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Community Mortgages in Truckee
Truckee's median price hovers around $1.2M, making traditional financing a barrier for workers in hospitality, education, and public service. Community mortgage programs target exactly these gaps.
These loans help locals compete against Bay Area buyers paying cash. Lower down payments and flexible underwriting change the equation for year-round residents.
Most programs require you live or work in Nevada County or meet income limits tied to area median. Credit scores typically start at 620, lower than jumbo requirements.
You'll need proof of local employment or residency history. Many programs cap income at 80-120% of area median, which in Truckee runs higher than state averages due to cost of living.
Not every lender offers community programs. Local credit unions and regional banks run these most often, though we access several through wholesale channels.
Tri-Counties Bank and Golden 1 have active programs here. National lenders mostly skip mountain markets under 10,000 people. Working with a broker gives you access to multiple community programs at once.
The best community programs in Truckee sell out by June each year. Apply early or you'll wait until next funding cycle. We track which lenders still have allocation.
Teachers and ski resort workers get approved most often because income documentation is straightforward. Self-employed applicants qualify less frequently due to tighter debt-to-income rules in community programs.
FHA loans offer 3.5% down but charge mortgage insurance for the loan's life on most Truckee purchases. Community mortgages often drop PMI at 20% equity and skip upfront fees FHA charges.
USDA loans don't work in Truckee proper—the town exceeds population limits. Conventional 97% programs exist but lack the income flexibility community mortgages provide for lower earners.
Truckee's year-round population sits around 16,000 while vacation homes make up 65% of housing stock. Community programs specifically target primary residences, disqualifying investment or second-home buyers.
Snow damage claims and wildfire insurance affect approval. Lenders want proof of HOA snow removal or personal maintenance plans. Properties near Donner Pass see extra scrutiny on access and habitability.
Yes, as long as you establish Truckee residency. Most programs require physical presence in Nevada County, not employment location.
Only if it's your primary residence year-round. Vacation condos don't qualify even if you're local.
Limits vary by program but typically cap around $110-140K for singles, higher for families. We check current thresholds when you apply.
CalHFA works statewide while community mortgages target Nevada County specifically. Both can combine with first-time buyer grants in some cases.
If you've worked two consecutive seasons, yes. Lenders average your income and verify employment continuity through the ski area.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.