For a first time home buyer, there are many down payment assistance programs that are available. It is important for a buyer to select a loan officer and a REALTOR® who are knowledgeable in these programs so that a buyer can participate if eligible. Most of these programs do have income, credit and family size criteria and you usually will have to take a home buyer education course (either online or in person). The City of San Antonio’s Department of Planning & Community Development has a great Housing Incentive Program (HIP). They have just announced the maximum sales price for a pre-existing home has been increased to $150,000 and a new construction’s sales price has been increased up to $200,000! The home must be located in the City of San Antonio and meet some condition requirements. A buyer can get up to $12,000 in assistance!
Be sure to check with your lender or REALTOR® about qualification guidelines as program requirements and/or sales prices may change. For more info on HIP and other city funded programs, check out the City of San Antonio’s Affordable Housing Policy