First-Time Homebuyer & Down Payment Assistance Programs

The Town of Truckee has previous funding through the CalHome Program. As existing loans funded with the CalHome Program are repaid, the funds become available for loan through the Town's CalHome Reuse Fund Program. Applications for these funds are processed as available on a first-come-first-served basis. All requirements of the CalHome Program carry forward to the Reuse funds. 

The eligibility requirements include, but are not limited to:

• The applicant must be a first-time homebuyer as detailed by the CalHome Program. Usually, this means that the applicant has not been on title for the past three years.
• The home purchased with these funds must be within the Truckee Town Limits.
• The home purchased must be the primary residence of the applicant.
• The applicant's household income, from all sources, for all members of the household over 18 years of age, must be at or below 80% of the median (current maximum incomes listed here).
• The home purchased with these funds must meet the program's front-end ratio of between 28% and 38 % and a back-end ratio of between 36% and 49% to meet program affordability requirements.
• The applicant must qualify for a 30-year, fixed-rate, fully amortized first mortgage.
• The interest rate on the Town loan is 3% annual (simple) interest.
• All interest and payments are deferred until the first of three things occurs:
  1. 30 years pass
  2. The home purchased changes to the title or
  3. The home purchased is no longer the buyer's primary residence
• Manufactured Housing is eligible under the CalHome Program. The first mortgage term is generally 15 years and the Town's loan will be for 15 years for manufactured housing.
• Maximum loan is the lesser of 20% of the purchase price up to a maximum of $80,000.

Click here to download the CalHome Program Information (PDF).

To verify the current availability of funding, for further information, or to request an application package, contact: Housing@townoftruckee.gov.

The Town of Truckee has previous funding through the BEGIN Program. As existing loans funded with the BEGIN Program are repaid, the funds become available for loan through the Town's BEGIN Reuse Fund Program. Applications for these funds are processed as available on a first-come-first-served basis. All requirements of the BEGIN Program carry forward to the Reuse funds. 

The eligibility requirements include, but are not limited to:

• The applicant must be a first-time homebuyer as detailed by the BEGIN Program. Usually, this means that the applicant has not been on title for the past three years.
• The home purchased with these funds must be within the Truckee Town Limits.
• The home purchased must be the primary residence of the applicant.
• The applicant's household income, from all sources, for all members of the household over 18 years of age, must be at or below 120% of the median (current maximum incomes listed here).
• The home purchased with these funds must meet the program's front-end ratio of between 28% and 35% and a back-end ratio of between 36% to 49% to meet affordability requirements.
• The applicant must qualify for a 30-year, fixed-rate, fully amortized first mortgage.
• The interest rate on the Town loan is 3% annual (simple) interest.
• All interest and payments are deferred until the first of three things occurs:
  1. 30 years pass
  2. The home purchased changes to the title or
  3. The home purchased is no longer the buyer's primary residence
• Maximum loan is the lesser of 20% of the purchase price up to a maximum of $80,000.

Click here to download the BEGIN Program Information (PDF).

To verify the current availability of funding, for further information, or to request an application package, contact: Housing@townoftruckee.gov.

The Truckee Home Access Program offers a payment up to $150,000 for locally-employed households making under 245% Area Median Income. Click here to learn more about the Truckee Home Access Program.

In addition to the Town loan programs, there are state and private home buyer assistance programs.

In partnership with the Martis Fund, Sierra Business Council administers the Martis Fund Homebuyer Assistance Program, which provides down payment assistance to help income-qualified working families in the Town of Truckee purchase homes. Click here to learn more about the Martis Fund Homebuyer Assistance Program.

The California Housing Financing Agency has launched the California Dream For All Shared Appreciation Loan, which is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home. Click here to learn more about the California Dream For All Shared Appreciation Loan.