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USDA Loans in Truckee
Truckee sits in one of California's few USDA-eligible mountain zones. Most properties qualify except for the downtown core and lakefront areas.
Zero down payment matters here where median prices push $800k. You need income limits around $115k for most households, higher for larger families.
Mountain properties with acreage often qualify better than tight subdivisions. USDA allows larger lots where conventional lenders hesitate.
You need 640 credit minimum for automated approval. Below that, we route to manual underwriting with compensating factors like clean rental history.
Income caps hit around $115,020 for 1-4 people, $151,926 for 5-8 people. USDA counts all adult household income, not just borrowers.
Property must be your primary residence. No investor sales, no second homes. The USDA appraisal reviews rural character and municipal water access.
Only about 30% of lenders handle USDA volume. Most avoid mountain markets because appraisals take 3-4 weeks and underwriting gets technical.
We work with lenders who understand Truckee's well systems and forest service easements. They know which subdivisions qualify and which don't.
Expect 45-60 day closings here versus 30 days for conventional. USDA needs rural housing service approval after lender clears you.
Half our Truckee USDA buyers hit income limits during bonus season. We time pre-approvals before W2s drop to use prior year income.
Properties near Tahoe Donner usually qualify. Anything lakefront or downtown commercial district fails the rural test. Check eligibility maps before touring homes.
Well and septic add $800-1200 to closing costs for required tests. Budget this early because sellers rarely credit it in our market.
FHA needs 3.5% down, hitting $28k-35k on typical Truckee homes. USDA brings that to zero but adds income limits and location rules.
Conventional at 3% down requires higher credit and reserves. USDA accepts 640 credit with minimal reserves if income qualifies.
VA beats USDA if you qualify—no income limits, faster closings. But USDA opens zero-down options for civilian buyers who can't access VA benefits.
Truckee's short sale season compresses timelines. Sellers prefer conventional buyers in spring because 60-day USDA closings risk losing backup offers.
Snow load and fire hardening requirements affect appraisals. USDA appraisers check roof ratings and defensible space more carefully than conventional.
Many Truckee properties sit on leased land or have HOA complications. USDA reviews these agreements closely—submit HOA docs early in escrow.
No. USDA requires primary residence occupancy within 60 days of closing. Any rental history or rental licensing disqualifies the property.
Most residential areas qualify except downtown commercial district and immediate lakefront. Check USDA eligibility maps—boundaries shift annually.
Property must meet basic safety standards at closing. Minor repairs work, but major structural issues require FHA 203k or conventional renovation loans instead.
Appraisers need roof and exterior access. Heavy snow delays inspections 2-4 weeks, pushing closings to 75+ days during peak winter.
USDA re-verifies income before closing. Significant raises or bonuses can disqualify you if they push household income over caps.
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.
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-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.