Updated 2/9/2010- I just called today, funds are currently available.
FIRST-TIME HOMEBUYER
DOWN PAYMENT ASSISTANCE PROGRAMS
The Town of Truckee desires to provide housing opportunities to households of varying income levels and has down payment assistance programs available to assist income-qualified, first-time homebuyers purchase their first home. These programs provide down payment loans, payments and interest are deferred until the home is no longer the homebuyer’s primary residence, the property is sold, or 30 years pass. Interest rate is 3% annual (simple interest).
All down payment assistance loans require the borrower to qualify for the first mortgage. The first mortgage must be a fixed-rate, fully amortized 30-year loan. The borrower must be apply and qualify for the down payment assistance loan simultaneously with the first mortgage.
Eligibility – Homebuyer:
The homebuyer’s annual household income, from all sources, must be at or below 80% of the median by household size. The homebuyer must be a first-time homebuyer. In general down payment assistance programs define a first-time homebuyer as someone who has not owned a home or been on title of real property in the past three years. The home being purchased with down payment funds must be affordable to the homebuyer.
Eligibility – Home:
Eligible housing units include newly constructed homes, existing homes, single-family detached homes, half-plex units, duplexes, condominiums, town homes and manufactured housing, including manufactured housing in mobile home parks (depending on the program). The home must be within Truckee’s Town limits.
Application Process:
Interested homebuyer applicants should meet with the mortgage lender of their choice to get pre-qualified for a first mortgage. Share with the mortgage broker that you may want to participate in Truckee’s First-Time Homebuyer Program. Pre-qualifying for a first loan will assist the homebuyer in determining the affordability of a new home.
Homebuyer applicants should complete Truckee’s First-Time Homebuyer application and submit to: JoAnn Anders, PO Box 1583, Cedar Ridge, CA 95924.
DOWN PAYMENT ASSISTANCE PROGRAMS
CALHOME PROGRAM: The CalHome Program is a Town wide program providing up to $38,000 as a down payment loan. Homes purchased with the CalHome Program include those listed above and the home must meet the program criteria. Maximum purchase price may not exceed $362,790.
CDBG PROGRAM INCOME PROGRAM:
Program funding available, as CDBG Program Income is available. The home purchased must have been built after January 1978.
MAXIMUM HOUSEHOLD INCOME LIMITS (effective April 2009)
|
Household Size |
Maximum Income |
|
1 |
$38,700 |
|
2 |
$44,250 |
|
3 |
$49,750 |
|
4 |
$55,300 |
|
5 |
$59,700 |
|
6 |
$64,150 |
|
7 |
$68,550 |
|
8 |
$73,000 |
FOR ADDITIONAL INFORMATION CONTACT PROGRAM OPERATOR:
JoAnn Anders
530 272-5395
To view the Town of Truckee’s website,please CLICK HERE
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{ 2 comments… read them below or add one }
does the county give so many loans to each leander or is it pretty much every man for themselves?
Hi Jessica,
The County does not give money to lenders. The (down payment assistance) program has a specific budget. It there is money available, the county will accept applications on a first come first serve basis until all of the money has been secured. Some counties require that the first mortgage (the purchase money loan) and the down payment application come from an approved lender. Other counties/cities allow any first mortgage lender to provide the first mortgage.
You may want to look into the program available through the State of California. This program does not have a limited budget. What county are you in?
Hope this helps – let me know if there’s anything else I can do to try to point you in the right direction