Frequently Asked Questions
Below you will find information that might help you understand how to find things or learn about information you might need to know about your city or town.
Housing - Truckee Home Access Program (Purchase Process)
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Housing - Truckee Home Access Program (Purchase Process)
The THAP Funding Amount for buyers in exchange for a Deed Restriction will be reviewed on a case-by-case basis and evaluated based on such factors as location, access to services, home age, etc. The value of a home will be determined by a fair market value appraisal.
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Housing - Truckee Home Access Program (Purchase Process)
The program does not have restrictions on what the funding is used for. For example, it could be used for down payment, closing costs, home repairs, etc. It does not have to be used towards the costs of the home.
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Housing - Truckee Home Access Program (Purchase Process)
There is no minimum down payment requirement for THAP, but applicants need to be able to qualify for a conventional first mortgage to participate.
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Housing - Truckee Home Access Program (Purchase Process)
The first mortgage loan must be a 30-year fixed rate, fully documented, conventional mortgage.
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Housing - Truckee Home Access Program (Purchase Process)
No. Prohibited loan types include stated income, adjustable rate, interest-only, negative amortizing, private loans, and loans with balloon payments.
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Housing - Truckee Home Access Program (Purchase Process)
No, applicants cannot use a cosigner or guarantor when qualifying for the first mortgage.