Town of Truckee CalHome Reuse Program

What is Town of Truckee CalHome Reuse Program?

Town of Truckee CalHome Reuse Program is a deferred second loan for homebuyers in Truckee, California.

• Distinct from Truckee BEGIN Reuse Program (which is 120% AMI). CalHome funds reused locally for low-income homebuyers in Truckee. Manufactured housing also eligible.
• Up to $80,000 deferred-payment loan at 3% interest for first-time homebuyers purchasing within Truckee Town Limits. Lower income limit (80% AMI) than the BEGIN Reuse Program (120% AMI).
• Funding comes from California HCD CalHome Program (reuse funds).

Do you have to pay it back?

Town of Truckee CalHome Reuse Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by sale, refinance, or change of primary residence.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Town of Truckee CalHome Reuse Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Town of Truckee CalHome Reuse Program sets its income limit as follows: Household income (all members 18+) must be at or below 80% of Area Median Income (Nevada County).

• Household income (all members 18+) must be at or below 80% of Area Median Income (Nevada County).
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Town of Truckee CalHome Reuse Program can be used for Single-family, Condo, Townhouse, Manufactured (real property).

• Manufactured homes are eligible.

Where does it apply?

Town of Truckee CalHome Reuse Program serves buyers purchasing in Truckee, California.

How do you apply?

Applications for Town of Truckee CalHome Reuse Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved homebuyer education.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through first-come-first-served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.