Tracy
City of Tracy
Program Summary
|
Type of Assistance: |
Second Mortgage |
|
Interest Rate: |
3% simple. |
|
Assistance Amount: |
30% up to $75,000 |
|
Term: |
30 years |
|
Payments required? |
Only one, but deferred until end of 30 year 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: |
Yes. |
|
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 |
