Public Housing Homeownership Program -Section 32 Homeownership
What is the Homeownership Program?
The Public Housing Homeownership Program helps low to moderate income families purchase SAHA homes.
Program Requirements:
Low to Moderate Income families with income at 30% or below 80% of the Area Median Income.
San Antonio New Braunfels, TX HUD Metro FMR Area
Median Income is $59,900
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FY2011
Income
Limit
Area |
No. of Persons |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Extremely
Low
30%
Income
Limits |
$12,600 |
$14,400 |
$16,200 |
$17,950 |
$19,400 |
$20,850 |
$22,300 |
$23,700 |
Very Low-
50%
Income
Limits |
$21,000 |
$24,000 |
$27,000 |
$29,950 |
$32,350 |
$34,750 |
$37,150 |
$39,550 |
Low
80%
Income Limits |
$33,550 |
$38,350 |
$43,150 |
$47,900 |
$51,750 |
$55,600 |
$59,400 |
$63,250 |
NOTE: Bexar County is part of the San Antonio, TX HUD Metro FMR Area. The San Antonio, TX HUD Metro FMR Area contains the following areas: Bandera County, TX ; Bexar County, TX ; Comal County, TX ; Guadalupe County, TX ; and Wilson County, TX .
Income Limit areas are based on FY 2011 Fa1ir Market Rent (FMR) areas.
For a detailed account of how this area is derived please see our associated FY 2011 Fair Market Rent documentation system.
8 Must satisfy HUD regulations related to Homeownership cost-to income ratios
8 Must be a first-time homebuyer's, or not have own a home in the last three years.
8 Must complete a homebuye's training/counseling workshop.
8 Must qualify and obtain a FHA, VA or Conventional Mortgage loan.
8 Must pay a minimum down payment of at least one (1) percent of the sales price.
How affordable are the Public Housing Homeowner Program?
Home prices range from $72,000 to $85,000.
Eligibility:
8 Former Springview or Mirasol Homes residents
8 Family Self-Sufficiency Program participants
8 Public Housing residents
8 Section 8 Housing Assistance residents
8 Families on the Public Housing waiting list
8 Families on the Section 8 Housing Assistance waiting list
8 All other low-moderate income families.
Application Process:
The application is the first step toward homeownership. Potential homeowners can complete a pre-application (click here for a pre-application) and mail it to the Homeownership Program at SAHA’s Central Office at 818 S. Flores, or sign up in person at the Central Office, Monday through Friday, 8 a.m. – 5 p.m., or contact Rachel Pena at 477-6011 or via e-mail at: Rachel_Pena@saha.org
Application screening process:
If applicants meet income requirements, we forward the application to our partner lenders for their review. Once the Lender approves the applicant, then the Lender will fax a pre-approval commitment letter to SAHA. Then we meet with you to discuss program guidelines and we give you a list of homes available for sale in the price range approved by your lender.
Offer:
When you choose a home, submit an Earnest Money Contract with $500. We apply the earnest money toward the 1 percent down payment required to complete the purchase.
Down Payment Assistance:
The down payment and closing costs associated with purchasing a new home can be daunting, but SAHA is ready to help. We can assist up to $20,000 to help potential buyers with closing costs, down payments and pre-paids for the purchase of a SAHA home.
The down payment assistance is a type of loan and is reflected in a Note and recorded 2ndlien. As long as certain conditions are met, after 5 years 50% plus 1% interest of the Loan is forgiven and then 10% of debt plus 1% interest every year after that. At the end of 10 years the total of the Note is completely forgiven.
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