San Antonio HIP 120 Existing Home
Best For: First Time Homebuyers, Zero Down
San Antonio first time homebuyers of an existing home can receive up to $15,000 in down payment and closing cost assistance within the city limits.
Program Description
The Homeownership Incentive Program (HIP120) is designed to assist San Antonio, TX homebuyers by offering a second loan, with no payments and 0% interest, ranging between $1,000 and $15,000. This loan can be used for covering the down payment and closing costs, and can only be used with existing properties located within the city limits of San Antonio. The 120 comes from the fact that the borrower can only make up to 120% of the Area Median Income (AMI)
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
San Antonio HIP 120 Existing Home
Min. Credit Score
580
Min. Down Payment
0%
Max Loan Amount
$776,550
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to $15,000 in Assistance
Type: Bond Program - Forgivable
The loan is 75% forgivable over a 10-year period and 25% must be paid back if there is a change in property ownership.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- FHA Purchase Loan
- Conventional Purchase Loan
- VA Purchase Loan
- Chenoa Fund FHA Purchase Loan
- Chenoa Fund FHA Manufactured Home Purchase Loan
Pros & Cons
- More lenient income limits for larger households
- Flexible assistance amounts between $1,000 and $15,000
- Can be combined with VA, FHA, or Conventional mortgage types
- Purchase price limits apply
- Lower purchase price limits than the HIP 120 New Construction program
- Not available to repeat homebuyers
- Limited to 1-unit properties
Program Availability
San Antonio HIP 120 Existing Homes are available in 1 state.
*Limited Availability: This program is only available within the city limits of San Antonio (most of Bexar County and small parts of Medina County).
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“Need a little help with your down payment and closing costs? The HIP 120 program is an easy way to make up for lack of available funds so long as you are purchasing a home within the San Antonio city limits."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$283,200
Income Limit
$79,600
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Up to $15,000 in down payment and closing cost assistance
- Must be a first time homebuyer
- Must be used for purchasing a primary residence
Additional Conditions
- The home must be located within the city limits of San Antonio
- You must qualify for a 1st position mortgage through a lender (can be FHA, VA or Conventional)
- Household income cannot exceed 120% of the Area Median Income (AMI)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: City of San Antonio NHSD Homebuyer Class or Other
The homebuyer must attend an 8 hour HUD-approved Homebuyer Education Course from the list that is on the City of San Antonio's webpage and submit a certificate of completion form before closing.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
San Antonio HIP 120 New Construction
Best For: First Time Homebuyers, Zero Down
San Antonio new construction first time homebuyers can receive up to $15,000 in down payment and closing cost assistance within the city limits.
Portland Down Payment Assistance Loan (DPAL)
Best For: First Time Homebuyers, Zero Down
Portland, OR first time homebuyers can receive up to $100,000 in forgivable down payment assistance for properties located within the city limits.
Related Resources
Calculate Income Limits Using Area Median Income
Income limits are used to determine whether or not a home buyer is eligible for certain mortgage programs, including down payment assistance programs or incentives that can help make home buying more affordable. It identifies the maximum income level set by each housing authority for its program participants, and varies from county to county across the US. Often, the tool used to establish this maximum income level is often called Area Median Income, or AMI.
Read More
Texas Home Buyer Education Classes
Purchasing your first home is a big milestone and the process can seem overwhelming. Before you begin looking for a home, it is a good idea to complete a homebuyer education course.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch