To Buy
Imagine a brand new house, priced affordably, and designed specifically for the local workforce. We did. Recognizing the need for all levels of workforce housing in the Truckee and North Tahoe area and with the combined vision of WHATT, the Town of Truckee, and many enlightened developers, this seemingly unlikely offering is available to you now.
When you become a homeowner you will realize the many undeniable benefits of home ownership. You will enjoy all the rights of privacy and community in your new home. You can now live, work and play in the same community that you help to create and support. Your local investment helps sustain the community for all of us. By making the long term commitment of home ownership you can build equity in your home and save for the future. The tax advantages alone make home ownership a sound investment. As your family grows you may grow into the larger home owner market, creating an affordable home ownership opportunity for another community member.
It is the goal of the WHATT and the developers alike to provide affordable housing to all income levels in our community. The strength of our community depends on it. The strength of our community depends on you.
Qualification for participation in the various available programs depends on many factors. You may not exceed certain income limits, compared to the local Area Median Income (AMI), for your size family, published annually by county. Income limits are calculated as a specific percentage of this figure. You may be required to live or work in the Truckee-Tahoe area. You must qualify for you own lending. All home ownership programs require that the home is owner occupied. These are not vacation homes. All programs comply with a State and Federal Fair Housing standards.
In order to maintain affordability in perpetuity, there are certain restrictions recorded with your deed. These restrictions may effect certain home improvements, the use of secondary loans, and the sale of your home on the open market. Each homeowner is encouraged to maintain their home to keep all of the components of the home in peak condition. The homeowner must document all improvements with receipts, permits, and inspections. However, the home owner may not be allowed to consider certain additions and improvements in calculating the resale price of their home. Maintaining carpets, appliances, and fixtures can insure the highest allowable resale price. The value of comfort or style improvements may not be considered in the re-sale price of your home.
WHATT has designed these ownership opportunities to remain affordable in perpetuity. We have made great efforts to insure that every home buyer fully understand all deed restrictions and pricing restrictions before you buy. As an educated buyer, you understand that you are not buying a market rate home. You are buying an Affordable Home at a price significantly below market. When you decide to sell your home, these deed restrictions insure that this opportunity is available to the next buyer.
Step 1
See a lender to get pre-qualified. The lender will determine your total household income and compare that to your household expenses. You should be prepared to show some documentation of all sources of income for the lender, such as paycheck stubs, copies of child support statements, regular dividends from investments, regular help from mom and dad; the list goes on. The best place to find all of this information may be from last year’s tax return. You very likely collected all of this information when you filed. If you are a tipped employee and you have not kept a detailed record, start now.
Step 2
Make a list of all of your regular debt and expenses. Most people make payments for rent, credit cards, cars, student loans, and other revolving debt. By comparing how much you make to how much you owe, a lender will be able to determine how much you can afford to pay monthly and generally tell you how much loan you can buy. This added to the amount of down payment you have or assistance for which you can qualify, will determine the price range of house for which you can shop.
Step 3
Start collecting your financial information now. Save your paycheck stubs. Begin an accurate recording of your tip income. Collect your monthly statements for all of your regular payments such as car, credit cards and student loans. See if there is anything you can pay off easily. The less debt you show, the more home you can buy. Your lender can request a credit report for you or you can go online. If there are any blemishes that you can address easily, do it. Some credit scars may take additional time to clear up. You will need to do this eventually, so this is a good time and a good reason to start.
Current For-Purchase Opportunities
- Spring Creek
- Truckee-River Associates
- Karl Saimre (530) 587-7633
- Stone Ridge
- Fitch & Cook
- (530) 550-9667