Ownership Assistance Program (OAP)
for First-Time Homebuyers
Various City Ownership Assistance Programs (OAP) provide a special loan to first-time
homebuyers with low to moderate incomes; to help pay for down payments and closing costs.
The loans are generally secured by a 20-year 2nd trust deed, with a low interest rate (3%
per year for the first 5 years; 5% per year for the remainder of the life of the loan) and
NO REQUIRED PAYMENTS FOR THE FIRST FIVE YEARS.
Eligible applicants can receive a loan for up to 10% of the sales price of the property
from the City. The 1st trust deed can be financed with a FHA loan, VA loan, Conventional
loan.
The OAP can be used to purchase any type of property in a City including single family
detached homes, condominiums, and town-homes. Certain restrictions apply. A buyer must be
able to make a down payment of at least 3% of the purchase price, unless buying under the
special silent second program where a no down payment is required
What is required to participate in the OAP program?
Applicants must be first-time homebuyers with a stable income and acceptable (not
necessarily perfect) credit. The homebuyer can not have had an ownership interest in any
property in the past three years (exceptions may be made for some divorced persons) and
must pledge to occupy their new home as their only residence. Participants must also have
a household income not exceeding the Ventura County median income and limited cash assets.
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