Cal Home Reuse Program

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TOWN OF TRUCKEE

FIRST-TIME HOMEBUYER PROGRAM
CALHOME REUSE FUNDS

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 below).
  • The home purchased with these funds must meet the program’s front-end ratio of between 28% and 38 % and 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 Town loan is up to a maximum of $38,000.
  • 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 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 Household Incomes
Effective May 6, 2019

Household
Size 

1

2

3

4

5

6

7

8

$44,650

$49,050

$57,400

$63,750

$68,850

$73,950

$79,050

$84,150

 

To verify current availability of funding, or for further information, contact:

JoAnn Anders
Program Operator
(530) 272-5395
j.anders@att.net