San Marcos Mercury | Local News from San Marcos and Hays County, Texas
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April 5th, 2010
City now taking applications for homebuyer program

STAFF REPORT

The City of San Marcos is now accepting Texas Neighborhood Stabilization Program Homebuyer Program applications.

Under the program, the city has received funds to purchase three foreclosed homes and make any necessary repairs. The houses will then be sold to three income-eligible households. The city will facilitate a 30-year, no-interest loan and closing cost assistance to eligible applicants.

The loans will be made by the Texas Department of Housing and Community Affairs. The homebuyer is required to make a $500 down-payment.

There are maximum income limits based on an estimate of the potential home-buyer’s total income for the next 12 months. Income from all sources from all adults who will live in the home is counted in the estimate. The maximum amounts are based on the number of people who will inhabit the home.

For one person, the income limit is $26,650 per year, for two persons the limit is $29,300 per year and for three persons the income limit is $33,000 per year. For four persons the limit is $36, 650 per year, for five persons the income limit is $39,500 per year, and for six persons the limit is $42,500 per year. For seven persons the limit is $46,450 per year and for eight or more the income limit is $48,400 per year.

Applications will be taken by the city from 9:30 a.m. to 3:30 p.m. Wednesday and Thursday. The applications should be submitted to the city’s development services planning office on the second floor of the Municipal Building at 630 East Hopkins Street. Appointments are not required, but are recommended.

Each adult who will lives in the house is required to submit documentation, including includes social security cards, photo identification (driver’s license or the like), proof of income (check stubs for the past three months or current documents from the Social Security Administration), and proof of child support (if applicable). Each adult also needs to bring the last two income tax returns, including W2’s, and proof of assets including bank statements for checking and/or savings account for the last six months and the most recent statement from investment or retirement accounts.

For more information, or to schedule an appointment to submit an application, call the city’s development services department at (512) 393-8230.

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