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.

One Moderate-Income SHOP Program Home is Available for Sale

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About the Home

  • The Restricted Sale Price of the home is $531,556
  • The SHOP/BEGIN assistance loans are $88,458
  • Approximate down payment is $26,578
  • The home is 4 bedroom, 2 bath, 1,468 square feet, 2-car garage with fireplace and air conditioning
  • Concrete patio, solar, tankless water heater, and drought-tolerant landscaping in front/rear/side yards
  • Click on the photo to the right for additional 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 down payment and any related fees. The percentage is 5% for moderate-income buyers. This money can be gifted but cannot be a recorded loan. Closing costs and lender required reserves would be additional.
  • Income Requirements. To initially qualify, your gross household annual 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.

2022 Gross Household Income Limits
 80% – 120% of San Diego County Area Median Income

Household Size

Minimum Income*

Maximum Income*

Maximum Assets*

1

$72,901

$89,800

$74,850

2

$83,301

$102,650

$85,500

3

$93,701

$115,450

$96,200

4

$104,101

$128,300

$106,900

5

$112,451

$138,550

$115,450

6

$120,801

$148,850

$124,000

*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/BEGIN Program course. Recommended HUD courses are listed below. The HUD course is not required for your initial application packet. If you are invited to move forward in the process, you will be notified when the HUD course is needed.

Application Submittal Requirements and Deadlines

To be considered, a SHOP Self-Qualification Form and 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 December 5, 2022 through 4:00pm January 5, 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, or UPS) or in person at Poway City Hall. Emailed application packets will not be accepted. Any application packet received after 4:00pm on January 5, 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 clearly states your packet is for the SHOP Program and is marked 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.

Bank of America

JMJ Financial 

Mission Federal Credit Union

Christiana Sanchez

Felisa Schlosser

Elizabeth Sanchez

Marri Sagao

NMLS 1316454

NMLS 255612

NMLS 715963

NMLS 1379849

(619) 393-3126

(619) 363-4076

(619) 253-4828

(619) 261-9707

christiana.sanchez@bofa.com

teamfelisa@jmj.me

elizabeths@missionfed.com

marris@missionfed.com

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

 Application Packets Should Be Returned To:

 Poway Housing Authority
Attn: Marie Sanders
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 | msanders@poway.org.