Home Buyers Jovanah Mckinney January 17, 2023
Our goal is to provide financial education and discuss the resources available to help you on your path to homeownership - no matter where you are on your homebuying journey!
Media Headlines
The worst recession in decades is coming!
The Fed is raising interest rates!
The housing market WILL crash! Inflation!!!
A recession is a normal and healthy part of an economic cycle
Recessions are usually short term - investing in real estate is long term - Interest rates decrease during a recession.
Home prices will always go up and down
Seller's Market - Price appreciation, but less inventory, less time to think through, weaker negotiation position - more competing bidders
Buyer's Market - Flat or declining prices, more inventory, more time to think through, stronger negotiating position - fewer competing bidders
Martis Fund
Up to 10% or $100,000 of assistance in the form of a loan.
Payment Deferred - Loan due and payable at time of sale or after 30 years. 3% fixed rate compounded annually, or profit share split of home's appreciation at time of sale.
The buyer-s household income may not be more than 180 percent of the Placer County median income; this equates to roughly $183,960 for a family of four.
Must have 3% of own funds to contribute - can be gift funds.
Home must be in unincorporated Placer County east of Donner Summit or Town of Truckee
Must work in Placer County east of Donner Summit or within Truckee town limits Cannot have owned a home in the last 12 months
Up to $150,000 or 16% down payment assistance
Grant - no repayment required
No Minimum Buyer Contribution
Deed Restricted - Must sell to another individual who qualifies for the program
Payment can be used for down payment assistance, renovations, or other expenses. One borrower must be employed fulltime within the TTUSD geographical boundary
Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI for existing homes
Must be purchasing a residential home property without code violations that is within the Town of Truckee limits with a value of $937,500 or less
Up to $150,000 or 16% down payment assistance.
Grant - no repayment required.
Deed Restricted - If the house is sold in the future, it must be sold to a household that has at least one household member who meets the local worker criteria which may impact future sales price
Homebuyers must have a minimum of 4% of the sale price available as a down payment.
One borrower must be employed full-time within the TTUSD geographical boundary. Must not exceed 120% of area median income for household size.
Can be combined with the Martis Fund.
The house must be in unincorporated eastern Placer County.
Homeowners may rent house to a household that has at least one household member who meets the local worker criteria.
$15,000 in forgivable down payment assistance
Household income limit is 300% of Federal Poverty Guidelines
At least one borrower must have a minimum 6-month Nevada residency
First-time, rural homebuyers
Taking the time to find the right home for you that you would be happy to own for 10+ years + 30-year Fixed Rate, Prepayable Loan (one of the best financial instruments a person will ever use!)
Presented by Amie Quirarte with Tahoe Luxury Properties, Jovanah McKinney with Berkshire Hathaway, and Chelsy Delia with The Rice Team at Guild Mortgage
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