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Calendar >  Oceanside Moderate Income Homeownership Pilot Program

Oceanside Moderate Income Homeownership Pilot Program

By   /  August 10, 2021  /  No Comments

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Oceanside, CA –The City of Oceanside will begin accepting applications for Oceanside Moderate-Income Homeownership Pilot Program August 9  through August 31, 2021.  The Oceanside Moderate-Income Homeownership Program will assist up to three Oceanside households with a down payment loan to help buyers be a competitive purchaser in the current market.

The applicant can borrow up to 20% of the sales price but not more than $120,000.  The loan shall not exceed the minimum amount necessary to ensure affordable monthly mortgage payments according to program underwriting requirements.  The loan bears simple interest at 3% per annum; accrued interest will be forgiven after 15 years of living in the home.  Purchase price limits for a single-family detached unit are $600,000, and $450,000 for a condominium, town home or duplex. 

Applicants will be pre-screened by City Staff, and then referred to one of three participating lenders to acquire a private mortgage.  Depending upon the number of eligible applications received, the City may utilize a lottery-based selection process.

For more information about the Oceanside Moderate-Income Homeownership Pilot Program, please visit the City website: www.ci.oceanside.ca.us/homebuyer/.

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