Housing Opportunities Program
City of Tracy
Program Summary
Type of Assistance: |
Second Mortgage |
Interest Rate: |
3% simple. |
Assistance Amount: |
$75,000 |
Term: |
30 years |
Payments required? |
Yes, but deferred until end of term. |
Deferral period? |
Payments deferred for first 30 years. |
Layered Aid Allowed? |
Yes. City will subordinate to second position. |
City equity participation at time of sale: |
No. |
1st mortgage restrictions: |
Fixed rate. |
List of approved lenders |
Yes, based on CalHFA list. |
Applicant Eligibility
Income Restriction: |
120% of AMI |
Purchaser Down Payment Requirement? |
No. |
Debt-to-Income Ratio: |
45% front-end ratio. |
Education requirements: |
No. |
Live/work Requirements? |
No. |
Minimum Credit Score: |
No. |
Property Eligibility:
Property Type: |
Single-family detached, condominium, and townhouse units. Must be within Downtown Revitalization Program Boundaries. |
Purchase price limit: |
None. |
Owner occupancy percentage in condo complexes? |
None. |
Program Administrator: |
Ana Lilia Reynoso
Phone: (209) 831-4428
E-Mail: ana.reynoso@ci.tracy.ca.us
Website: www.ci.tracy.ca.us |
|
| City Homebuyer Assistance Program |
For information about local first-time homebuyer assistance programs.
|
|
|
