THE 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.
Step 1. Review the basic qualification requirements.
Step 2. Fill out a preliminary application in person, or online (click the “Submit an Application” tab).
Step 3. Attend a scheduled OakCLT Information Session or contact us for a one-on-one meeting.
Step 4. Attend / complete a HUD-approved 8-hour homebuyer education class. (NID Housing Counseling Agency, A-1 Community Housing Services, ECHO Housing, Richmond NHS, are several local agencies that offer pre-purchase education.)
Step 5. Get pre-approved for a mortgage through one of OakCLT’s approved lenders. We will connect you to a lender.
Step 6. Review OakCLT’s available housing opportunities. By filling out and submitting a preliminary application form, OakCLT will email you about all upcoming opportunities.
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.
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 you 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: 2020 Income Limits (80% of the Area Median Income)
|1 Person / Personas
|2 People / Personas
|3 People / Personas
|4 People / Personas
|5 People / Personas
|6 People / Personas
To purchase a single-family home, you need to qualify for a mortgage. 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 at least 3 percent of the purchase price of the home as a downpayment. For example, the downpayment for a $150,000 home would be $4,500.
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.
ATTEND AN INFORMATION SESSION
We are always available to host an information session about the land trust with individuals or groups. Contact Steve via email at stevek (at) oakclt.org or phone (510-463-2887) to schedule a meeting.