Oceanside began accepting applications for its Moderate-Income Homeownership Pilot Program Monday, intended to assist three Oceanside households with a down payment loan to help buyers be competitive purchasers in the current market.
Applications will be accepted through Aug. 31.
The applicant can borrow up to 20% of the sales price but not more than $120,000, and 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.
For more information about the program, visit www.ci.oceanside.ca.us.
