Mobile Home Loan Program
The Vacaville City Council wants to encourage the conservation of decent, safe and sanitary housing which is affordable to low and moderate income households. The purpose of this program is to provide a pool of loan funds to encourage mobile home owners to improve their homes within the city of Vacaville.
Types of Loans Available
Amortized LoansFunds are available to owner-occupants as 3% interest, fully amortized loans with a term of 10 years. The maximum amount that may be borrowed is $10,000 and the minimum is $1,000.
Deferred LoansIn cases of very low income households, deferred loans are made subject to an annual review of ability to pay. If income becomes sufficient to repay the loan, the loan will become fully amortized at 3% interest. These loans will be due and payable upon sale or transfer of title.
Eligibility Requirements
A. Owner's household income must be less than 100% of the area median income adjusted by family size;
B. Owner must own and occupy their mobile home in the city limits of Vacaville.
C. Mobile home must be in need of repairs to correct existing or eminent code violations; and,
D. Owner must demonstrate an ability and financial capacity to secure and repay a loan where loans call for repayment.
Application Fees
Amortized loan-$55.00
Deferred loan-$23.00
The actual cost of appraisal, credit analysis and escrow fees will be added to the loan amount.
Examples of Eligible Repairs
Repair bathrooms and kitchens.
Repair floors or sub-flooring.
Update electrical, plumbing or heating system.
Repair roofing, doors and windows.
Repair porches, walkways, fences and walls.
Paint interior and exterior walls.
Weatherization.
Other Services Available
The Department of Housing and Redevelopment (DHR) prepares, advertises and distributes bid packages to a list of qualified contractors.
Owners may select contractors who are not on the list but who meet program requirements.
DHR coordinates appointments and conducts site inspections with interested contractors.
Owners who act as their own general contractors receive bid packages to use to subcontract jobs.
Owners may make their own repairs; however, loan amounts will be for material costs only and all work must pass inspection by the State of California Mobile Home Codes and Standards.
Application Process
Owner occupants may either pick up application forms at the Department of Housing and Redevelopment at 40 Eldridge Avenue, Suite 2 or call (707) 449-5675 to request to have the application form mailed to them.
2010 Income Limits
100% of the Area Median Income1 person household $55,450
2 person household $63,350
3 person household $71,300
4 person household $79,200
5 person household $85,550
50% of the Area Median Income1 person household $27,750
2 person household $31,700
3 person household $35,650
4 person household $39,600
5 person household $42,800
|
