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.

One Moderate-Income SHOP Program Home is Available for Sale

About the Home

•  The restricted resale price of the home is $505,565Front of Home Opens in new window
•  The primary loan you will need to qualify for is approximately $425,807
•  SHOP/BEGIN assistance loans are approximately $79,758
•  Estimated required down payment $25,278
•  The home is 3 bedroom, 2 bath, 1,370 square feet
•  Solar Panels and A/C
•  Located near the Poway Town Center and Business Park
•  Click on the photo to the right for additional photos of the home


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. Down Payment. You are required to provide a percentage of the purchase price toward the down payment and fees. The percentage is 3% for low-income buyers and 5% for moderate-income buyers. This money can be borrowed or granted but cannot be a recorded loan.

3. Credit and Income Eligibility. Your household’s total gross income and credit history will be reviewed. The higher the credit rating, the more likely you would be eligible for the Program.

Gross Household Income and Asset Limits
Based on 80% -120% of 2020 San Diego County Area Median Income
Household Size
Minimum Income*
Maximum Income*
Maximum Assets*
1
$64,701
$77,900
$64,900
2
$73,951
$89,000
$74,150
3
$83,201
$100,150
$83,450
4
$92,401
$111,250
$92,700
5
$99,801
$120,150
$100,100
6
$107,201
$129,050
$107,500
* Subject to change. Income and asset limits do not constitute all necessary eligibility requirements.

4. Homebuyer Education. You will be required to complete classes for first-time homebuyers. Classes include a U.S. Department of Housing and Urban Development First-time Homebuyer Course and a Poway Housing Authority SHOP/BEGIN Program course.

Application Submittal Requirements and Deadlines

To be considered, a SHOP Self-Qualification Application Packet and Mortgage Pre-Approval Letter from a Poway Housing Authority approved lender (see below) will be only accepted between 8:00am July 13, 2020 through 4:00pm July 31, 2020. Your application packet must be complete in its entirety; illegible or missing information may result in being disqualified from further consideration. 

Mission Federal Credit Union
Marri Sagao | (619) 261-9707
marris@missionfed.com
Liz Sanchez | (619) 253-4828
elizabeths@missionfed.com

Bank of America
Jeri Winberg | NMLS #632986
(619) 997-8744
jeri.winberg@bofa.com





Your application packet may be submitted by mail service (USPS, FedEx, or UPS) or in person at City Hall. Emailed applications and any documents received after 4:00pm on July 31, 2020 will not be accepted. Postmarked date will not constitute timely delivery. Even though City Hall is currently closed to the public, you may still drop your application packet off by calling the number listed on the front door. An employee will meet you at the door to accept your packet from you. Please ensure your documents are enclosed in a sealed envelope that clearly states your packet is for the SHOP program.

A SHOP Self-Qualification Application Packet is available for download, please click the image below to access the packet. If you would like an application packet mailed to you, please contact Marie Sanders as soon as possible. Ms. Sanders’ contact information is located at the bottom of this web page.
Submit Opens in new window

SHOP Self-Qualification Application Packet should be returned to:
Poway Housing Authority
Attn: Marie Sanders
13325 Civic Center Drive
Poway, CA 92064

Questions about the SHOP program or the home buying process should be directed to Marie Sanders, Senior Management Analyst,
(858) 668-4637 | msanders@poway.org.