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San Diego CITD

San Diego CITD

The San Diego Center for International Trade Development

Oceanside to accept applications for moderate income homeownership pilot program

August 12, 2021 by San Diego

Oceanside City Hall. Photo: Gina Yarbrough

Oceanside, CA–The City of Oceanside will begin accepting applications for Oceanside Moderate-Income Homeownership Pilot Program from August 9  through August 31.  

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.

For more information about the Oceanside Moderate-Income Homeownership Pilot Program, visit the City website: www.ci.oceanside.ca.us/homebuyer/.

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