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, townhome, 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.