Public Housing Homeownership Program 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. 2010 Income Limits Bexar County, Texas San Antonio Area Median Income is $57,800 FY10 Income Limit Category No. of Persons 1 2 3 4 5 6 7 8 Extremely Low 30% Income Limits $12,150 $13,900 $15,650 $17,350 $18,750 $20,150 $21,550 $22,950 Very Low- 50% Income Limits $20,250 $23,150 $26,050 $28,900 $31,250 $33,550 $35,850 $38,150 Low 80% Income Limits 32,400 $37,000 $41,650 $46,250 $49,950 $53,650 $57,350 $61,050 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 2010 Fair Market Rent (FMR) areas.  For a detailed account of how this area is derived please see our associated FY 2010 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.