First Time Homebuyer Program Details

S.H.O.P. provides low and moderate-income homebuyers with assistance to purchase a home in Poway through an Agency-funded second mortgage. The S.H.O.P. program places restrictions on the future sale of homes purchased with the help of this program to ensure they will remain affordable. The future resale prices are set according to California Redevelopment law and could be less than market value.  Equity earned over time will be shared between the homeowner and Redevelopment Agency. Purchasing a home through this program will provide the tax benefits of home ownership and the satisfaction of residing in the home and community of your choice.

Program Requirements:

1. First-Time Buyer. You may not have owned a home secured by a Deed of Trust in the last 3 years. Those displaced by a divorce do not have to meet this requirement.
2. Cash. You are required to provide 3-5% of the purchase price toward the down payment and closing costs. This money can be borrowed or granted but cannot be a recorded loan.
3. Income and Debts. Income and debt will determine the home price for which you will be eligible.
4. Credit. Your credit history will be reviewed. The higher the credit rating, the more likely you would be eligible for the Program.
5. Homebuyer Education. You are required to complete classes for first-time homebuyers.