May 14, 2009
Qualified residents from neighborhoods near St. Mary’s University campus learn how, through the very unique “First Time Homebuyers Program,” they can purchase a home with a down payment of only 1 percent and no out-of-pocket closing costs.
Under this project, an estimated 13 new construction homes will be constructed in the target areas near St. Mary’s that income-eligible individuals can purchase. Qualified home buyers will be able to choose their own floor plans, as well as unique interior and exterior deigns. The “First Time Homebuyers Program” is made possible through the San Antonio Alternative Housing Corporation, the program includes homeownership education and offers qualifying families up to $35,000 in assistance funds.
The “First Time Homebuyers Program” is one of the many services that are beginning to be offered through St. Mary’s Neighborhood Center. The new housing counselor is also available to provide comprehensive housing, pre-purchase, credit and first-time home buying counseling services. Other benefits include pre-qualifying mortgage application services. These resources are available to low and moderate income families at no cost.
Last fall, St. Mary’s University received an almost $600,000 grant from the U.S. Department of Housing and Urban Development’s Hispanic Serving Institutions Assisting Communities (HSIAC) Program to boost neighborhood revitalization.