October 19, 2001

Announcing A New First-Time Homebuyer Program

The City of Oceanside Housing and Neighborhood Services Department applied for and was awarded $300,000 from the State of California for a mortgage assistance program.

The Housing and Neighborhood Services Department is pleased to announce the development of the CalHome First-Time Homebuyer Program. Applicants who meet the qualifying criteria will have an opportunity to secure a loan that will assist them in financing the purchase of a home. The maximum loan that can be made under the program guidelines is $20,000, however the City of Oceanside may further subsidize certain loans out of HOME funds.

In order to apply for assistance, your income must be within the minimum and maximum program income limits according to your family size. As an example, the qualifying income for a family of four must be between $39,830 and $45,500. Other requirements are that you live in Oceanside, have a fairly good credit history, and are able to put at least $1000 of personal funds towards the home purchase.

The Housing and Neighborhood Services Department will conduct a pre-application lottery designed to distribute the available applications in a fair and equitable manner. The pre-application period will begin October 15,2001. Pre-applications may be obtained from Sara Montano at the Housing and Neighborhood Services Department, 307 North Nevada Street, Oceanside CA 92054, 760-435-3380.

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