City of San Angelo Homebuyer Assistance Program
Down Payment Assistance
Low to moderate income, first-time homebuyers can receive down payment and closing cost assistance through San Angelo’s Homebuyer’s Assistance Program. In order to qualify, the property purchased must be located within the city of San Angelo.
To become eligible for the program borrowers must reside or intend to reside within the city limits of San Angelo. Applicants must also be first time homebuyers, or not have owned a home in the past three years, and be approved through a local lending institution. The funding provided by the City of San Angelo Homebuyer Assistance Program must be used for the home’s down payment and closing costs.
Other important program details include:
- There is no household income limit.
- The program is intended for first time home buyers only.
- The sales price of the home purchased may not exceed $271, 050.
The maximum assistance loan amount is $9,000 if the home selected is not within a targeted area. If the selected home does fall within a targeted area, the maximum assistance loan amount is $12,000. New home construction is also eligible for assistance of $750 for the purchase of a city tax lot in a designated area of the city’s Urban Redevelopment Program. A prorated amount of the homebuyer assistance loan must be repaid to the city of San Angelo if the property is sold within five years or if the home buyer does not occupy the house as his/her principal residence.
Other important benefit details include:
- In order to receive the assistance loan, the homebuyer must complete the required homebuyer counseling/education.
- Owner-occupancy required.
- Prior to applying for the Homebuyer Assistance Program, borrowers must be pre-approved for a mortgage.
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.