Hey there! I know that buying your first home can feel like a daunting journey, but don’t worry—there are programs designed to make this process smoother for you. Let’s chat about the City of San Angelo’s Homebuyer Assistance Program (HAP), which might be just what you need to get those keys in your hand.

Program Overview

The Homebuyer Assistance Program (HAP) is an initiative by the City of San Angelo aimed at helping low to moderate-income families purchase their first home within the city limits. Funded through the HOME Investment Partnership Program, HAP offers up to $15,000 to assist with down payments and closing costs. This amount is capped at 15% of the home’s appraised value and is based on your demonstrated financial need.

Eligibility Criteria

• First-Time Homebuyer: You shouldn’t have owned a home in the past three years.
• Income Limits: Your household income must fall within the program’s specified limits, which are designed to assist low to moderate-income families.
• Mortgage Pre-Approval: Before applying, you must secure approval for a mortgage through a local participating lending institution.
• Earnest Money: You’re required to provide a minimum of $500 in earnest money.
• Homebuyer Education: Completion of a homebuyer’s education course is mandatory to ensure you’re well-prepared for homeownership.
• Residency Requirement: The home you purchase must be within the San Angelo city limits.

Additionally, you must maintain the home as your primary residence for at least five years to avoid repayment of the assistance provided.

Benefits

• Financial Assistance: Receive up to $15,000 to cover down payment and closing costs, reducing the initial financial burden.
• Homeownership Education: The required course equips you with valuable knowledge and skills for successful homeownership.

Potential Drawbacks

• Occupancy Requirement: If you sell or move out of the home before five years, you may need to repay the assistance.
• Funding Limitations: Assistance is based on demonstrated need and is subject to availability, so not all applicants may receive the full $15,000.

Application Process

1. Mortgage Pre-Approval: Start by getting approved for a mortgage through a local participating lender.
2. Program Application: Your lender will forward your completed application to the City of San Angelo’s Community & Housing Support Division.
3. Education Course: Enroll in and complete a homebuyer’s education course.
4. Property Selection: Choose a home within the San Angelo city limits that meets program requirements.
5. Final Approval: Upon meeting all criteria, you’ll receive the assistance at closing.

For more detailed information, you can visit the City of San Angelo’s official website: City of San Angelo Homebuyer Assistance Program.

Remember, programs like HAP are here to support you in achieving your dream of homeownership. Don’t hesitate to reach out to the Community & Housing Support Division at (325) 655-0824.