OakCLT’s current homeownership opportunities are reserved for individuals and families that earn between 50 to 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 the OakCLT home — this total will determine the gross income for your household.
To purchase a 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.
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.
For becoming a property renter
Click here for more info about our new housing cooperative initiative.
Purchasing an OakCLT home can take anywhere from a few months to up to a year depending on your preparedness and the availability of homes.
Step 1. Review the basic qualification requirements.
Step 2. Attend a scheduled OakCLT Information Session or contact us for a one-on-one meeting.
Step 3. Fill out a preliminary application in person, or online (click the “Submit an Application” tab).
Step 4. Attend a HUD-approved 8-hour homebuyer education class. We partner with Operation HOPE.
Step 5. Get pre-approved for a mortgage through one of OakCLT’s approved lenders.
Step 6. Review OakCLT’s available homes.
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.
We currently do not have any rental units. However, we are developing a housing cooperative model for Oakland that will create permanently affordable resident-controlled rental housing units. Learn more here.