Assistance For First Time Home Buyer San Antonio
Through the Homeownership Incentive Program (HIP) the city of San Antonio is offering financial assistance to qualified families when purchasing a new or existing home within the city limits of San Antonio. The program offers up to $12,000 towards a down payment and closing costs for a First Time Home Buyer San Antonio. In order to qualify the buyer must have a stable employment, good credit and able to afford a mortgage payment. Their gross household income must be less than 80% of the 2012 median family income for San Antonio, Texas MSA set by HUD. First Time Home Buyer San Antonio please refer to the following chart for the income guidelines.
Other Guidelines:
- Property Sales Price not to exceed $110,000
- HIP loan will be amortized over 5 years at 3% interest.
- Combined monthly principal, interest, taxes and insurance (PITI) cannot exceed 30% of gross monthly income.
- Must be a first time home buyer San Antonio or not owner a home within the last 3 years.
- Home must be located within the San Antonio city limits.
- You must be able to qualify for an FHA 203B, VA, or conventional loan.
- Housing must pass Housing Quality Standards (HQS).
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First Time Home Buyer San Antonio must attend the Home Buyer Club classes and present certificate of completion.
Fill out the form below for more information on the homeownership incentive program that the city of San Antonio offers. Get up to $12,000 towards your down payment and closing costs!
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Assistance For First Time Home Buyer San Antonio
Originally Posted at: San Antonio Texas New Homes for Sale
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