There are two important considerations for financing this property:
1) Because of its purchase price it qualifies for traditional Fannie Mae conforming loans. This loan is readily available in the marketplace
2) Even better it qualifies for the City of Oakland's First Time Homebuyer program. This program may provide up $75,000 in funds at a low interest rate. Click below to learn more:
City of Oakland First Time Homebuyer
Because of this building's historical significance, this property may qualify for the Mills Act Property Tax Reduction. Please contact the City of Oakland's JoAnn Pavlinec at 510 238 6344 for more information. If accepted, this will reduce property taxes from $4375 to $1750 or by $220 per month to $146.
Obviously this is a major incentive to live in (and maintain) this historical building.
(Assumptions: $350K purchase price, 1.25% property tax, 60% Mills Act reduction).
