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Today’s Rates for First Time Homebuyers in Oakland

Sunday, July 12, 2020

Mortgage rates are at 3.03% for the 30 year fixed loan program and at 2.56% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments.

Oakland First Time Buyer Home Loan Programs

Interested in a buying your first home in Oakland California, and curious about your financing options? Explore everything from government-backed and first time homebuyer assistance loans to mortgage tax credits and more in Lender411's comprehensive guide to Oakland mortgage. 

Oakland FHA Loans

FHA loans are insured by the Federal Housing Administration, and have long been a favorite option for Oakland first time homebuyers and homebuyers with smaller savings, thanks to their low down payment requirements and lenient credit standards. Take a look at current FHA loan facts and requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Oakland First Time Homebuyer Loan Programs

If you’re buying a home in Oakland for the first time, there are several different programs for you to use to help out with the financial cost.  
First Time Homebuyer Mortgage Assistance Program
The First Time Homebuyer Mortgage Assistance Program is an Oakland program that provides buyers with a deferred-payment junior loan of up to 3% to help with the down payment and/or closing costs. The sales price of the home can’t exceed the CalHFA sales price limits. For more information about the guidelines, click here.
CalHome Program
The CalHome Program is an Oakland program that lets first time homebuyers afford homes in order to become homeowners. A maximum loan amount in the CalHome program is 30% of the home’s purchase price, but this amount cannot exceed $60,000. The homebuyer’s income can’t exceed 80% of the Oakland Median Income, and at least a 3% down payment must be paid on behalf of the buyer.

user suit Lenders in: Oakland, California.

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