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City of San Antonio Homeownership Incentive Program (HIP120)
City of San Antonio Homeownership Incentive Program (HIP120)
Program Category
Down Payment Programs
Max Amount
Up to $15,000
Contact Info
Elizabeth Cabrera
(210) 207.5483
elizabeth.cabrera@sanantonio.gov
(210) 207.5483
elizabeth.cabrera@sanantonio.gov
Program Details
Buyer contribution type
$
Income calc method
First mortgage types
Freddie Mac,Freddie Mac Home Possible,Fannie Mae,Fannie Mae HomeReady,FHA 203(b),VA
First mortgage terms
Fully Amortizing,Fixed Rate,30-year
Property types
Single Family Detached, Condo, Townhome/PUD, Manufactured Home
Repayment triggers
Sale of the home
Change of occupancy
Transfer of title
Loan Forgiveness
Partly
Program Guide
Overview:
https://www.sa.gov/files/assets/main/nhsd/documents/hip120-generalinformation.pdfGuidelines:
https://www.sa.gov/files/assets/main/nhsd/documents/hip120-guidelines.pdfLender FAQ's:
https://www.sa.gov/files/assets/main/nhsd/documents/hip120-lenderfaqs.pdfLimitations
Buyer must be a U.S. Citizen or Permanent Resident Alien or Temporary Resident Alien with permission to work in the United States. Documentation of status will be required.
Buyer must be a first-time home buyer.
Home must be located within the City limits of San Antonio.
HIP 120 can’t be combined with First Responders Homebuyer Assistance Program (FR HAP-City Employees).
Must qualify for an FHA, VA or a Conventional mortgage loan from a legitimate mortgage lender.
First lien interest rate may not exceed 2% of current market rate.
MIP/PMI fees/premiums may not be paid with assistance with the the exception of VA funding fees.
Buyer must be a first-time home buyer.
Home must be located within the City limits of San Antonio.
HIP 120 can’t be combined with First Responders Homebuyer Assistance Program (FR HAP-City Employees).
Must qualify for an FHA, VA or a Conventional mortgage loan from a legitimate mortgage lender.
First lien interest rate may not exceed 2% of current market rate.
MIP/PMI fees/premiums may not be paid with assistance with the the exception of VA funding fees.
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