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. 2008 Income Limits San Antonio, TX HUD Metro FMR Area San Antonio Area Median Income is $54,700 No. of Persons 1 2 3 4 5 6 7 8 Extremely Low 30% Income Limits $11,500 $13,100 $14,750 $16,400 $17,700 $19,000 $20,350 $21,650 Very Low- 50% Income Limits $19,150 $21,900 $24,600 $27,350 $29,550 $31,750 $33,900 $36,100 Low 80% Income Limits $30,650 $35,000 $39,400 $43,750 $47,250 $50,750 $54,250 $57,750 8 Must satisfy HUD regulations related to Homeownership cost-toincome ratios 8 Must be a first-time homebuyer, 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 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 Scott Caballero at 979-7911 or 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 $12,000 to help potential buyers with closing costs, down payments, pre-paids and reduction of debt to qualify for the purchase of a SAHA home. The down payment assistance is a type of loan and is reflected in a Note and recorded 2nd  lien.  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.