally be suspended due to a lack of funding. It’s essential to check for updates on availability.
  • Partnership with Lenders: Work with lenders approved by the City of Oakland for this program.

Why Consider the CALHOME Program?

The CalHome Program is a valuable resource for low-income households seeking to purchase a home in Oakland. By offering substantial down payment assistance and deferred repayment terms, it makes the dream of homeownership achievable for many families in a competitive housing market. 

AC Boost (Alameda County Down Payment Assistance Program)​

The AC Boost Program is a down payment assistance initiative offered by Alameda County to help individuals and families achieve homeownership. Here’s an overview of how it works:

Key Features
  • Loan Amount:
    • Provides loans of up to $210,000 to assist with down payments for purchasing a home.
  • Deferred Repayment:
    • Borrowers are not required to make monthly payments on the loan.
    • Repayment is deferred until the home is sold, refinanced, or transferred.
  • Shared Appreciation:
    • When repaying the loan, borrowers share a portion of the home’s appreciated value with the program.
  • Income Eligibility:
    • Targets households earning between 80% and 120% of the Area Median Income (AMI).
    • Specific income thresholds depend on household size.
Elligibility Requirements
  • Residency or Employment:
    • Applicants must live or work in Alameda County.
  • First-Time Homebuyer:
    • Defined as someone who has not owned a home in the past three years.
  • Income Limits:
    • Applicants must meet specific income criteria based on household size. For example:
      • 1-person household: $74,000 to $116,200 (approximate range).
      • 4-person household: $106,000 to $165,200.
  • Property Requirements:
    • The home must be located in Alameda County.
    • Must be the borrower’s primary residence.
  • Education:
    • Attendance at a homebuyer education workshop is mandatory.
Program Benefits
  • Significant Down Payment Support: Helps bridge the gap for buyers who might not otherwise afford homeownership.
  • No Monthly Payments: Deferred repayment reduces the financial burden during homeownership.
  • Flexibility: The program accommodates various property types, including single-family homes, condos, and townhouses.
Application Process
  • Express Interest:
    • Visit the AC Boost website and complete the pre-screening questionnaire.
  • Submit an Application:
    • Eligible applicants will be invited to complete a full application.
  • Lottery System:
    • The program uses a lottery system to determine awardees, giving preference to certain groups such as educators, first responders, and displaced residents.
  • Loan Approval:
    • Successful applicants work with participating lenders to secure a mortgage and finalize the loan process.
Important Notes
  • Funding Availability: The program operates on a funding cycle, and applications are open during specific periods. Check the website for the latest updates.
  • Program Preferences: Special consideration is given to teachers, first responders, and residents displaced by redevelopment or natural disasters.
Why Consider the AC Boost?

AC Boost offers a practical and impactful solution for bridging the affordability gap in the competitive Alameda County housing market. It’s a valuable resource for first-time homebuyers who need financial assistance to secure their dream home.

The Oakland Housing Authority Homeownership Program

The Oakland Housing Authority Homeownership Program helps eligible Oakland Housing Authority (OHA) residents transition from renting to owning a home. Here’s an overview of the program:

Key Features
  • Housing Choice Voucher Homeownership Option:
    • Allows eligible families to apply their Section 8 Housing Choice Voucher towards mortgage payments instead of rent.
    • Aims to make homeownership more affordable for low-income households.
  • Assistance Duration:
    • Support is provided for a maximum of 15 years for loans over 20 years.
    • For loans with shorter terms, assistance is limited to 10 years.
    • There is no time limit for elderly or disabled participants.
  • Homebuyer Education:
    • Participation in a HUD-certified homebuyer education workshop is required.
    • Workshops cover topics like budgeting, credit repair, and navigating the homebuying process.
Elligibility Requirements
  • Current OHA Residents:
    • Applicants must be current participants in the OHA Housing Choice Voucher program.
  • Income Criteria:
    • Must meet income requirements for purchasing and maintaining a home.
    • Minimum gross annual income typically must equal or exceed $18,000 for elderly/disabled households and higher for others.
  • Employment:
    • At least one household member must be employed full-time (30+ hours/week) for a minimum of one year, unless elderly or disabled.
  • First-Time Homebuyer:
    • Defined as someone who has not owned a home in the past three years.
  • Savings:
    • Must have savings to cover down payment and closing costs, often amounting to 3% of the home price.
Program Benefits
  • Subsidized Mortgage Payments: Vouchers can be applied toward monthly mortgage payments, including property taxes and insurance.
  • Affordable Path to Ownership: Reduces the financial burden of purchasing a home.
  • Support and Guidance: Participants receive assistance throughout the homebuying process.
Application Process
  • Express Interest:
    • Contact the OHA to confirm eligibility and learn about upcoming workshops.
  • Complete Education:
    • Attend and complete the required homebuyer education program.
  • Pre-Approval:
    • Obtain pre-approval from a participating lender.
  • Select a Home:
    • Work with a real estate agent to find a property that meets program guidelines.
  • Final Approval:
    • Submit all documents for final program approval and close on the home.

The program is an excellent opportunity for OHA residents looking to achieve homeownership while leveraging financial assistance.

Oakland Mortgage Team

Dale-Gremillion

Dale Gremillion

Sr Loan Officer
NMLS #210325
Conor-Hayhurst

Conor Hayhurst

Branch Manager
NMLS #743506
Shawna Johnson

Shawna Johnson

Manu / Reno / OTC
NMLS #1631859
Why Oakland is Choosing Capital Home Mortgage
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California Mortgage Programs

California Purchase Home Loans

Looking to Purchase in California?

  • Primary, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

California Renovation Home Loans

Looking to Renovate a California Home?

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

California FHA Home Loans

Great First Time California Homebuyers

  • Smaller Down Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

California VA Home Loans

100% Financing for California Veterans

  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

California Conventional Home Loans

Flexibility for California Homebuyers

  • Primary, 2nd Home, Investment
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Terms
  • Renovation Programs Available

California Jumbo Home Loans

California Non-Conforming Mortgages

  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

California USDA Home Loans

California Rural Home Mortgages

  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

California Native American Loans

California Hud 184 Home Mortgage

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase, Refinance, and Renovation

California Manufactured Home Loans

Great California Affordable Housing

  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

California Reverse Home Loans

Your California Home at Work for You

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

California Non QM Home Loans

Making California Mortgages Possible

  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

California Construction Home Loans

Build Your California Dream Home

  • Primary Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

California Refinance Home Loans

California Rate & Term Refinance

  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

California Cashout Home Loans

California Equity Cash Out Mortgage

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Dream Vacation
  • Higher Education

California Cities

Los Angeles Home Loans

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Sacramento Home Loans

San jose Home Loans

San francisco Home Loans

Oakland Home Loans

Bakersfield Home Loans

Long Beach Home Loans

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