Downpayments can be a big roadblock for locals looking to purchase a home in Truckee and North Tahoe. Not only do they require gathering precious cash right before making perhaps the biggest investment of a lifetime, but smaller downpayments can kick in mortgage insurance premiums, making already large monthly payments even more unaffordable.
The Martis Fund is partnering with the Sierra Business Council to help some locals overcome that housing hurdle. With $500,000 in funding, the program will dole out up to $50,000 or 10 percent of the home purchase price to qualifying local homebuyers at a three percent interest rate. The loan repayment can be deferred until the re-sale of the home under the program.
The downpayment assistance program is available to workers in Truckee and Eastern Placer County who make up to 180 percent of the median income in the region — roughly $144,180 for a family of four.
Loans will be made on a first-come-first-served basis. For more information on the program contact Gina Jones, Program Administrator, at gkjones@sierrabusiness.org. More information on the program is available here.
