Neighborhood Housing Services of
Down Payment Assistance
Location Served: San Antonio, TX
Provider: Neighborhood Housing Services of San Antonio
Approved Lender: New American Funding
“Building Successful Families and Communities Through Housing Opportunities” is the mission of Neighborhood Housing Services (NHS) of San Antonio, Texas. The goal of NHS San Antonio is to provide efficient services and quality, affordable housing options to each client.
For families making from $23,000.00 to $61,050.00 annually, NHS offers great housing opportunities. NHS housing programs require participants to bring a minimum of $500.00 to the table, but maximum only up to 2% of the sales price.
The following guidelines are required of prospective buyers to qualify for NHS of San Antonio programs:
Minimum of 2 years consistent employment history, preferably in the same line of work; prospective buyers may still qualify with employment gaps, provided they are no longer than 6 months within a 2-year period.
All income must be verifiable for eligibility qualification. To receive maximum down payment assistance, total family income should be up to 80%. To receive any assistance for a conventional loan, total family income should be up to 140%. For an FHA mortgage, maximum MFI is 115%.
If living with family member, provide proof of rent payment. Program prefers a verifiable rental history of 18-months-2-years.
To qualify, applicants must be a US citizen or permanent resident.
The Homebuyer Education class is mandatory and must be completed prior to closing.
$500 is the minimum out-of-pocket costs for an applicant completing the assistance program, but out-of-pocket maximum could be up to 2 percent of the contract sales price. For applicants purchasing a property with a cost less than $60,000, providing a little more money out of pocket may be required. By closing, program applicants must also show funds available in an amount equal to two months of estimated reserve payments.
For applicants with credit history, from the date of application, NHSSA would like to see four revolving/installment accounts opened within at least 12 months. Prior to the application, collections, liens, and judgments are to be paid in full. NHSSA does not consider medical collections less than $1,000.
For applicants who do not meet the traditional credit requirements, NHSSA requires at least 4 letters of credit including a letter of good rental history. Please note: New American Funding credit score requirements may differ from credit score requirements of NHSSA. The minimum credit score requirements for downpayment program participation with a mortgage through New American Funding is 640.
1 to 4-unit single-family dwellings; No manufactured houses allowed.
To qualify with NHSSA, all participants must be 1st-time home buyers (as defined by the Department of Housing and Urban Development (HUD)). Therefore, qualified participants cannot have owned a home within three years of initial applications.
NHS and its current lending partners do allow Non-Purchasing Spouses (NPS). Additionally, for program eligibility, all household income must be revealed and verified. Eligible participants will use only qualifying spouses’ income, credit, and employment. If derogatory credit is an issue, NHS will counsel the Non-Purchasing Spouses.
Neighborhood Housing Services (NHS) of San Antonio housing programs have income limits for qualification. For an FHA loan, the maximum MFI for a familyin conjunction with the NHS down-payment assistance program is 115%. Conventional loan guidelines are as follows:
||Maximum Household Income to meet the 80% or below MFI
||Maximum Household Income to meet the 140% or below MFI
If 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.