Loan Programs
Deferred
Housing Rehabilitation Loan Program
This Program provides low-interest
rate loans to low-income senior or permanently disabled
homeowners within the
City of
Sonora
for needed home improvements.
These loans are deferred and monthly payments are
not required.
Eligibility
Criteria
-
Be low-income and show an inability to
make monthly payments
-
Own & occupy a single-family residence
located within the City Limits of the City of Sonora
-
Be either a senior (minimum age of 62) or
a permanently disabled person who is receiving State
and/or Federal benefits as the result of a long-term
disability
-
Continue to reside in the residence
-
Have adequate equity in the home
-
Meet all other loan requirements &
guidelines
Terms of
Loan
Loan is deferred until one of the
following occurs:
§
Transfer of Title
§
Property is not Borrower(s) primary
residence
§
Within one year of death of the last
remaining Borrower still in residence
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.
Click here to see the
Rehabilitation
Loan Guidelines & Requirements
Click here to see the
Rehabilitation
Loan Application
