First Time Homebuyer/Down Payment Assistance

Program Name: HOME Down Payment Assistance Program

Program Description: Provides low interest, deferred payment loans up to $90,000 or 30% of purchase price (whichever is less) to low-income, first time home buyers for down payment.

Location Eligibility: Unincorporated areas of Nevada County

Income Eligibility: Up to 80% of area median income ($61,050 for a family of 4 in 2017)

Program Requirements:

  • Buyer must be a 1st time home owner
  • Buyer must qualify for a 1st mortgage
  • Buyer must contribute at least 1% of home price for down payment
  • Purchase price of home cannot exceed $333,000 as of 3/1/17.
  • Home can be a single-family home, condo, or manufacture housing on a foundation on an independent parcel (same maximum purchase price).

Website: https://www.mynevadacounty.com/547/Down-Payment-Assistance


Program Name: First Time Homebuyer Down Payment Assistance Program

Program Description: Provides down payment assistance to first time, low-income homeowners to purchase homes. The assistance is in the form of a deferred payment 30-year loan of up to $100,000 with 3% simple interest.

Location Eligibility: Unincorporated areas of Placer County

Income Eligibility: Up to 80% of area median income ($59,350 for a family of 4 in 2017)

Program Requirements:

  • Loan cannot exceed $100,000 and 40% of home’s value.
  • Buyer must qualify for a 1st mortgage,
  • Buyer must contribute at least 3% of home price for down payment
  • Purchase price of home cannot exceed $363,000 (as of 6/29/17) and $185,000 (as of 2015) for condominiums.

Website: https://www.placer.ca.gov/departments/communitydevelopment/planning/housing/housing-programs


Program Name: First-Time Homebuyer Program – BEGIN Reuse Funds

Program Description: Provides down payment assistance in the form of deferred payment loans (3% annual simple interest) of up to $30,000 for the purchase of a home. Loan term is 30 years.

Location Eligibility: within Town of Truckee limits

Income Eligibility: At or below 120% of the area median income ($88,200 for a family of 4 as of 2017)

Program Requirements:

  • Must be a 1st time homebuyer (can’t have been on a title for past 3 years)
  • Home must be primary residence
  • Applicant must qualify for a 30-year, fixed rate, fully amortized first mortgage
  • Home purchased with these funds must meet the program’s front-end (28%-35%) and back-end (36%-49%) program requirements to meet affordability requirements.
  • There is no maximum purchase price, but home must be priced to be affordable to moderate income buyer.

Website: http://www.townoftruckee.com/government/community-development/affordable-housing/begin-reuse-program


Program Name: First-Time Homebuyer Program – Cal Home Reuse Funds

Program Description: Provides down payment assistance in the form of deferred loans (3% annual simple interest) of up to $38,000 to low-income households. Manufactured Housing is also eligible under this program. The first mortgage term is generally 15-30 years and the Town’s loan will be for 15 years for manufactured housing.

Location Eligibility: within Town of Truckee limits

Income Eligibility: Up to 80% of AMI ($61,300 for a family of 4 as of 2017)

Program Requirements:

  • Must be a 1st time homebuyer (can’t have been on a title for past 3 years)
  • Home must be primary residence
  • Applicant must qualify for a 30-year, fixed rate, fully amortized first mortgage
  • Home purchased with these funds must meet the program’s front-end (28%-35%) and back-end (36%-49%) program requirements to meet affordability requirements
  • Maximum purchase prices is $362,790

Website: http://www.townoftruckee.com/government/community-development/affordable-housing/cal-home-reuse-program


Regional Programs

Program Name: GSFA (Golden State Finance Authority) Down Payment Assistance

Program Description: Provides down payment assistance, currently in the form of a non-repayable grant, sized up to 5% of the first mortgage amount to low-to-moderate income individuals and families. Program not limited to first-time homebuyers

Location Eligibility: Anywhere in region

Income Eligibility: Determined by the type of loan being used to finance the purchase of home – Currently, the income limit for FHA, VA, and USDA first mortgages in Placer County is $86,480. The income limit for Freddie Mac first mortgages is $111,840. Based on qualifying income – not household size.

Program Requirements:

  • Applicant must intend to live in home as full-time resident
  • FICO score requirement from 640 and up
  • Available with various mortgage loans and eligible refinances

Website: http://www.gsfahome.org/programs/dpa/overview.shtml


Program Name: CA Housing Community Development Department (HCD) Mobile Home Fee Waiver Program

Program Description: Effective January 1, 2017 through December 31, 2019, owners of manufactured homes and mobile homes who are NOT currently the registered owners may be eligible to obtain waivers from certain fees and back taxes and apply to register their homes with HCD.

Location Eligibility: Anywhere in region if living in a mobile home

Income Eligibility: None

Program Requirements:

  • Mobile Home was registered in CA in the past
  • Applicant has not registered mobile home with the CA HCD yet

Website: http://www.hcd.ca.gov/manufactured-mobile-home/registration-titling/587.shtml