May 25th, 2011
City taking apps for homebuyer program

STAFF REPORT

The city of San Marcos has purchased and rehabilitated two 3-bedroom homes with grant funds and will sell the homes to qualified homebuyers.

Applications to buy the homes will be accepted on Thursday, June 2, 2011 from 9 a.m. to 6 p.m. in the Development Services-Planning office on the second floor of the Municipal Building, 630 East Hopkins Street.

Appointments can be scheduled by calling the City’s Development Services office at 393-8230.

The project is funded by a Texas Neighborhood Stabilization Program (NSP) grant issued by the Texas Department of Housing and Community Affairs (TDHCA).

The selected homebuyers will receive a zero-interest, 30-year loan from TDHCA.  The applicant must be able to pay $500 as a down payment – no other closing costs will be charged to the homebuyer.

The applicant must meet eligibility requirements that include:

• Having good credit – a minimum score of 560 is required, and a score of 620 or higher is preferred.  Applicants with a score lower than 620 must meet additional credit criteria.

• Having enough monthly income to afford the estimated loan payment of $750.

• Having a total annual household income that does not exceed the following maximum amounts (based on the number of people who will live in the home):

• Being able to document all sources of income for all adults in the household

• Having a social security card and photo identification

• Being current on all taxes, student loans, and child support payments

For additional information about the program contact Janis Hendrix, Community Initiatives Administrator, at 393-8147 or jhendrix@sanmarcostx.gov.