NHS of San Antonio requires the following guidelines to be met by prospective buyers to qualify for our programs:
EMPLOYMENT: Minimum of 2 years consistent history, preferably in the same line of work; you may still qualify if you have employment gaps, provided that they are not longer than 6 months within a period of 2 years.
INCOME LIMITS: Total household income for eligibility purposes and all income from each person living in your household must be verifiable. Your total family income should be up to 80% to receive the maximum down payment assistance and up to140% to receive any assistance for a conventional loan. It is also important to mention that the maxium MFI for a FHA loan is 115%. To find out what your median family income ( MFI) percentage is please click the income limit link.
RENTAL HISTORY: Preferably 18 months - 2 year verifiable history; if living with family member provide proof of payment .
RESIDENCY: Applicants must be a US citizen or permanent resident.
HOME BUYER EDUCATION CLASS: Mandatory and must be completed prior to closing.
OUT OF POCKET FUNDS: The minimum out of pocket for an applicant who goes through the program is $500, but may be up to 2% of the contract sales price. Applicants purchasing a home of less than 60k may be required to provide a little more money out of pocket. In addition, applicants are required to show available funds in an amount equal to 2 months of estimated reserve payments by closing.
TRADITIONAL CREDIT: If you have a credit history, we would like to see 4 revolving/installment accounts opened within at least 12 months from the date of application. Collections, liens, judgments are to be paid in full prior to application; medical collections less than $1000.00 are not considered; credit scores as low as 580 are considered with acceptable letters of explanation for any credit related issue.
NON TRADITIONAL CREDIT: For applicants who do not meet the traditional credit requirements, we require you to present at least four letters of credit including a letter of good rental history.
ELIGIBLE PROPERTY FOR PURCHASE: 1 to 4 unit single family dwellings; we do not finance manufactured homes.
SPECIAL CONSIDERATIONS: All clients must be first-time homebuyers as defined by HUD – cannot have owned a home within three (3) years of initial applications. Non-Purchasing Spouses (NPS): NHS and its current lending partners do allow NPS. However, for eligibility purposes, all household income must be revealed and verified. If clients are determined to be eligible to participate in NHS programs, only qualifying spouses’ income, credit, employment, etc. will be used. Please note that NHS will counsel the NPS if derogatory credit is an issue.