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FHA Loans in Truckee
Truckee sits in one of California's priciest mountain markets. FHA loans struggle here because most homes exceed the county loan limit of $766,550.
You'll find more FHA opportunities in condos and townhomes near downtown. Single-family homes at Tahoe Donner or Northstar typically price above FHA reach.
Second homes don't qualify for FHA financing. That eliminates most Truckee buyers who already own a primary residence elsewhere.
You need 3.5% down with a 580 credit score. Drop below 580 and the down payment jumps to 10%.
FHA allows debt ratios up to 50% with compensating factors. That flexibility helps when Truckee's high property taxes push your monthly payment up.
Two years of stable income gets you approved. Self-employed borrowers need tax returns showing consistent earnings from ski industry or tourism work.
Mountain properties trigger extra scrutiny. Lenders want year-round road access and confirmation the home isn't a seasonal cabin.
Condo approval depends on HOA certification. Many Truckee complexes aren't FHA-approved, which kills deals before they start.
We check HOA status before you write an offer. Saves you inspection and appraisal fees on a property that won't qualify.
FHA appraisals in Truckee fail more often than in flat-land California. Appraisers flag wood stoves, crawl space access, and deferred maintenance.
Budget $800-1,200 for repairs before closing. Small fixes like handrail installation or deck repairs become deal requirements.
Mortgage insurance adds $400-600 monthly on a $600,000 loan. That's permanent—it doesn't drop off like PMI on conventional loans.
Conventional loans with 5% down often beat FHA once your credit hits 680. Lower mortgage insurance and no upfront funding fee.
VA loans crush FHA if you're a veteran. No down payment, no mortgage insurance, and higher loan limits in Nevada County.
Jumbo loans make sense above $766,550. Most Truckee buyers shopping single-family homes end up here by default.
Truckee's 6,000-foot elevation creates appraisal complications. Snowload requirements and foundation inspections add time and cost.
HOA fees run $300-800 monthly in condo complexes. That cuts your buying power by $50,000-100,000 versus a standalone home.
Property taxes hit 1.1% of purchase price. A $650,000 condo costs $7,150 yearly in taxes—factor that into your debt ratio.
No. FHA requires primary residence occupancy within 60 days. Second homes and investment properties don't qualify.
$766,550 for single-family homes. Most Truckee properties exceed this, pushing buyers to conventional or jumbo financing.
Only if the HOA has current FHA certification. Many complexes aren't approved—we verify this before you submit an offer.
1.75% upfront fee plus 0.55%-0.85% annually. On a $650,000 loan, that's $11,375 at closing and $400-600 monthly.
Depends on condition and access. Deferred maintenance, improper wood stove clearances, and seasonal road access cause failures.
Yes, but lender overlays may require 600+. We shop 200+ lenders to find those accepting true 580 minimums.
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.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
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.
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.