First-Time Home Buyer Program

Supporting Home Ownership in Poway (SHOP) Program

The Supporting Home Ownership in Poway (SHOP) Program provides low- and moderate-income homebuyers with assistance to purchase a home in Poway through a Poway Housing Authority and City of Poway funded second mortgages. Homes purchased with the help of SHOP Program loans will remain affordable for a minimum of 45 years, which requires the home to be sold at a restricted resale price to qualified buyers.

SHOP loans are available to qualified applicants only when an existing single-family home financed with a SHOP loan becomes available for resale.

A SHOP Program Overview handout is available for download here.

Interest List

If you would like to be one of the first to be notified of the next available for-sale opportunity, make sure you are on our interest list! Please email housing@poway.org the following information:

  • First and Last Name
  • Email Address


One Moderate-Income Home Available For Sale


About the Home

 

  • The total Restricted Sale Price of the home is $512,500
  • The SHOP mortgage assistance loan is $200,000. This loan is part of the total sales price. 
  • Minimum down payment is $25,625
  • The condominium is 2 bedroom, 2 bath, 1,051sf, with a detached 2-car garage
  • HOA fee is $458/mo. which includes water, garbage, roof, and fencing. 

Click HERE for Photos of the Home

Minimum Application Requirements

 

  • 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.
  • Down Payment. You are required to provide a percentage of the purchase price toward the downpayment and any related fees. The percentage is 3% for low-income and 5% for moderate-income buyers. The downpayment may be gifted but cannot be a recorded loan. Closing costs and lender required reserves may be additional.
  • Income Requirements. To initially qualify, your gross annual household income and assets (all adults that would reside in the home and be listed on the title and loan documents) must fall between the minimum and maximum limits displayed below, based on total household size.

2023 Gross Household Income Limits
 80% – 120% of San Diego County Area Median Income

Household Size

Minimum Income*

Maximum Income*

Maximum Assets*

1

$77,201

$98,100

$81,750

2

$88,201

$112,100

$93,450

3

$99,251

$126,150

$105,100

4

$110,251

$140,150

$116,800

5

$119,101

$151,350

$126,150

6

$127,901

$162,550

$135,500

*Income and Asset limits do not constitute all necessary eligibility requirements.

  • Homebuyer Education. You will be required to complete classes for first-time homebuyers. Classes include a U.S. Department of Housing and Urban Development (HUD) First-time Homebuyer Course and a Poway Housing Authority SHOP and/or BEGIN Program course. Recommended HUD courses are listed below. SHOP and HUD courses are not required for your initial application packet. If you are invited to move forward in the process, you will be notified when the courses are needed.

Application Submittal Requirements and Deadlines

To be considered, a Self-Qualification Form and a Mortgage Pre-Qualification Approval Letter (both documents are considered your application packet) from a Poway Housing Authority approved lender will be only accepted between 8:00am September 25th through 4:00pm October 26, 2023. Your application packet must be complete in its entirety; illegible or missing information may result in your submission being disqualified from further consideration.  

Your application packet may be submitted by mail service (USPS, FedEx, UPS) or in person at Poway City Hall. Emailed applications or any documents received after 4:00pm on October 26, 2023 will not be accepted. A postmarked application packet will not constitute timely delivery and will not be considered. 

If your application packet will be dropped off in person at Poway City Hall, please ensure your documents are in a sealed envelope that is marked “SHOP Program – CONFIDENTIAL”. Please drop off at the 2nd Floor Development Services Counter.  

Mortgage Pre-Qualification Approval Letters will only be accepted by the loan/lending officers listed below. Approval letters from any other lender is not permitted and your application will not be accepted. 

JMJ Financial Mission Federal Credit Union
Felisa Schlosser
Elizabeth Sanchez
Marri Sagao
NMLS #255612NMLS #715963NMLS #1379849
(619) 363-4076(619) 253-4828(619) 261-9707
marris@missionfed.com


A Self-Qualification Form is available for download here: Self-Qualification Form

Application Packets Should be Returned to:

Poway Housing Authority
Attn: Marie Sanders
Development Services Dept. 2nd Floor
13325 Civic Center Drive
Poway, CA 92064

 Questions about the SHOP program or the homebuying process shall be directed to:
Marie Sanders, Senior Management Analyst, (858) 668-4637 | housing@poway.org.