Homebuyers’ Assistance Loan Program

The City of Sonora Homebuyers’ Assistance Loan Program assists low-income households* with the purchase of an existing home within the City Limits. The City’s Loan is a deferred second mortgage that does not require monthly payments.

Maximum Loan Amount is $100,000

Interest Rate:

0%-<50% of Median Income
3% - 50 to 65% of Median Income
5% - 66 to 80% of Median Income

Loan is not assumable

• House price cannot exceed $300,000

• Applicant must meet credit and underwriting criteria to secure a loan from a commercial lender of their choice

• Applicant must be able to provide personal funds equal to 3% of the purchase price of the house selected or $3,000, whichever is greater

• Applicant and house must meet all other loan requirements & guidelines
  Housing Programs’ Income Limits 
   

Low- Income Households are defined as having an income that does not exceed 80% of Tuolumne County ’s Median Income. The Federal Department of Housing and Urban Development sets the median income for each county annually.

 The City of Sonora is an Equal Housing Lender and does not discriminate on the basis of religion affiliation, age, race, color, ancestry, national origin, sex, marital status, familial status, children, physical or mental disability, sexual orientation or other arbitrary cause.