Do I Qualify to Purchase an OakCLT Home?
One of the first steps to learn if you qualify to buy an Oakland Community Land Trust home is to attend one of our information sessions. There you will learn how our program works, the benefits of owning a land trust home, what homes we currently have available, and we can answer any questions you might have.
There are several key factors we must take into account when determining if you are eligible to purchase an OakCLT home.
Household Income: The Oakland Community Land Trust creates affordable homeownership opportunities for individuals and families earning between 50 to 80 percent of the area median income for Oakland. Income derived from all household members that will live in an OakCLT home must be applied towards determining the gross income for the household. The following chart shows the 2013 area median income figures for Oakland, based on household size (# of people living in your home, whether they earn an income or not):
* If your income is outside of--but close to--this range, we still encourage you to contact us to have your eligibility determined by OakCLT.
Credit: To qualify for a mortgage and purchase a home, you must have good credit. Generally, the minimum FICO score currently required to obtain a mortgage is in the range of 620 to 640, depending on the lender.
Down Payment Requirement: All OakCLT homebuyers are required to contribute at least 3 percent of the purchase price of the home as a down payment, in addition to closing costs.
Employment: You should have proof of steady income for the past two years.
First-Time Homebuyer Status: You DO NOT have to be a first-time homebuyer to purchase an OakCLT home. However, certain down payment assistance and other subsidy programs may require that a buyer must be a first-time homebuyer to receive assistance. (In practice, this means that you have not owned a property that you have lived in for the past three years.)
Homebuyer Education: To purchase an OakCLT home, you must receive homebuyer education from a HUD certified homebuyer education counseling agency. OakCLT has partnered with Operation HOPE to provide assistance to our purchasers. The 8-hour HUD course must be completed prior to the close of escrow.
If you have any questions, please contact Aaron at aaron(at)oakclt.org, or 510-463-2883.