CITY OF OXNARD - Down Payment Grant - Part 1

The City of Oxnard's program provides down payment assistance to individuals and families for the purchase of new or used homes, condominiums, manufactured homes or mobile homes.

The City will provide a matching grant up to $10,000 for down payment assistance and/or closing costs funds. For example, if the buyer contributes $3,000, the city will contribute $3,000; if the buyer contributes $5,000, the city will contribute $5,000 etc.

The term of the grant is five (5) years if the grant is $5,000 or less, and ten (10) years if the grant is over $5,000. The grant will be forgiven at the end of the term; however you will need to pay the grant back to the City, with interest if you sell or refinance your home before the end of the term.

At this particular time, the program still has funds available for this year's budget and the program administrators are still accepting applications and issuing reservations. The new budget becomes effective in July so if you're interested in participating in this program, now would be the time to apply before funds run out.

Requirements for Eligibility

• The buyer must be a current resident.
• The buyer must be a first-time buyer.
• The buyer must be low income according to household size as indicated on the income limits chart.
• The buyer must have a certificate of completion from a homebuyer's course provided by either Cabrillo Economic Development Corporation (659-6868, Ext. 30) or HOME Corporation (385-5532).
• The buyer must be pre-approved by a lender with a fixed interest rate.
• Applications will be processed on a first come, first served basis.
• Buyer has sixty (60) days to open escrow after receiving a reservation.
• Property inspection is required.

Program Income Eligibility