City of San Jose – San Jose State University Faculty and Staff Homebuyer Program (FSHP)

The Faculty & Staff Homebuyer Program (FSHP) is a unique partnership between the City of San Jose, San Jose State University, and Spartan Shops. The goal of the program is to recruit and retain SJSU faculty and staff members to provide a quality education and experience for SJSU students and the surrounding community.” The FSHP offers a deferred-payment loan of up to $60,000 for permanent faculty and staff SJSU. Click here to download a complete Program Handbook.

Eligible Applicants

Income eligible full time permanent faculty & staff at San Jose State University (SJSU).

Program Criteria

• The FHP is NO longer limited to newly hired faculty members.
• Cannot own a home as a primary residence.
• Have a gross income that does not exceed 120% of median income for Santa Clara County, adjusted for family size. Please refer to the Santa Clara County Eligibility Criteria sheet for the eligible income levels.
• Sign up and complete a required first-time homebuyer education class. Interested homebuyers should complete a pre-purchase homebuyer education class through Neighborhood Housing Services Silicon Valley (NHSSV). Please call NHSSV at 408.279.2600 to schedule the workshop. Be prepared to provide the City and your lender with a copy of the Certificate of Completion
• Have an acceptable credit history (this also applies to co-borrowers) and a minimum credit score of 600.

Eligible Properties

Owner occupied, single-family homes, townhomes, and condominiums located within the City of San Jose municipal boundaries. The maximum home purchase price is $732,000. In addition, your total monthly housing cost cannot exceed the “Affordable Housing Cost” limit as shown on the Eligibility Criteria sheet. Total monthly housing expenses include:

• loan principal and interest payment
• property taxes
• insurance
• homeowner association dues
• utilities (other than phone)
• maintenance and repair

Loan Limits

The maximum FSHP loan amount is $60,000. The Housing Department may approve a lower amount, based on your housing-to-income ratio and the amount of liquid assets that will be available after the close of escrow

Loan Terms

The FSHP loan is due and payable in 45 years or upon transfer of the title.

Affordability Restrictions

The property will be subject to a 45-year affordability restriction. The restriction requires either:

1. The property be sold only to an income-qualified household at an affordable price, or
2. The City, Spartan Shops, and the borrower share any new increase in equity that accrues between the date of the original purchase and the date of sale. If the borrower prepays the FSHP loan and remains the homeowner, the affordability restriction will remain in effect.

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