Home Ownership Incentive Program (HIP)Call (210) 858-7899 or Contact Me if you have questions about Home Ownership Incentive Program or any other programs available to you. I would be happy to schedule a time to sit down and discuss your options.
City of San Antonio (COSA) / Homeownership Incentive Program (HIP)
This Home Owner Incentive (HIP) programProvides financial assistance to qualified families who do not exceed the gross household income of 80% of the median income adjusted for household size in accordance with HUD Section 8 Existing Income Guidelines.
HUD Income Guidelines
Income eligibility is based on 2016 Median Family Income for the San Antonio, Texas MSA. Income limits are updated annually by HUD.
The Homeownership Incentive Program
The Homeownership Incentive Program (HIP) assists eligible persons who are buying a new or existing home within the city limits of San Antonio with up to $12,000 for down payment and closing costs. Buyers must have stable employment, good credit and able to afford a mortgage payment.
HIP funds assist with the required down payment, some closing costs and prepaid costs. Sales price of the property may not exceed $120,000. Assistance may not exceed $12,000 per eligible household. The HIP loan will be in the form of a forgivable and perpetual loan. 25% of the assistance will a perpetual loan and due at sale of home or change of ownership and 75% of assistance will be a forgivable loan over 10 years. Combined monthly Principal, Interest, Taxes and Insurance (PITI) should not exceed 30% of gross monthly income (front ratio).
Must be a first-time homebuyer OR someone who has not owned any residential property within the last three (3) years from date of sale. The maximum sales price cannot exceed $120,000, the "Affordable Home Price" established by San Antonio City Council.
The home you purchase must be located within the San Antonio city limits. See Bexar Appraisal District’s "Property Search" for Taxing Authorities to verify location. Homes located in municipalities such as Alamo Heights, Balcones Heights, Castle Hills, Converse, Elmendorf, Windcrest, etc. ARE NOT eligible under this program.
You must be able to qualify for an FHA 203B, VA, or CONVENTIONAL loan from a legitimate institutional lender. Lenders require that you have satisfactory credit history and stable employment history.
The household's gross income cannot exceed 80% of the area median income for eligibility to the program.
In accordance with HUD, all units are required to pass Housing Quality Standards (HQS). The HIP program performs a property review to comply with this HUD requirement.
All prospective homebuyers must attend our Home Buyer Club classes and present a certificate of completion. Please contact me for a list of upcoming classes.
Terms and Conditions may change at anytime. Contact us for up to date terms and to find a qualifying home. Call us today at (210) 858-7899 and get the process started. FUNDS ARE LIMITED, and FIRST COME, FIRST SERVED. Call (210) 858-7899 or Contact Me if you have questions about Home Ownership Incentive Program or any other programs available to you. I would be happy to schedule a time to sit down and discuss your options.
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