OakCLT HOUSING OPPORTUNITIES

THE HOMEOWNERSHIP APPLICATION PROCESS
Purchasing an OakCLT single-family home can take anywhere from a few months to more than a year depending on your preparedness and the availability of homes.
PHASE 1. Prepare for Homeownership  The following “Phase 1” items can be completed in any order but must all be completed by the time you submit your application.
  • Assess whether you meet the income requirements for OakCLT (see Basic Requirements tab on this page)
  • Attend a scheduled OakCLT Information Session 
  • Complete a HUD-Certified 8-hour homebuyer education class. Any HUD-certified housing counseling agency meets our requirements but some preferred local agencies that offer pre-purchase education local providers are A-1 Community Housing Services, Richmond NHS, and Operation HOPE. You can also complete an online course through eHome America. We will accept a certificate of completion if issued within the past two years.
  • Get pre-approved for a mortgage through one of OakCLT’s approved lenders. OakCLT’s current approved lenders are:
  • Find a realtor to work with
PHASE 2.  Review OakCLT’s available housing opportunities. Have your realtor request a tour, and review all available documentation and disclosures to determine if you would like to apply.
PHASE 3.  Submit Application. The Application will be posted here when there is an available opportunity. Remember that in order to submit a complete application, you must include a mortgage pre-approval and homebuyer education course certificate with your application. For reference, here is a sample pdf version of an OakCLT application. We only accept applications when there is an available ownership opportunity.
PHASE 4.  OakCLT Screens Applications. All applications are screened for baseline eligibility, and then scored based on OakCLT’s Homebuyer Selection Criteria.
PHASE 5.  OakCLT Identifies Candidates from Applicants Meeting Baseline Eligibility. Applicant(s) with the highest score based on the homebuyer selection criteria will be invited to submit supporting documentation to verify the information provided regarding their household incomes, assets, and selection criteria characteristics. If that information is verified the top scoring applicant is invited to submit a purchase contract.
PHASE 6. Enter Into Contract. Your agent, lender, and OakCLT will shepherd you through this process, lasting 45-60 days.
PHASE 7. CLOSE! Applicant becomes an OakCLT homeowner, enters into a ground lease with OakCLT, and OakCLT provides ongoing stewardship support.
NOTE: You DO NOT need to be a first-time homebuyer to qualify to purchase an OakCLT home. However, in order to participate in some downpayment or other subsidy programs, you may need to be a first-time buyer to receive assistance.

BASIC REQUIREMENTS

For buying an OakCLT home

Generally, OakCLT’s single-family homeownership opportunities are available to households that earn less than 80 percent of the area median income (AMI) in Oakland. This is determined by adding up the incomes of all the household members that will live in your home — this total will determine the gross income for your household. See the table below for the current City of Oakland income limits. (Note: if your household income is close to the range based on your household size, or your are unsure how to calculate this for your household, please still continue with a preliminary application and we can assess your eligibility based on additional documentation.)

Household Size / número de personas en su hogar

 City of Oakland: 2022 Income Limits (80% of the Area Median Income)

1 Person / Personas $76,750 maximum
2 People / Personas $87,700 maximum
3 People / Personas $98,650 maximum
4 People / Personas $109,600 maximum
5 People / Personas $118,400 maximum
6 People / Personas $127,150 maximum
To purchase a single-family home, you need to qualify for a mortgage from one of OakCLT’s approved lenders. To qualify for a mortgage, you generally need to have good credit. The current minimum FICO score required to obtain a mortgage is in the range of 620 to 640, depending on the lender. If you don’t know your credit score, we can help. If you know your credit score is below 620, we can also refer you to one of our partners to repair your credit and boost your score.
All OakCLT single-family homebuyers are required to contribute between 2 t0 3 percent of the purchase price of the home as a downpayment. This may vary depending on the other downpayment assistance sources or the requirements of your mortgage lender.
To qualify for a single-family home mortgage, you will need to provide proof of steady income over the past two years. Through the application process you will need to provide recent pay stubs or other proof of income (SSI, disability, etc.), in addition to copies of your Federal income taxes for 3 previous years and recent bank account statements.
OakCLT held the last Homebuyer Information Session prior to the May 30 application deadline for 3790 Manila Ave on May 22. More sessions will be scheduled soon for other upcoming homeownership opportunities.  We will contact anyone who has previously signed up via email to announce upcoming sessions. Check